1.
GEN Z AND THEIR MONEY TREE
MON€Y’S
TOO TIGHT
TO MENTION

2.
GEN Z AND
THEIR
MONEY
TREE
2 BACKGROUND
To get a better sense of how the young
Dutchies view money matters, we plunged
into their mindsets.
We started with in-depth desk research to figure out the overall
outlines of these mindsets. And to validate our outcomes, well - we
asked them (100 of them, between the age of 16-29 to be precise).
Right now, there is a new generation of people on the threshold from
an innocent thoughtless existence to the real deal. Gen Z is growing
up and this grown-up reality involves money. Young adults seem
torn and almost schizophrenic in their stance on this. On one hand,
they have a childlike optimistic outlook on life yet, on the other hand,
they’re hyper-aware of the unstable context they’re living in. Some
prioritise security and stability, while a cohort of entrepreneurial
spirits claim they will never work for a boss in a nine-to-five job.
We dug deeper and found several other tensions around money.
We call these tensions, The Money Paradox.
METHODOLOGY
3
METHODOLOGY
‘‘I really do see money as a stress factor.
Not because I can’t make ends meet,
but because I am only now beginning to
realise how expensive everything really is.’’
LARA, 19, AMSTERDAM

3.
CONTENT
BACKGROUND
METHODOLOGY
GEN Z MINDSETS
THE RISE OF NEW LUXURY
GREEN HEDONISM & SOCIAL BANKING
4 MONEY PARADOXES
A FRAMEWORK FOR THE FUTURE OF BANKING
FINAL TL;DR
2
3
8
16
24
28
58
72
4 CONTENT

4.
Gen Z is the most diverse generation up
until now. So, how does one go about
capturing their mindsets? Well, let’s start
by asking, what unites Gen Z?
This generation has digital DNA and has no perception of the world
before the Internet. They are globally wired and wise beyond their
years. Even though they are still at a tender young age, this cohort
is already guiding older generations in how to be inclusive and
how to find inner balance in a hyper-connected, fast-paced world.
And then, of course, there’s one more thing they all agree on: They
believe they’ll never be able to afford most of the things they want
most in life.
Gen Z grew up during brutal financial times: climate- and corona
crises leaving a mark on their awareness. This is also a generation
that values equality, diversity, and authenticity. The prevailing
image is that, partly due to the impact of the crisis on their younger
years, they are looking for security in their lives - and thus financial
security. High student debts and the current housing- and labour
market add to this. It’s not an easy time to get a handle on financial
matters.
Our research confirms this, with highly polarising answers from
our respondents. For some, trust in institutions has fallen and they
demand a fundamental system change, while others cling on to
these structures and institutions to get a sense of security and grip
as they figure out their financial situation.
WHO IS
GEN Z
7
WHO IS GEN Z

5.
THE SPIRIT OF GEN Z CAN BE
CAPTURED WITH THE KEYWORDS:
FLUID, FRAGILE AND FIERCE.
GEN Z
MIND-
SETS

6.
FLUID
Gen Z has grown up in a “phygital”
world free from labels.
50% of Gen Z believes traditional gender norms are outdated. Young
adults today take a much more fluid approach to sexuality and see
gender much more as a spectrum than something that is limited to
binary structures.
They are glocal citizens. This means they value local products,
communities and experiences. Yet, at the same time they can
easily feel closely connected to someone across the globe with
a completely different background. Because these days,
a shared mentality is what binds tribes and communities
together, rather than demographics.
IWWIWWIWI is their credo. It stands for I want what I want when I
want it. This goes beyond instant gratification and extends towards
the desire for seamless services and an uninterrupted
flow in everything they do.
FRAGILE
94% of youth finds it difficult to be young.
The reason, they explain, is that Gen Z is hyper-connected and
hyper-aware of the f*cked up world around them. Bad news, good
news and the fabulous lives of their peers are hard to ignore. Hence
many young adults feel restless and suffer from infobesity.
Their eyes are working overtime, while their other senses are
understimulated.
This is to say, in a world that is always on the go - sometimes
they just want to go slow and have deeper and more tangible
experiences.
10 CHAPTER 1 - GEN Z MINDSETS 11
CHAPTER 1 - GEN Z MINDSETS
TAKEOUT TAKEOUT
• Think beyond the binary
• Empower glocal communities
• Get phygital - tech is great but put the human
touch first
• Keep it simple
• Offer multisensory escapes
• Help them unwind and find peace of mind

7.
FIERCE
Even though Gen Zers feel fragile, they
are activist and purpose driven.
And quite fiercely so.
You could say that they’re in a state of live and let live. The fierce
mindset stands for a kind of unapologetic authenticity. It’s about
owning who you are and standing up for what you believe in. It’s
also a non-judgemental mindset whereby Gen Z empowers others
to be true to themselves too.
This translates into an uncompromising set of expectations towards
brands. In short, Gen Z expects brands to do better, without being
boring! Put a hedonistic spin on ‘doing better’ because Gen Z does
not want to compromise on enjoyment.
They embrace bold brands that take a stand for what they believe
in. The aim here is not perfection but brutal honesty and hyper
transparency - oh, and that goes for both brands and individuals
by the way!
12 CHAPTER 1 - GEN Z MINDSETS
TAKEOUT
• Be an inclusive safe-haven for diversity
and give new voices a platform
• Be authentic and unapologetic.
Own who you are as a brand
• Act don’t ad

8.
We do so by investigating
the changing face of luxury.
NOW THAT
WE KNOW WHO
GEN Z IS AND WHAT
THEY STAND FOR,
IT’S TIME TO HAVE
A LOOK AT WHAT
THEY CONSIDER
VALUABLE.
14 CHAPTER 1 - GEN Z MINDSETS 15
CHAPTER 1 - GEN Z MINDSETS

9.
THE RISE
OF NEW
LUXURY
OVERALL WE SEE A SHIFT FROM
MATERIALISM AND FANCY ITEMS,
RESERVED FOR SPECIAL OCCASIONS
TO A NEW KIND OF LUXURY THAT’S
ALL ABOUT THE INTANGIBLE STATE
OF FEELING LUXURIOUS.
New Luxury emphasises more intrinsic values,
rather than external affirmation.

10.
18 19
CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING
EMPOWERING
AUTHENTIC SELF
PERSONALISED
EXPERIENCES
Luxury today is becoming less about the luxury brands themselves
and more about enabling people to become more of who they are.
Because of globalisation and mass production, more people can
afford to own more things than ever before. But the more we can buy,
the less it means to us. This is why the new generation is in active
search for meaningful, exclusive experiences.
• Individuation and rise of the authentic self
• Seeking new ways of being as opposed to owning things
• Facilitating self-discovery, self-actualisation and self expression
• Creating meaningful experiences and unique memories
• Connecting with others and deepening our relationships
• Curating bespoke, immersive and transformative luxury experiences
Shift from selling luxury goods to empowering new
identities and individual lifestyles.
Shift from personal luxury stuff to tailor-made experiences.
WHAT DOES IT MEAN
WHAT DOES IT MEAN
KEY DRIVERS
KEY DRIVERS
01
02
EVERYDAY
ESSENTIALISM
SPARKING
CULTURAL CHANGE
Luxury is becoming more everyday through little moments of joy in our
everyday lives. You may not see this luxury right away - but the user
can certainly feel it! It’s about making the ordinary extraordinary and
about the art of knowing the difference.
The need for brands to be vocal on social or political issues is on the
rise. Banks and financial services too are expected to make social
statements and to be hyper transparent about it!
• Democratised access to luxury and high quality
• Self-love, enjoyment and gratitude
• Mini-escapes from a f*cked up world
• Challenging cultural values and ideals to evolve the status quo
• Ethical Production: Making good choices for the planet
• Sustainability: Inspiring new conscious patterns of consumption
Shift from excess to everyday luxury.
Shift from luxury consumption to being part
of cultural change.
WHAT DOES IT MEAN
WHAT DOES IT MEAN
KEY DRIVERS
KEY DRIVERS
03
04
18 CHAPTER 2 - THE RISE OF NEW LUXURY 19
CHAPTER 2 - THE RISE OF NEW LUXURY

11.
In a bold move, IKEA is democratising solar energy. IKEA U.S. and
SunPower Corp., a leading residential solar technology and energy
services provider, recently announced that they are teaming up
to make solar energy easier to access. Through this collaboration,
members of the IKEA Family customer loyalty program will be able
to purchase home solar solutions, available through SunPower,
to generate and store their own renewable energy and live more
sustainably.
BEST PRACTICE:
IKEA
Flatpacks, Meatballs & Solarpower
With their ‘More cash. Less carbon’ approach, they’re helping
consumers to make better decisions. With the new FutureCard Visa
Card, you get rewarded for spending with a lower carbon footprint.
By offering 6% discount on all climate-friendly purchases, such as
vegan meals or using public transport, they are steering their users
in the right direction to a better way of spending.
BEST PRACTICE:
FUTURE CARD
Visa is tapping into these New Luxury
mindsets by making fighting climate
change personal.
CHAPTER 2 - THE RISE OF NEW LUXURY CHAPTER 2 - THE RISE OF NEW LUXURY
20 21

12.
22 23
CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING
22 CHAPTER 2 - THE RISE OF NEW LUXURY
SO, MORE THAN
EVER A GENERATION
OF YOUNG ADULTS
IS MANIFESTING
PERSONAL VALUES
AND BELIEFS THROUGH
THEIR CHOICE OF
LUXURY. How does this affect the financial services
sector? The result is a shift in the financial
services sector characterised by a surge in ESG
investing. More in the next chapter.
23
CHAPTER 2 - THE RISE OF NEW LUXURY

13.
GEN Z WANTS BANKS THAT HAVE THE
SAME IDEALS AS THEY HAVE.
That’s why they are open to challenger fintechs with clear
Environmental, Social & Governance goals (ESG).
GREEN
HEDONISM
& SOCIAL
BANKING

14.
Investment startup Alinea is what happens
when you mix TikTok with Spotify
and Robinhood.
The app, aimed at young women is a perfect example of how
fintechs can help younger investors to get to know the financial
world and make a positive impact with their money, without making
it too complicated. The app already has thousands
of users, most of whom are young females.
Alinea has broken down the wall around the unapproachable
and overwhelming stock market by enabling this generation
to (l)earn money in a way that is educational and fun. Of course,
design plays a vital part in this.
BEST PRACTICE:
ALINEA APP
26 CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING
But ESG is not just for challenger fintechs,
traditional financial organisations can also
take action to attract Gen Z and make
a difference together.
The Dutch ASN Bank helps sustainable companies to grow
by helping entrepreneurs to realise their innovative, sustainable
ideas. They do so with the ASN Bank World Award and through their
online platform For the World of Tomorrow, showcasing articles
about green trends and developments that inspire
to become a little more sustainable. Until now, the focus
of ESG investors has been primarily on renewable resources
and recycling, but it can go way beyond that.
By additionally offering valuable and more individual-oriented
services that have a direct impact on the lives of consumers,
you can attract this new generation and build a strong connection
with them.
By tapping into their mindsets and behaviour, Alinea created
a hybrid and lively atmosphere where you can explore several
fields, make an ‘investment playlist’ and share knowledge with
your friends. Users can take a personalised quiz, asking about
their “investing personality”.
So they will be asked if they want to invest in female-founded
companies, climate-focused firms or black-empowered businesses.
After the quiz generates a personalised basket of stocks dubbed
a “playlist,” users can search playlists created by others, including
their friends. Alinea wants the next generation to know that
investing should be a part of your wellness, your financial wellness,
and it should be something you should be doing regularly and
responsibly.
27
CHAPTER 3 - GREEN HEDONISM & SOCIAL BANKING

15.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
THE MONEY PARADOX SHOWS 4 DIFFERENT
DILEMMAS THAT YOUNG PEOPLE STRUGGLE
WITH WHEN IT COMES TO MONEY.
They are all different but have one thing in common. In every paradox, young
people are striving for some sort of security and peace of mind. The same
motivation, different approach.
This chapter investigates 4 paradoxes, which currently play an important role
in the lives of Gen Z globally. A fifteen-minute read will provide insights into the
financial world of this important group. Get ready to find out what the money
habits of Gen Z mean for your business.
Want to cut down on the reading time, just skip to the TL;DR
(too long didn’t read) section at the end of all chapters.
THE
MONEY
PARADOX

16.
‘‘A 9 to 5 job does not really appeal to me.
I prefer being my own boss and I want to
do something adventurous.’’
INGRID, 19
9 TO 5 VS
ENTREPRE-
NEURSHIP
PARADOX 1
Due to financially insecure times, Gen Zers seek financial stability
in two very different ways: Some embrace the entrepreneurial
spirit and make non-realistic, risky choices while others yearn to
settle down and seek the structure and security that a steady job
can provide.
Gen Z is the first generation that will most likely be less financially
stable than their parents. They live in a stressful reality with
student debts, no possibility to buy a house, and inflation going
on. They feel like they need to do a lot to achieve that feeling of
being successful and at the same time they’re always comparing
themselves to peers, YouTubers and Influencers. This adds to their
stress and ever-growing drive to ‘make it’.
SHIFT
CONTEXT
30 CHAPTER 4 - THE MONEY PARADOX
are anxious that a 9 to 5 job
is not enough for them to
achieve their financial goals.
62%

17.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
Social media nowadays is full of 20-something-year-old bitcoin
millionaires showing off their excessive lifestyle and TikTok famous
‘finfluencers’ giving investment advice. Gen Z is bombarded with
the ‘fast money myth’ which is often in support of the self made
entrepreneur. Making young people very susceptible to the idea of
getting rich quickly.
Gen Z grew up seeing 10 year old Ryan Kaji earning loads of money
on Roblox and NFTs. Digital platforms give them a way to spend
and make money. Growing up in the digital era and seeing others
succeed as a ‘me brand’ feeds that drive. Social media does not only
influence them to buy the newest pair of designer sneakers or go out
to fancy dinners and parties, but also to make more risky financial
choices or start their own business.
money, such as a social media career or
investing in crypto, are at least as effective
and profitable as a traditional job.
of our respondents think
that new ways of making
55%
32 CHAPTER 4 - THE MONEY PARADOX
Of course, financial security can be achieved in different ways.
While some are diving into the brave new world of crypto, others
take a completely different approach to success: playing it safe and
going for security. Let’s look at what drives this half of our cohort.
For many, a desk job initially seems like a slower, less effective way
to earn money. But for 45% of our respondents having a steady job
is the way to go. When asked why, the answer is quite surprising.
They told us that having a steady job provides them with the
structure, financial back up and feedback needed to take their time
and figure where their strengths lie.
33
CHAPTER 4 - THE MONEY PARADOX

18.
34 CHAPTER 4 - THE MONEY PARADOX
A 9-to-5 lifestyle used to provide the income stability to make ends
meet. But our respondents told us that even with a steady revenue
stream, they are still concerned that it won’t be enough. A large
part of Gen Z feels pressured to set up a sidehustle next to their
steady income. And this is an area in which fin-tech brands could
really add value.
THE SIDE HUSTLE GEN
Now imagine Will Ferrell being the spokesperson for that same
app. This is exactly what the Danish app Lunar did. The result is a
visually appealing single platform for all your finances. It takes a
consumer friendly approach by providing insight and control over
your finances. The tone of voice, the seamless customer flow and
sense of humour feel a lot closer to Gen Z culture than anything else
we’ve seen.
BEST PRACTICE:
LUNAR APP
Imagine a fully digital bank focussing
on ‘financial zen’.
35
CHAPTER 4 - THE MONEY PARADOX
Keep in mind that not all Gen Zers are influencers with
massive followings. So there’s an opportunity here for
financial services to step in. Could you:
• help monetize and manage their side hustle?
• help them reach their audience?
• offer education and training?
• invest in their endevours?

19.
TL;DR:
• Gen Z is stressed out about the current financial reality.
62% are concerned that even with a 9 to 5 job they won’t
be able to make ends meet.
• It’s time for the financial sector to step in and contribute
to a passion economy that goes beyond the influencer elite.
• The drive to be successful can be dangerous and is not always
realistic. Financial institutions could help young adults by
painting a more realistic picture of the risks involved for
entrepreneurs.
• Young consumers are triggered by the instant gratification
incentive. This is simply how their brains are wired. Help
them gain insight into the long-term consequences of their
(financial) choices.
• Take a more holistic approach to financial well-being.
• Focus on personal growth and engagement for your young
employees. And keep the feedback loop open and ongoing.
This way employees will feel seen and have the instant
gratification of constantly moving forward, even if just
a small step at a time.
36 CHAPTER 4 - THE MONEY PARADOX

20.
‘‘Money should be spent. I live in the
moment and don’t really think about the
future financially. But I know a lot of my
friends don’t think this way.’’
INGRID, 19
SAVING VS
SPENDING
PARADOX 2
There is a dichotomy taking place within Gen Z when it comes to
spending habits, with half not thinking about the future and the
other half too much.
Young people are generally not known for having well-stocked
savings accounts. Simply because they don’t have a large income
and often have a ‘money must flow’ mentality. However, our
research, indicates that Gen Z is more pragmatic and penny-wise
than one might think.
SHIFT
CONTEXT
60% say they would rather
save money than spend it.
38 CHAPTER 4 - THE MONEY PARADOX
Young people are wired for instant gratification. They want more
immediate rewards than those in the future. The more they disregard
their longer-term interests in favour of instant gratification, the more
chance the overspending problem will occur. Sounds logical right?
Well, there’s actually a big group of saving-savvy Gen Zers (60%)
who say they would rather save money than spend it. This urge is an
immediate reaction to the several (financial) crises going on in their
young years leading to a need for security, independence
and control.
say that they’re stressed by the
crisis and that they’re saving for
an unpredictable future.
66%

21.
For starters, many were raised in households where no one was
counting on financial stability. 54% of the Gen Zers we spoke to,
have seen family members struggle due to the financial crisis of
2007-2009, then again during Covid and now yet again with the
ongoing inflation. Gen Z wants to avoid similar financial challenges
down the road.
Second, Gen Z was raised in households where there was a need
to save for retirement. This generation plans to retire at an earlier
age, so this may explain why they’re already being so sensible.
Third, the current perception is that you’re on your own and that
you need to start saving early. When asked what they are saving
for, our respondents said they save for future unforeseen financial
difficulties, for a house, or simply for peace of mind.
For example, 59% of Gen Z check their bank account at least once
a day on their banking app. These apps provide structure and
insight into their financial situation and allow them to be one click
away from checking their balance or moving their money between
saving accounts 24/7.
WHY GEN Z
SAVES
There are three factors that drive Gen Z
to save:
40 CHAPTER 4 - THE MONEY PARADOX
With their holistic approach to financial planning, they lead the way
to financial health. Trim not only provides insight and overview into
your day-to-day finances but also functions as a negotiator and
control tool. Trim users don’t have to read boring bank statements
or contracts as the app does all this for you. It cancels subscriptions,
negotiates lower rates, resulting in 30% more savings.
BEST PRACTICE:
TRIM APP
Saving isn’t always easy but the
Trim app is here to help.
41
CHAPTER 4 - THE MONEY PARADOX

22.
TL;DR:
• Young people do not take financial health for granted.
• 66% of Gen Z are stressed out by the current context. And
even with a full time job they’re and concerned about making
ends meet.
• Gen Z has witnessed financial struggles from up close and
this has made a large group wise beyond their years.
• 60% say they would rather save money than spend it.
• Gen Zers check their bank accounts at least once a
day! Consider what you could do to add value to those
touchpoints!
42 CHAPTER 4 - THE MONEY PARADOX

23.
‘‘I’m only 18 and don’t know much about
finances yet, but my mom knows enough
so I trust her and don’t worry about it that
much.’’
MATS, 18
COPY PASTE
VS CLEAN
SLATE
PARADOX 3
Young people either copy or oppose the financial behaviour of their
parents, in both cases, the role and influence of parents.
Young people learn the most about money from their parents.
International literature shows that parents influence students’
financial behaviour in various ways. The direct teaching of money
matters, as well as the parents’ own financial behaviour, appear to
have a great influence on the student’s financial behaviour.
SHIFT
CONTEXT
Most of Gen Z (58%) usually goes to
their parents for financial advice.
44 CHAPTER 4 - THE MONEY PARADOX 45
CHAPTER 4 - THE MONEY PARADOX
Since the majority of this generation (58%) usually goes to their
parents for financial advice, it’s not odd that we’re seeing a copy-
paste culture between parents and their kids, when it comes to
handling finances. For example, 80% of the children think that other
things are more important than money if their parents think so too.
And if parents think that money should roll, well then the kids will
agree. Specifically, 53% agree compared to only 15% if the parents
are more careful and prefer to save. When it comes to lending or
borrowing money, a whopping 92% agree with their parents about
the rules for this.
So, this would mean that young people often have the same
opinions about money as their parents. Right? Well, as expected,
there is another side to the story.
The characteristic of adolescents is that they detach themselves
from their parents. They want to make their own decisions and they
want to experiment and need more freedom to do so. Adolescents
rebel against their parents. They become more sensitive to
the opinions of peers and also to things like social media and
advertising. This may result in them also rebelling against the way
their parents deal with money-related issues.
Parents’ significant influence on the choice of financial products and
services for young people should not be underestimated. But, a part
of Gen Z is also in a phase where they try to be the opposite of their
parents. 58% say they would like to have more tools that provide
insight into their financial situation and possibilities so they can
become more independent on money matters. Mainly to get more
insight into investing, taxes, saving and buying a house.
So how to learn this without the guidance of a parent? Although
screen time is often seen as a bad habit, video games can be a way
to educate them in a way that’s neither boring or financially risky.
Finances are new, and frankly a boring subject for many Gen Zers.
Gamification can provide a solution and can teach young people
real-life skills in an accessible, easy-to-understand way.

24.
Enter Fintropolis; a financial literacy gaming experience built within
Minecraft. The app is viusally appealing and approachable thanks
to the use of beautiful, colourful illustrations. Players are introduced
to basic financial concepts like cash flow, budgeting, taxes and
investing through real-world scenarios.
Teachers are encouraged to integrate Fintropolis into lesson plans.
The game was released in July 2021 and has been downloaded more
than 3 million times and the education edition is being taken up by
7,000 schools across the country.
BEST PRACTICE:
FINTROPOLIS
Ask Gen Z and they’ll tell you that financial
literacy needs a new approach.
46 CHAPTER 4 - THE MONEY PARADOX
Kids can keep track of their money. Get a clear overview of how they
earn, save, spend and invest their money.
BEST PRACTICE:
MYMONII
The MyMonii app enables children
and young adults to become better at
saving and learn about economics.
47
CHAPTER 4 - THE MONEY PARADOX

25.
TL;DR:
• It is important for young people to be able to make their own
decisions about money, based on reliable knowledge.
• 58% of young adults go to their parents for financial advice.
• 58% say they would love more new tools in ordert to be more
financially independent
• Parents do not always set a good example when it comes to
finances. Yet, kids are likely to copy their behaviour anyhow.
Therefore it’s important to provide them with alternative
tools, such as educational games
• Look beyond the traditional codes of design and
communication. Support and educate young people in
developing their own financial path, show them different
possibilities to financial security in a (fun) way they
understand.
48 CHAPTER 4 - THE MONEY PARADOX

26.
“I am currently looking for a job. I don’t
even care which field, I just want to vibe
with the company culture and want them
to contribute to what I find important.”
JULIA, 23
COLLECTIVE
VS
INDIVIDUAL
PARADOX 4
A job must match Gen Z’s values and goals, not the other way around.
According to market researcher Klaus van den Berg, many young
adults embrace the idea of self-spirituality. They believe that life is
all about authenticity and discovering your true self. How does this
translate onto the workfloor? Gen Z is more concerned with what
they want for themselves than for a company to get a good picture
of them.
SHIFT
CONTEXT
50 CHAPTER 4 - THE MONEY PARADOX
85% even say that the company they work
for needs to have the same values as they
have for them to go work there.
A high sense of individualism results in the desire to determine one’s
own destiny. They are highly driven and want to achieve their goals.
However, this also has a downside. The goal is often considered
more important than the people or the company, according to
Veerle Martens, Chief Marketing Officer PlaytoWork, Gen Z is more
like ‘there are a hundred others’, when it comes to a job. They are
much more concerned with what they want themselves than what
companies think of them.
When a job does not contribute enough to personal development,
a Gen Z’er is likely to move on pretty fast. For 91% of our
respondents, personal growth is as least as important as climbing
the corporate ladder.
This behaviour has a big impact on their financial situation since
41% also say that the representation of their personal values is
more important than the money they make. The question is whether
companies will adapt to the wishes of Generation Z in the future,
or whether Generation Z will eventually adapt to the business world
after all.
91% think that in a job, personal growth
is as least as important as climbing the
corporate ladder.
51
CHAPTER 4 - THE MONEY PARADOX

27.
They’re looking for values-based communities that can provide for
different needs such as a drive to challenge yourself and the feeling
of having an impact on a personal or community level.
Building a community is not very common yet in the commercial
finance sector. Young fintech fans find this sense of belonging in the
blockchain. Community members feel like they’re part of something
bigger, something new and exciting that challenges them.
COMMUNITIES
HELP CULTIVATE
THE INDIVIDUAL
Gen Z and Millennials are constantly finding
new communities that shape their sense of
self and amplify a sense of belonging.
52 CHAPTER 4 - THE MONEY PARADOX
The Rola app provides insights from AI predictions from the best
crypto analysts but is also a social media app where you can chat or
play games with other community members. It even rewards you for
having social interaction with other community members.
BEST PRACTICE:
ROLA APP
Rola is an anime-inspired and AI-based
crypto community app.
53
CHAPTER 4 - THE MONEY PARADOX

28.
TL;DR:
• Young people are attracted to companies with strong
communities, activities, products, and services
• Attract young talent by offering work that is interesting
and challenging, in which the person can develop, and
which offers new career opportunities within the company
• 85% want to work for a company that aligns with their
own values
• Show how you pursue your goals as a company so they can
get a clear idea of how it can help to contribute to a better
world and how they can be part of a community they share
values with
• For a whopping 91% of Gen Z personal growth is the most
important incentive to work for a company
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29.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
Due to rapid technological developments, the competition in
banking and fintech is fierce. Because of this, the standards of
consumers are becoming higher, and traditional banks without all
the conveniences of challenger banks don’t cut it anymore. Banks
can’t ‘just’ offer a way for consumers to pay and store their money
somewhere. To survive, it has to be a full-package deal. Including
modern financial practices like budgeting tools, instant spending
notifications, and opportunities to invest your money.
The bar hasn’t only been raised in terms of convenience and
customer service, but also when it comes to being green, having
fun and bringing in a fresh perspective. International, digital
banks are adding game-like features to their banking apps, and
consumers seem to like looking at the hordes who have signed up to
demonstrate similar apps.
These current trends are tilting the competitive playing field towards
areas where neo-banks enjoy advantages. The traditional banks
that will better leverage this digital transformation change, place
their customers in the centre of attention, and provide them with
outstanding customer experience, are the ones who will survive.
THE
CHANGING
ROLE OF
FINANCIALS
57
CHAPTER 4 - THE MONEY PARADOX

30.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
GEN Z IS FUNDAMENTALLY DIFFERENT
FROM PREVIOUS GENERATIONS.
In a nutshell, they’re advocates for inclusivity, authenticity
and green hedonism. And now they want to know what you
stand for as a company.
NEW RULES
FOR FINANCE:
A FRAME-
WORK

31.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
These themes resurface when talking to Gen Z about luxury.
It’s a feeling, a part of their everyday lives. Less showy and more
intrinsic. The role of banks too is changing, which means that to
engage this new generation of consumers, you must rethink your
approach.
This framework will help you to adapt to these new needs and
expectations. It covers all the aspects of a strong and impactful
concept: story, people, services, space, identity, content, and
channels. To create a future-proof and coherent approach.
NEW RULES
FOR
FINANCE:
A FRAME-
WORK
61
CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK

32.
STORY
62 CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
As we discussed earlier, Generation Z is fiercely purpose-driven and
embraces brands and organisations that align with their personal
values and goals. Remember, your story should be unique, ownable
and impossible to copy.
If you’re repositioning an existing brand, a good place to start is
to consider if there is an element in your brand heritage that would
resonate with this generation. Either zoom in and empower them in
their individual goals or zoom out and invite them to be part of
a bigger movement related to ESG goals.
Whatever your story make sure that you communicate it clearly and
that you act on it rather than just advertising it. No green washing
allowed!
Positioning, Role & Purpose
PEOPLE
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CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
For this generation, a community-driven approach is key. This part
of the framework - naturally - is about the connection between all
people involved.
Customer service is an important part of the whole brand experience
when it comes to Gen Z, but goes way beyond fixing complaints and
answering questions through a chatbot. Create an environment
where people are encouraged to socialise, share their ideas and
build bridges to become socially relevant for them.
As mentioned before, Gen Z has a voice and they demand to be
heard. So, the focus should be on actively interacting with them.
The community-driven approach is all about building a network
that facilitates collaboration and improvement on a personal and
communal level.
Target customers, Employees, Partners
& Investors

33.
SERVICES
The services your company provides, should enrich the customer
experience and contribute to your story. Technology is a significant
aspect of these services. It can both be used to personalise different
touchpoints and make the entire customer journey feel seamless.
To create engagement and provide full, overarching service, it’s
good to build bridges between all kinds of financial services such
as investing, saving, and taxes. The goal of this element should be
to provide clarity and overview. But how about taking it one step
further and taking a more holistic approach.
We know that Gen Z is anxious about money matters, so consider
how your brand could provide financial zen - perhaps through
(personal) guidance and education.
Service mapping, Customer services,
Touchpoints (digital and analog)
64 CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
SPACE
Gen Z has high tech-spectations when it comes to space and
consumer flow. Their emerging need for insight and overview
shows that the overall flow should primarily be smooth and
understandable, by providing just the right amount of information
and guidance.
But keep in mind that community, personal growth and wellness are
essential to Gen Z. So, the space shouldn’t only be an (anonymous)
techy, functional zone. Multifunctionality, sensory experiences and
biophilic design principles are key here.
The space should feel like a guestfree community hangout,
where you can get in touch with others, ask questions, get some
personalised advice, and overall get inspired by new, surprising
elements such as multi-sensory and hyper-tangible experiences.
Zoning, Customer flow, Design
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34.
IDENTITY
To get the attention of Gen Z, a step back from traditional design
codes and other identity elements is needed. The financial world
is often perceived as complicated, dusty, outdated, boring and
unapproachable.
Elements such as gamification and a more relevant and appealing
look and feel are essential to make money matters easier and more
accessible for them. If you missed it the first time around, while
reading this paper, then have a look at Lunar now for an example of
a bold fintech that has really broken with the rules of the category.
Naming, visual- & verbal identity,
sounds & smells
66 CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
CONTENT
The content aspect of the framework includes everything you do to
communicate your brand story. It can be anything, from blog posts
to podcasts and from Instagram pictures to in-depth informative
website articles. Important here, is that everything aligns with your
story and that it’s consistent with your brand identity. This will help
you to manifest the different components of your brand and to
create an overarching idea of your brand’s position in the market.
Content is all about connecting with your audience. All content
must be focused on adding value and personality to your brand
and answering to the needs of your audience. Therefore, inspiration
and information must be combined at all times. Consider when and
how you need to share financial expertise and then consider when
the time is right to inspire on broader themes (the things that really
matter to Gen Z). Remember, money matters is just one building
block in the overall well being of your customers.
Involving the right people at the right time is the second essential
element of content creation. Collaborating with influencers and
fintech communities that align with your values creates a connection
with the target audience.
Content & Messaging themes
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35.
CHANNELS
Channels launch your story into the world. From digital to real-life
spaces, channels are the touchpoints with your audience. By using
all these mediums in the right way, you can create engagement so
your brand can be seen by the prospective consumer in a profitable
way.
Digital channels like social media posts are usually the way to
get that first impression of the brand and build interest. They
can be anything, from a youtube series with challenges between
influencers or an informational series to a branded game where the
community can come together and learn in a fun and interactive
way. But, due to an overload of digital information, it’s hard to
create an emotional connection with your target group via online
communication.
So once you’ve got their attention, real-life channels are essential
to building that deeper relationship with your customer. Events
or a physical space where your consumer can experience the brand
can help to build that brand image that you want and create a
personal connection with them. This connection can be strengthened
by a relatable or aspirational spokesperson who can give the brand
a personal and human touch.
The last component of our framework
is channels.
68 CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
Using events or social media can help to answer the specific needs
of your target group. For this group, it’s mainly providing overview,
insight, and information. Depending on your story and concept, you
could organise an event where multiple experts come together to
share their experiences and knowledge or create a podcast to host
conversations about related topics.
Keep in mind that channels such as TikTok are embraced by this
target group and can be used in new and relevant ways to engage
Gen Z. Have another look at the Alinea app, which targets Gen Z
women and brilliantly leverages TikTok to get their message across.
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CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK

36.
MONEY’S
NOT TOO
TIGHT TO
MENTION
Gen Z usually doesn’t think so! It seems they are willing to talk about
money and their thoughts in an open way. This implies that money
is no longer stigmatised or as defining for who you are as it was
before. Spending money today is becoming less about prestige
and buying expensive luxury brands and more about enabling
individuals to become more of who they are. Showing us that money
absolutely gives freedom, but in new, more mindful ways. It’s more
about what you as a person can do with it, than actually having a
well-stocked bank account itself.
For Gen Z, money is an important piece of the bigger picture.
So there’s an enormous opportunity for brands and financial
institutions to step in with a much more holistic approach and ESG
focus. So come on in and take the role of financial mentors, guiding
this new generation to a state of financial security.
So, is money really too tight
to mention?
70 CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK
By creating an open, personalised space that will empower them
to create their own paths in terms of financial independence. They
can facilitate self-discovery and enhance the new sense of self by
being both aspirational and accessible. A good balance between
inspiration and education should be at the core of all the steps you
make.
So, build more meaningful, educational experiences, with which you
can help this generation find their own route in the maze called the
financial world. We’ll wrap this whitepaper up with one final TL;DR
in case you want to give your colleagues, bosses or clients a quick
recap:
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CHAPTER 5 - NEW RULES FOR FINANCE: A FRAMEWORK

37.
FINAL
TL;DR:
• Fluid means they want seamless experiences in a hybrid reality,
free from labels and binary structures.
• Fragile means they feel vulnerable in a chaotic world and
unpredictable future. They embrace purpose driven brands and
services that help them make the world a better place and help
put their mind at ease.
• Fierce describes the way that Gen Z is unapologetically
authentic - and demand that brands are too.
New Luxury is all about an intrinsic and intangible feeling than
about material stuff. Brands can cater to this by:
• Empowering authenticity;
• Creating meaningful experiences that feel personal and tailor
made;
• Becoming an everyday essential item or service that makes Gen
Z lives feel more seamless, fluid and uninterrupted;
• Sparking cultural change.
FLUID, FRAGILE AND FIERCE CAPTURES SPIRIT OF GEN Z
NEW LUXURY
72 FINAL TL;DR
Sorry. No short cuts or quick fixes here. Research showed us that Gen
Z’s reaction to the uneasy context that surrounds them is polarising.
• Some seek the structure of a steady job with the idea that
this will offer security while they pursue their personal growth.
Others have sworn that they will never work for a boss in their
life. Whatever they choose, both camps are getting good at the
side-hussle.
• When it comes to spending versus saving, here too there’s
a rough 50/50 split. Some live day by day and have little trust
in financial institutions. Others have seen parents struggle
financially and are coming to understand the reality of the
housing market and the high living costs. Hence, a large cohort
is playing it safe and is exhibiting sensible and more pragmatic
saving behaviour.
• Is Gen Z following their parents’ lead or rejecting it?
Sorry, no straightforward answer here. It’s a 50/50 split.
• Personal growth and collective growth go hand in hand. 91%
of our respondents value personal growth over climbing the
corporate ladder. And when it comes to choosing a job, 85%
apply to companies that have the same values. Finally 41%
think that a representation of personal values is even higher
than their salary. So, the bar is set pretty high for brands,
organisations and banks to take a stand and clearly formulate
their purpose and ESG focus.
Then try filling in each step of the new framework for financial
services. Keep the Gen Z mindsets, the new luxury definition and the
money paradoxes close at hand to make sure you tap into emerging
mindsets of your future customers.
MONEY PARADOXES
READY TO GET TO WORK?
73
FINAL TL;DR

38.
GEN Z WANT BANKS THAT HAVE THE
SAME IDEALS AS THEMSELVES.
That’s why they are open to challenger fintechs with clear
Environmental, Social, & Governance goals (ESG).
How Firms are benefiting from an ESG focus, Fintech Futures
New Luxury, New Normal, High Snobiety Insights
The Luxury Report, Meaning.Global
Whitepaper, The Online Spending Behaviour of Youth, Fitzroy
SoundBoard, Fitzroy’s handpicked minipanel of unfiltered Gen Z’ers
SOURCES
75
SOURCES
Questions or Comments? Feel free to reach out to pernille@fitzroy.nl

39.
www.fitzroy.nl
MONEY’S TOO TIGHT TO MENTION