Question of the Day: What percent of Gen Zers use an online bank?
- Do you have a bank account?
- If so, is it an online bank or a bank with physical branches?
- What do you think are the pros/cons of using an online bank?
- What is one question you still have about online banks?
Behind the numbers (Tallo):
While members of Generation Z may be turning to their families for financial advice, they’re also utilizing technology platforms that didn’t exist when their parents were their age. For example, 72% of Gen Zers use an online/mobile bank. Eleven percent don’t use a bank at all, and the remaining 17% use a traditional brick-and-mortar bank.
Give your students practice with the NGPF Online Bank simulation.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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