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Banking on Digital Growth Podcast

Unpacking Gen Z's Financial Mindset: Breaking Money Taboos (with Katrin Kaurov and Elizabeth McCluskey)

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Brief Summary of Episode #325

In the latest episode of the Banking on Digital Growth Podcast, discover why many Gen Z individuals feel more comfortable discussing politics than their finances and how just 8% of them fully trust financial institutions.

Katrin Kaurov , CEO and founder of Frich , the first financial platform for Gen Z, shines a light on the fact that while many Gen Z students are unaware of their credit scores, they are enthusiastic about financial literacy and empowerment.

On the other hand, Elizabeth McCluskey, Director of Discovery at TruStage, emphasizes the pressing need for guidance, as this generation juggles student loans, investments, and personal spending.

Surprising findings?

A mere 15% of Gen Z trusts local financial brands, with a significant communication gap between them and the banking sector.

Platforms like Frich are bridging this gap, providing peer reviews and a space for genuine financial discussions.

If banks and credit unions wish to truly connect with Gen Z, a blend of digital strategy, authentic engagement, and human connection is essential.

Key Insights and Takeaways

  • The lack of trust in financial services from a Gen Z perspective. (5:06)
  • Why making money social matters (17:36)
  • The connection between health and fitness and finances. (23:55)