Prograd’s Latest Stats Reveal Gen Z’s Unique Approach to Financial Education
In an age defined by digital transformation and instant access to information, Gen Z is taking a novel route to shaping its financial future – seeking financial wisdom from influencers.
Newly released statistics from Prograd, a financial literacy platform for Gen Z, have unveiled a remarkable trend: a quarter (25%*) of Gen Z are turning to online influencers for crucial financial guidance.
This highlights not only the generation’s preference for relatable and accessible content but also spotlights the need for financial institutions to adapt their engagement strategies.
In fact, 32% of Gen Z cited short-form content from finance specialists as their preferred advice medium. This approach aligns with Gen Z’s craving for quick and impactful guidance, making complex financial concepts understandable.
This video style also aligns seamlessly with the nature of influencer-driven content. It’s no surprise then, that influencers are emerging as a primary tool for financial education.
When it comes to the type of advice they want guidance on, 49% said savings tips, 28% said mental health support around managing money and 26% wanted advice on how to start a side hustle.
However, these statistics also highlight the potential risks associated with misinformation. Gen Z’s enthusiastic embrace of influencer-driven education exposes them to potential inaccuracies and unverified information.
Just as they exercise caution in their digital interactions, it becomes more critical for them to approach financial guidance with an analytic eye, separating credible advice from unsubstantiated claims.
Marco Logiudice, Founder at Gen Z Financial Literacy Platform Prograd, commented:
“Our research spotlights a shift in how Gen Z approaches financial learning. They desire a relatable approach that resonates with their lifestyle and values. As this trend gains momentum, it’s important for financial institutions to not only acknowledge but actively participate in this evolving landscape, offering guidance that is both authentic and reliable.”
Adding her perspective, Nikita Kini, A 21 year old University Student from East London shared,
“Navigating the world of finances as a young adult is tough and it’s no surprise that influencers have become a go-to source for insights. They are able to explain complex concepts into bite-sized, engaging content. This makes finance seem more exciting and less intimidating. However, it can be hard to spot content that is misleading or false. What we really need are more financial institutions that offer personalised guidance that empowers without misguiding.”
These statistics should spark a wider discussion around the role of influencers in Gen Z’s financial literacy journey, amplifying the importance of accessing and creating accurate information sources.
Now, more financial institutions must engage with the next generation, using relatable content and innovative technology to serve as a beacon of credibility amid the vast sea of information.