As Gen Z gains financial independence, their behavior is signaling a major shift in the banking landscape. According to recent data from Plinqit and YouGov, Gen Z is 30% more likely than other generations to open a new savings account. And they’re not just saving more, they’re doing it differently.
A Generation Driven by Digital and Purpose
Raised in a tech-saturated world, Gen Z demands digital-first financial services. Nearly all Gen Z consumers (99%) use mobile banking apps regularly, and they gravitate toward platforms that are intuitive, accessible, and support their financial goals. For banks and credit unions, a seamless mobile experience is no longer a luxury but a requirement to engage this generation.
Beyond functionality, Gen Z seeks financial institutions that align with their values. Social responsibility, ethical business practices, and transparency influence their banking decisions just as much as interest rates or product features. Financial brands that champion environmental sustainability or community investment have an opportunity to build meaningful connections with these consumers.
Education, Personalization, and Trust Lead the Way
While Gen Z shows a willingness to save, with 47% reporting they save over 20% of their monthly income, many still feel uncertain about financial decisions. More than 60% say financial topics confuse them, which is double the rate of Baby Boomers. This uncertainty has led many to lean on less traditional savings methods like cash or cryptocurrency instead of high-yield savings accounts.
This presents an opportunity for financial institutions to bridge the knowledge gap. By offering financial education, personalized guidance, and easy-to-understand tools, banks can help Gen Z feel more confident in their financial choices. The goal is not just to offer better returns, but to ensure this generation understands how to maximize them.
Rethinking What Drives Account Choice
Return on investment is not the top priority for Gen Z when selecting a savings account. Instead, they value recommendations from family and friends (37%) and how simple the account is to understand (35%). Products that offer flexibility to support multiple goals, such as saving for travel, emergency funds, or paying down debt, are particularly appealing.
To win their loyalty, financial institutions must deliver more than competitive rates. They need to create products that are flexible, transparent, and easy to use, while also offering education and support to guide Gen Z through their financial journey.
The Road Ahead
Gen Z is not just influencing how financial institutions market savings. They are redefining what saving means altogether. Traditional banks must adapt or risk losing these customers to fintechs and challenger brands that offer better digital experiences and align with their values.
By investing in mobile-first platforms, offering personalized tools and advice, and aligning with purpose-driven messaging, banks can earn Gen Z’s trust and become long-term partners in their financial lives.
Explore the full perspective from Kirsten Longnecker in her article published by The Financial Brand: Gen Z is 30% More Likely to Open a New Savings Account — What’s Driving Their Choices?