More than half of Zoomers do not have a bank account: survey

Thunes interviewed 6,500 people aged 16-24 from 13 developed and emerging countries around the world

Gen Z

More than half of Zoomers do not have a bank account: survey. Source: depositphotos.com

According to Thunes survey, Gen Z has little enthusiasm for traditional financial products – be it bank accounts or credit cards. Indeed, 62% of Gen Z’s don’t have any bank account at all. Mobile wallets are however growing rapidly and in some emerging markets, almost 50% of Zoomers now use this type of account.

At the same time, they spend a slightly larger proportion (19%) of their money online shopping than they do on socialising, eating out, and entertainment – this is the case in developed and emerging markets.

About a quarter of Zoomers in western markets almost never use cash. The physical currency remains important in offline spend in emerging markets, but its influence is in decline. This is not surprising given the choice and accessibility of digital tools.

Interestingly, one of the most important drivers for Zoomers considering purchase and payment methods is brand trust – it became the #1 factor for choosing a primary payment method in 7 countries. This is the case in Western and emerging markets. User experience was identified as the second most popular factor, which, in an online world, affects loyalty too.

The research also found that Gen Z is influenced by social media more than any other generation. 8 out of 10 said they use social media on multiple occasions throughout the day. Three-quarters of Zoomers also check in multiple times each day in emerging markets, with two-thirds stating that they have purchased products they first discovered online.

Not only is social media where Gen Z spend their money but increasingly where they are making it too, with a growing range of content monetisation options offered by TikTok, YouTube, Patreon, Clubhouse, and Twitch.

To many, Gen Z is a misunderstood and overlooked generation. This is a generation to which “dial-up” and “desktop” are meaningless words and who don’t just think “mobile-first”, but live and breathe in apps, social media, digital platforms and soon - the metaverse. We should start to take this generation seriously as the revenues and strategic plans of many businesses - especially those that are relying on fast growth - are dependent on them. We knew that social media would be a key part of a Zoomer’s daily life, but what our survey helped to reveal is the extent to which they are driving spending activity in this demographic. Another important aspect of their lives that we wanted to explore is their relationships with money and their affection for mobile-driven payment methods. As a company that embraces the diversity of Payments and builds the next-generation Payments infrastructure for the world, we will use these insights to shape our Payment capabilities and solutions for the large group of the Internet businesses that we serve
Peter De Caluwe, Thunes CEO 

We’ve reported that Klarna announced the rebranding of Stocard.

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