More than a third of Gen Z don’t feel equipped with the financial skills and support required to tackle the cost-of-living crisis, according to new research that found one-third of 18-24-year-olds are seeking out supportive and trustworthy banking services (38%).
The 2,000+ person research conducted by W1TTY, a smart finance app, found that one-third of the younger generation are looking for cashback schemes (31%), 28% looking for a streamlined app that is easy to navigate, and one in five (18%) asking for cryptocurrency support and advise.
Banking attitudes differ between generations, and services that offer education, advice, and rewards schemes to help you maximise and control your money are proving increasingly popular with Gen Z and Millennial’s in the face of the cost-of-living crisis.
The rapid uptake of the Gen Z-focused platform, W1TTY, which recently crossed over 500,000 downloads in only seven months, highlights young people’s desire for support and the current gap in the market.
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Ammar Kutait, CEO and Founder of W1TTY, adds : “It’s clear that there are generational differences in how people approach money management, and our research highlights that the younger generation is asking for a service that will support them in their decision-making; be it in spending analysis, saving, or traditional and crypto investments. Education is the key to successful money management, and our platform focuses on incorporating education in a fun and engaging manner to empower our users.”
He adds, “W1TTY’s aim is to put the younger generation in control of their finances and as we continue to live through the cost-of-living crisis our mission has never felt more pertinent.”
The app provides an education platform, gamified learning, and reward schemes, as well as 24/7 human customer service support and cashback on all purchases. W1TTY is also creating a feature to support young investors in crypto and fiat, with a focus always on education and money management.