By 2020, Generation Z will account for one-third of the U.S. population. They’re already bigger than the Baby Boomers and Millennials. In fact, they’re the largest generation in history.
Their sheer numbers alone make them impossible to ignore. And, while they may not have much buying power yet, their patterns and behaviors are already catalysts for change.
Financial institutions should prepare now for the coming transition as Baby Boomers start to age out of the banking system and younger generations take control of the economy. The first step is to understand the differences between Gen Z and previous generations — including the effects of the Great Recession, which impacted them during their formative years.