2024

GEN Z &
MILLENNIALS
VS FINTECH
Understanding Gen Z’s
and Millennial’s
FinTech Preferences
and Behaviors
TABLE OF
CONTENTS

Introduction 3
Gen Z
Characteristics 4
Gen Z VS Millennials 6
Specialists insights 8
Mobile Apps 10
Savings 12
Gen Z savings &
used technology 14
Banks 16
Banks Gen Z vs
Millennials 20
About Us 21
Contact Us 22
01

INTRODUCTION

Methodology Mission
Understanding how Generation Z
We conducted a survey with over 300
navigates today’s digital world
respondents. The main objective of
Identifying the challenges Generation Z
the study was to understand the
faces
perspectives of Generation Z, born
Comparing the approaches of
between 1996 and 2012, and
Generation Z and Millennials
Millennials, born between 1980 and
Exploring key differences and similarities
1995. Our study aimed not only to
between the two generations
examine the differences between
Analyzing how each generation adapts
these two groups, but also to gain
to a rapidly changing world
insight into their approach to modern
Developing effective strategies for
digital tools and financial
communicating with and creating
management.
solutions for both groups

3
 Gen Z
Characteristics

Generation Z refers to
people born between 1996
and 2012

Generation Z, or Gen Z, has grown up

amidst rapid technological
advancements. As they transitioned
through their teenage years, they
witnessed the rise of smartphones,
wearables, and virtual assistants,
among other groundbreaking
technologies. This early exposure has
made them highly receptive to
integrating new tech into their daily
lives.
Z3X TECH CARE GROUP

Q1. What is fintech?

44% 35% 16% 5%

I don't know/no Financial Other good Bad answer
4 answer technology answer
Gen Z

The most frequently

mentioned companies
were: Revolut, PayPal,
Visa, Zen, MasterCard,
Klarna, PayPo, and
Przelewy24.

Q2. Could you

name some 58% 42%
popular fintech I don’t know/ Correct
Incorrect answers
companies? answers

39% of surveyed people

gave the correct
answer. Here are the
most frequently
mentioned trends:
Q3. What are the
latest trends in the
industry?

78% 35% 26% 4%

AI Blockchain Cryptocurrencies Cashless
Payments

5
 Gen Z VS
Millennials
Millennials experienced the rise of the
internet and social media during their
formative years. While they are
comfortable with technology, they are
not as immersed in it from birth as
Gen Z. This has shaped their
interaction with digital tools and
financial management.

Millennials use technology extensively,

including mobile apps and online
services for managing finances.
However, they may still prefer
traditional methods for certain
transactions and financial activities.
The integration of digital tools is
important, but they value a blend of
digital and personal interactions.

WHEN A FRIEND COVERS A PAYMENT FOR YOU,

HOW DO YOU REPAY THEM?
Gen Z Millennials
Otherwise Otherwise
Cash 7%
4%
4%
Cash
11%

6
Bank Transfer
Bank Transfer 82%
92%
Only 4% of Gen Z repay
money using cash
Generation Z is most likely to repay
money via bank transfer, with only 4%
using cash. The 'otherwise' category
included responses such as 'both
methods' and 'depends on what the
person prefers.' Similarly, Millennials
primarily use bank transfers, but 11% of
respondents still use cash. The
'otherwise' category included responses
like 'I pay for it next time,' 'Revolut,' and
'BLIK.'

How do you solve problems related to your bank?

Otherwise
In person at a bank branch
GEN Z 13.1%
4%

Online via app or website

By phone through customer service 58%
24.8%

GEN Z MILLENNIALS
Generation Z most often resolves In the Millennial group, although online
banking issues without leaving home, problem-solving remains dominant
either using an app or website (58%) (52.8%), the percentage of those using
or by phone (24.8%). Only 13% of telephone customer service has
respondents visit a bank branch for increased (37.1%). Surprisingly, only 9% of
this purpose. Additionally, 4% provided respondents visit a physical bank
other responses, such as 'I don't have branch. The 'other' responses included
any problems with the bank,' 'any statements such as 'If possible, online; if
method: in person, online, or by not, in person—I don't like handling
phone,' and 'it depends on the issue'. matters by phone,' and '50/50—online
and by phone'.

7
Gen Z VS
Millennials
Gen Z and Millennials both prioritize dining out, Gen Z and Millennials have different platform
apparel, groceries, and personal care. Due to usage patterns, as over half of Gen Z use
having different experiences and growing up YouTube daily, and only a third use Facebook
during separate ages of economic context and daily. Generation Twitch's (young Millennials and
digital life, Gen Z spends more on digital goods, old Gen Z) attentiveness extends to brands that
with nearly 3 in 4 having bought a digital item. appear on the live streaming service, with 72% of
The most popular places to buy digital items are Twitch viewers agreeing that the service's
gaming ecosystems, which are well-known interactivity helps make advertising more
spaces for both Gen Z and Millennials. interesting. Additionally, what's worth noting is
TikTok's popularity, as nearly half of Gen Z use it
The youth frequently daily, compared to a quarter of Millennials.
shops on social media,
with over 68% browsing,
looking for reviews, or POSITIVE CHANGE
buying products through The tech-savvy generation also frequently uses
these channels. electronic banking. Thanks to the easy-to-access
investing mobile apps and by following various
financial influencers, Gen Z started saving and
investing much earlier than previous generations,
at an average age of 19, compared to 25 for
millennials. Generally, Gen Z's digital focus sets
them apart from millennials in spending, social
media use, and even investing habits.

Wiktoria Wójcik, Co-Founder |

CMO (Marketing & metaverse) at
inStreamly

8
Gen Z VS
Millennials
In my opinion, from a legal perspective, Gen Z is CONSUMERISM
aware, but what they will do with that awareness is a
question for the coming years. The start of their They approach everything in a very subscription-
journey into society as full citizens shows that they based and consumer-oriented way. Their broad
have vast resources and knowledge sources that consumerism makes the space they move in—
they can and do use. particularly the digital space—geared towards
persuading them to buy something.

When it comes to
fintech, finance, and BOTH SIDES
saving, this generation
On the one hand, this generation is
doesn’t feel the same environmentally conscious, but on the other, the
strong need to buy a purchase of various products, such as clothing,
house or own a car. happens on a much larger scale than when I was a
teenager. This is simply because there is more
available, it is more affordable, and everything can
be purchased online.

Jacek Markowski, Attorney and

Doctor of Law specializing in new
technology law.

9
 DO YOU USE MOBILE APPS TO
MANAGE YOUR FINANCES?

GEN Z
I do not use them
7.8%

Yes, but rarely

11.7%

Yes
80.5%

The vast majority of Generation Z In the Millennial group, the

uses mobile applications, with 80.5% percentage of people who do not use
responding 'yes' and 11.7% saying 'yes, mobile apps has increased to 9.8%,
but rarely'. Only 7.8% of respondents and the number of those who use
do not use them. them infrequently has risen to 14.8%.
However, the majority still confirms
regular use of apps, accounting for
75.4%.

10
 WHAT PAYMENT METHODS DO YOU
USE MOST OFTEN?

Gen Z
Other
2.7%
Bank transfer (e.g. BLIK)
18.8%

Mobile applications (e.g. Apple Pay, Google Pay)

47.4%

Debit/Credit Card When it comes to payment

29.2%
methods, Gen Z and Millennials
do not differ significantly. The
most notable difference is in the
use of cash—only 1.9% of Gen Z
primarily use cash, compared to
7.4% of Millennials.

Millennials
Other
Cash
1.6%
7.4%

Bank transfer (e.g. BLIK)

17.2%

Mobile applications (e.g. Apple Pay, Google Pay)

45.1%

Debit/Credit Card 11
28.7%
Gen Z VS
Millennials
WHAT IS YOUR APPROACH TO
SAVING?

Gen Z
Other
I don't save 3.3%
12.3%

I regularly save part of my earnings

40.9%

I save when I can

43.5%

The largest proportion of Generation Z saves The largest proportion of Generation Z

when they can (43.5%), while 40.9% save saves when they can (43.5%), while 40.9%
regularly. Meanwhile, 12.3% do not save. The save regularly. Meanwhile, 12.3% do not
'other' responses (3.3%) included options save. The 'other' responses (3.3%) included
such as: "I save a large portion of my funds options such as: 'I save a large portion of
and invest in the stock market," "I save all my my funds and invest in the stock market,' 'I
earnings and have no living expenses," "I do save all my earnings and have no living
not save; I try to invest most of my income," expenses,' 'I do not save; I try to invest most
and "I save 'on the fly' and try to calculate of my income,' and “I save 'on the fly' and
my earnings carefully." try to calculate my earnings carefully”.

12
Gen Z VS
Millennials
DO YOU USE CRYPTOCURRENCIES OR
INVESTMENT APPS?

Gen Z
Yes, regularly
9.7%
50% of Generation Z
either does not use or is
not interested in
Yes, occasionally
cryptocurrencies or 20.8%

investment apps.
Additionally, 20.8% use No, and I'm not interested
50%
them occasionally,
19.5% do not use them
but are interested, and
only 9.7% use them
regularly. No, but I am interested
19.5%

Millennials
Yes, regularly
15.6%

For Millennials,
No, and I'm not interested
45.9% the percentage
of positive
Yes, occasionally
23.8%
responses
increased.

13
No, but I am interested
14.8%
 Gen Z savings &
used technology
First of all, I personally distinguish
between early Gen Z and late Gen Z.
The differences in the approach of
people born in the late 90s and those But yes, Gen Z most likely
born even 10 years later can be huge,
and yet this age group is still referred
has a “more relaxed”
to as Gen Z. approach to saving than,
for example, Millennials,
For this particular reason, it is difficult
to clearly define Gen Z's approach to mainly due to cultural
saving because, in my opinion, it changes, market
changes with age and the resulting
evolution, and increasing
reassessment of priorities. Another
factor will be the approach to money access to media,
a given person has acquired from especially social media.
their upbringing, and only then,
individual factors.

Jakub Kałamaga, Business

Development Manager at
inStreamly, previously
worked also as an Account
and Campaign Manager
Gen Z savings &
used technology

As for applications - the vast majority

of Gen Z certainly use banking
applications, PayPal or Revolut.
The latter has particularly
revolutionized the approach to
holiday/trip finances.

Fintech Apps
From my perspective as an early
Gen Z, the most important aspects of
80%
of Generation Z uses
fintech apps are: mobile apps to
- reliability and smooth operation manage their finances.
(every now and then there's an online
war over which bank has the best
app)
- fast authorization of transfers via the
app
- BLIK BLIK and BLIK again
- additional functions such as piggy
banks, which are gradually becoming
standard, as well as more innovative
Among Millennials,
functions. For instance, ING Bank has 75% use mobile
introduced an investment game in its apps to manage
their finances.
app aimed specifically at Gen Z, in
which you can learn the basics of
investing without the risk of loss - all in
the game, using virtual funds.
-Jakub Kałamaga

15
Banks
WHERE DO YOU MOST OFTEN
CHECK YOUR BANK ACCOUNT
BALANCE?
Gen Z

97%
In the bank's mobile
application

1%
On the bank's
website

1%
At the bank branch

The vast majority of Generation Z checks their account balance using a mobile app (96.8%). Only
1.3% check it via a website, and 0.6% do so in a bank branch. The 'other' responses (1.3%) included
options such as: 'on a paper statement,' 'I don't have an account,' and 'on the bank's website or in
the mobile app'.

For Millennials, the vast majority (92.6%) also use a mobile app to check their account balance.
However, the number of people using the bank's website has increased to 6.6%. The 'other' category
(0.8%) now includes the option: 'App and website equally'.

16
 Banks
DO YOU USE ONLINE BANKING
SERVICES WITHOUT PHYSICAL
BRANCHES?

Gen Z 50% Yes

Exactly 50% of Generation Z

respondents use online banking 42% No

services without physical branches,

8.4% are considering taking such a I am considering it, but
step, and 41.6% do not use it. 8% I haven't used it yet.

Millennials
66% Yes
For Millennials, more than half (65.5%)
use banking services without physical

28% No branches. Additionally, 6.6% are

considering making the switch but
I am considering it, but I have not done so yet, while 27.9% still
7% haven't used it yet. use traditional bank branches.

17
What banking features are most important to you?

GEN Z
Fast transfers (e.g. BLIK)

Easy to use mobile app

Availability of credits and loans

Transaction security

Nfc

Contactless payments at empty self-service checkouts

Possibility to use free transfers and withdrawals

0 50 100 150 200

MILLENNIALS
Fast transfers (e.g. BLIK)

Easy to use mobile app

Availability of credits and loans

Transaction security

Virtual cards, easy limit adjustments

Cheap currency conversions

Good interest rate

No additional fees

Currency exchange

Number of matters that can be dealt with online

VAS

Account availability via the Internet

ETF investments
0 20 40 60 80 100 120
 Banks

WHAT EXPECTATIONS DO YOU HAVE OF

THE BANK YOU USE?

Gen Z

Low fees 118

Good customer service 96

Modern technologies (e.g. mobile applications) 124

Wide range of services (loans, investments) 44

Zero fees 2

Attractive promotions and interest rates

2
BLIK, possibility of purchasing a ticket for public transport 1
0 20 40 60 80 100 120 140

Low fees 97
Good customer service 69
Modern technologies (e.g. mobile applications) 97
Wide range of services (loans, investments) 38
Security 2
Good interest rate 1
Virtual cards, access using a key or cryptographic card 1
Fair presentation and change of offer 1
Currency accounts and easy addition of cheeses to accounts 1 19
0 20 40 60 80 100
Banks Gen Z
vs Millennials
It’s not surprising that a higher
66%
of Millennials use
percentage of Gen Z is using mobile banks without physical
banking apps compared to Millennials. branches, compared
Gen Z prioritizes user-friendly apps, to 50% of Gen Z.
modern technologies, and fast
transfer options like Blik, Cash App,
Venmo or Revolut. On the other hand,
Millennials tend to focus more on
features like loan and credit
availability.
9%
of Millennials resolve
their banking issues
at a physical
branch, compared
to 13.1% of Gen Z.
Interestingly, more
Millennials are open to
using banks without
physical branches. It's clear that the younger generation
is driving future trends, with FinTech
evolving largely due to their influence.
It's worth considering whether AI and
robo-advisors will truly dominate
customer service, or if younger
generations might still crave a human
connection in financial interactions.

As the industry evolves, finding the

right balance between automation
and personal service will be crucial.

Karol Zielinski, an entrepreneur

and manager, specializing in
technology business.
Founder & CEO of
20
Z3X Tech Care Group
 About Us

Z3X TECH CARE WE’RE BUILDING A BUSINESS

GROUP ECOSYSTEM OF HIGHLY
SPECIALIZED TECH COMPANIES.
WE’RE SHAPING THE THIS STRUCTURE ALLOWS US TO
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COMPREHENSIVE SPECIALIZE IN:
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SUPPORT AND AI
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EDTECH
 CONTACT US

Z3X TECH CARE

GROUP

Email
[email protected]

Website
https://z3x.io

Address
Aleja Grunwaldzka 223,
80- 236 Gdańsk
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