Like the fact they're more engaged with financial matters than we think. They’ve also got the fastest-growing income and are taking proactive steps to build their wealth. Compared to Millennials, a higher percentage of Gen Z’ers have already begun investing.
That might well have something to do with the aforementioned TikTok, where the hashtag #investing racked up over 3.3bn views last year. Around 1 in 6 British 18-23 year-olds invested for the first time in 2021, with more than half saying they followed investment advice from social media.
This powerful and influential generation could become the wealthiest.
What an opportunity for financial services professionals that are ready to engage.
They are ready to engage, right?
‘No’, says Upfront podcast guest Martin Bamford - a chartered financial planner and content creator who knows all the tricks to build a good following on social media.
He says retail financial services have ‘had it good’ dealing with the post-war retiring baby boomer generation but now face a challenge to understand the younger generation's different values, behaviours and emotions - and it’s a case of do or die.
If you’re more familiar with dealing with Gen-Z’s parents or grandparents, you’re going to need some help. Luckily, we hit up Martin - winner of Best Social Media IFA - to extract some golden advice to help financial services businesses win the attention and affection of the next generation of planners and investors. And yes, you’re going to have to start liking social media.