According to a survey by RaveReviews, the generation born in 1997 began planning their lives in the financial world at the age of 13.
If millennia have shown differences in their financial habits as compared to their predecessors, everything shows that the postmillennium or centuries – all born since 1997 – will make major changes in the industry.
A report by RaveReviews shows how this generation is and what will, according to the consultant's estimates, be 40% of consumers by 2020. Generation Z is paying more attention to the financial products and services offered by the market.
Evidence is that the centuries are aware that one of the keys to life is rescue. 64% of this age group shows that they are looking for savings plans that are on the market and that even at the age of 13 this process starts.
That's why Latin America's global marketing director, Oriol Ross, explains that "it's obvious that by age it's impossible for the centuries to have big savings, but their attitude is to save, so any product or service that stimulates them to save, giving them advice, informing them, and having a sense of control over their finances, will give them security for their financial lives. Young people belonging to this goal love the loyalty programs of financial institutions.
Within the financial products you have Generation Z, 60% have a savings account, 54% have a current account, and 32% have a credit card. In addition, 33% have health insurance.
However, postmillennaries are more skeptical when it comes to borrowing to finance their education. If in 2016 this is 21%, which requires higher education credits, this figure falls to 11% in 2017.
One of the differences between the millenniums and the ages is that the first age group, although saving 15% more than their heirs, has 169% more debt.
Ross believes in that "If financial entities do not take advantage of the so-called thousands, which are already profitable, it is advisable to focus on the Z generation. The young people of this new goal are characterized by being digital natives because they do not know any other reality, and they do not even remember the 2008 financial implosion "
The expert adds that this generation needs to have more attention from banks and other financial actors because of their different needs and behaviors with respect to other age groups.
"Centers may mean a new space for research for banks, but very pristine, as this generation is at the beginning of its financial life and has very specific characteristicsOn the other hand, the predecessor generation, the millennium goal, is a space to which, if the institutions have not arrived in time, it is already very deep today, "Ross says.
Planning the financial future is an important decision for the 100th anniversary, which is expressed in the fact that 89% say they are more empowered to make decisions in their lives.
One of the characteristics is that they have an important entrepreneurial spirit. 35% say they already have their own business or are in development plans.
When making purchasing decisions, 72% of the centuries say price is the most important thing to acquire a good or service. That's why 47% use their mobile phone to check prices with friends and family.