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We Interviewed 1000s Of Gen-Zs On Their Financial Health. This Is What We Found.
Last year while working on building our financial wellness app, we wondered what Gen Zs (our target users) were doing with their money. We wanted to know what kind of relationship they had with money. So we took it upon ourselves to find out the truth. We interviewed over 1000s of Gen-Zs in schools, universities and the job force. These were students and young adults who came from diverse backgrounds and different walks of life. Yet what we found when we interviewed them was a common trend in most young folks and it was shocking indeed. Our studies showed that over 60% did not have a credit card or a bank account. 58% did not track their expenses. 60% of them did not have a savings plan in place, but stressed out about having one. For those of you who don’t know, a savings plan is a road map to build your savings – starting right from figuring out the exact amount you want to save to making a savings account and keeping track of your savings every month. We also found that 95% of them said they did not know how to manage their finances (even when they had money). In fact, the thought of managing their finances wisely was often their biggest cause of financial stress. 81% were not aware of any savings plans, apps or financial tools, but were willing to look for the best option for themselves. 67% found their banks did not provide them the tools to manage their money better. 91% cited financial education to be an important factor that could help them improve their finances. 70% wanted to start investing immediately or within the first year of beginning to earn an income. 91% never had a discussion on managing their finances better – whether at home, school or otherwise.
As concerning as these findings were, they also assured us that we were on the right path with Finllect. It showed us how financial literacy was no longer a luxury for a select few but a necessity for all. At Finllect, our aim from Day 1 has always been to educate and empower the MENA youth. To help them learn all the basic money skills – like saving, earning, spending, budgeting – they need to conduct their finances smartly. We know that finance is something GenZs find confusing, complicated and often stressful. There’s a layer of anxiety and fear covering matters related to money. This comes from some common notions and myths we believe about money and a general lack of awareness on how money really works. This is what we want to change with Finllect. Our app is designed to help Gen-Zs understand money better while actually practicing money skills with their own finances. This hands-on approach to getting smarter with money not only keeps them in full control over their money but also helps them plan for and reach their life goals.