The Ghost of Banking Future: What Lies Ahead for the U.S.?
December 17, 2024 | 3 min read
Check out industry experts takes on what the U.S banking system should look like and how their thoughts can drive outcomes in 2025 and beyond.
Blog
Back to Blog
Gen Z Money Habits — Credit Card VS. Mobile Banking
September 9, 2022|0 min read
Copied
According to a recent survey conducted by MX, research shows that less than half of Gen Z consumers have a credit card — compared to 61% of Millennials, 65% of Gen X, and 81% of Baby Boomers. Even among Gen Z consumers that do use a credit card, 53% pay off the total balance every month.
This attitude towards credit cards seems to extend towards shopping online and in stores, with cash and debit payments preferred at physical stores and debit cards used 2:1 over credit cards for online payments.
In-Person Payment Preference
Online Payment Preference
With these indicators, what does that look like for the future of payments? With close to 7.3 trillion dollars driven worldwide by mobile commerce in 2020, mobile wallets are no longer optional for institutions looking to appeal to Gen Z money habits. MX’s research supports this — 78% of Gen Z consumers saying they have connected money-related apps to their financial accounts. To read the full report, check out Consumer Money Matters: Debt on the Rise, Savings on the Decline.
Related Blog Posts
Why Financial Health and Inclusion Matters: Lowering the Price of Being Poor
November 26, 2024 | 3 min read
Financial health and inclusion are challenging. Industry experts took the stage at MXS to talk about these important topics.
Driving Value from AI in Banking
November 6, 2024 | 2 min read
Artificial intelligence (AI) continues to be one of the hottest topics in the financial industry.
