Financial Future Outlook of Gen Zers, LIMRA Study
You hear so much about Millennials, sometimes people forget Gen Zers, a group that by 2020, will be nearly a quarter of the U.S. population, according to a LIMRA study. The study looked at Gen Zers’ -- those aged 16 and 17 -- financial futures.
The study found Gen Zers are very interested in learning about financial topics, like paying for college or strategies on how to save. LIMRA researchers found almost three quarters of Gen Zers use YouTube for retail product or service reviews and 97 percent of Gen Zers own smartphones. LIMRA researchers suggest companies consider developing apps and other mobile tools to help Gen Zers start saving early.
LIMRA recommends companies that want to connect and establish relationships with Gen Zers develop content that is customized to Gen Zers goals and priorities. According to LIMRA, college costs are at an all-time high and companies and financial advisors who can create relationships with Gen Zers early on can benefit from a long-term profitable partnership.