Question of the Day: What app category had the highest growth among Gen Z in 2020? Finance, Shopping or Social Media?

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Sep 15, 2021
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Question of the Day, Behavioral Finance

Answer: Finance with about 60% growth in time spent on apps

Questions: 

  • What has caused the growth in Gen Z's interest in Finance apps?
  • Do you have financial apps on your phone?
    • If so, which do you use most often?
    • If not, why not? 
  • What are the pros of cons of using your mobile phone to learn and/or manage your finances?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

 

Behind the numbers (Business of Apps):

"Generation Z is emerging as one of the most powerful consumer segments as new data released by App Annie reveals that they spent an average 4.1 hours on apps during the third quarter of 2020. And that estimate doesn’t even include games.

Meanwhile, finance and shopping app categories saw notable gains year-on-year, as Gen Z spent 60% of their time with apps in these categories during Q3 2020 compared to the same quarter the year before.

Finance apps like Venmo and DANA are more likely to be over-indexed which goes to show that Gen Z prefer mobile-first banking approaches."

 

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Give your students an opportunity to learn more about the Game Stop Frenzy and hows apps influenced the market in this blog post.

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About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.