Gen Z’s Wealth Isn’t Missing – It Just Left the Bank

‍Gen Z is Rewriting the Financial Playbook

‍The reason behind this isn’t just technology; it is a fundamental shift in expectations. Gen Z rejects the idea of investing as intimidating homework that requires separate logins and complex forms. Instead, they expect it to be a frictionless feature – a simple, intuitive action available right inside the financial apps they already use daily.

What does this entail for the future of banking, when the next generation opts out of the system before it even begins?

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An Economic Tidal Wave is Building

Before dismissing Gen Z as kids glued to their phones, consider the economic tidal wave they represent. Their financial influence isn't a future prospect; it’s a present-day reality. According to a landmark Bank of America report, Gen Z’s collective income is set to surge to $36 trillion by 2030, surpassing that of Millennials just a year later.

This meteoric rise in earning power is happening just as the “Great Wealth Transfer” begins – a historic shift that will see as much as $84 trillion passed down from Baby Boomers over the next two decades, according to estimates from Cerulli Associates. This positions Gen Z to become one of the wealthiest generations in history. The critical question for every financial institution is no longer if Gen Z will have wealth, but where they will choose to keep it. Their current behavior provides a stark preview.

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Why Fintech Feels Better

The answer lies in the intuitive, engaging experience that fintech platforms have perfected. Robinhood, SoFi, and Revolut all share a commonality: they make investing, spending, saving, and borrowing simple, fast, and personalized. These apps feel sleek and social and align with Gen Z’s values: ease, engagement, and fun. By using sleek UX, real-time updates, and gamified interfaces, these platforms transform financial tasks that once felt like homework into an integrated, and even enjoyable, feature of their digital lives.

This relentless focus on the user experience means fintechs are setting the standard for modern finance, leaving many traditional banks struggling to keep the conversation relevant. While they focus on forms, branches, and business hours, fintechs are meeting Gen Z where they are: on their phones, with push notifications that read like text messages from a friend.

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The New Rules of Trust and Advice

The disconnect between banks and Gen Z goes deeper than technology; it strikes at the very meaning of trust. For older generations, trust was built on brand legacy, marble columns, and face-to-face interactions. For Gen Z, trust is earned, moment by moment, through the digital experience itself. It rests on two new pillars: performance and partnership.

The first pillar, performance, is simple: the platform must work flawlessly and fast. While baseline security is table stakes, a clunky or slow process is seen as a sign of incompetence or disrespect for the user's time, instantly eroding trust. As a recent Deloitte study confirmed, Gen Z is significantly more likely than older generations to abandon a brand over a poor digital experience. For fintechs, a seamless app isn't just a feature; it is their primary promise and the foundation of their credibility.

The second pillar, partnership, redefines the role of financial advice. This is where a platform proves it is for the user, not just profiting from them. Contrary to stereotypes, Gen Z isn't opposed to guidance – they are opposed to its traditional, formal delivery. They don't want a manager making decisions for them; they want tools that empower them to make smart decisions themselves. For this generation, trustworthy "advice" isn't a lecture. It's the real-time insights, contextual tips, and automated features built directly into the platforms they use to stay in control. This embedded guidance builds a sense of partnership, which is the ultimate form of trust.

Vivian Tu, widely recognized as "Your Rich BFF," is the perfect embodiment of this partnership model. A former Wall Street trader, her friendly, approachable style on TikTok and Instagram feels like a conversation with a knowledgeable friend, not a lecture from a formal institution. She provides empowering information that helps her followers make their own decisions, building the exact kind of trust that traditional banks are struggling to create.

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What is Gen Z Actually Saying?

This desire for a more human-centric approach is not just an influencer trend; it’s reflected in the daily financial lives of Gen Z. In conversations with three Gen Z consumers, two based in the U.S. and one based in the U.K., a few things became clear: they all use traditional banks for core functions like receiving paychecks, but rely on fintech apps like Venmo and Revolut for everything else. Why? Because the experience is smarter, cleaner, and more helpful:

“My traditional bank is where I get paid, but Revolut is how I manage my spending and habits.” – Female, 21, UK

“I wish banks acted more like guides - offering real advice, not just PDFs. That’s why I like using apps like Revolut – it’s like a Swiss Army knife for my finances, combining banking, payments, investing, and budgeting tools all in one place.” – Female, 22, U.S.

“I wish my bank offered smarter insights like round-up savings or automatic budget alerts, mostly the stuff fintech apps do to make money management easier and faster.” – Male, 20, U.S.

Despite not having worked with a financial advisor, all three expressed interest in digital or hybrid solutions, as long as they’re accessible, personal, and not overwhelming. They’re not looking for someone to manage their finances; they’re looking for tools that empower them to do it themselves.

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The Roadmap: From Product Provider to Platform Partner

For banks, this is both a warning and a roadmap. Gen Z's vision for their financial future is clear: it must be self-directed, seamlessly integrated, and guided by empowering tools, not gated by formal institutions. The institutions that help them get there will earn not just their money but their loyalty. The path forward requires a fundamental shift in strategy:

• Selling products to build a single, integrated platform.
• Being a gatekeeper to acting as a financial guide, offering smart insights.
• Treating mobile as a channel to embracing it as the entire bank.
• Defining trust as security alone to include speed and transparency.

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The Future is an Experience

Gen Z isn’t walking into branches – they’re logging into ecosystems. And while many banks are still busy guarding the front door, fintechs have already built the house Gen Z wants to live in. It’s sleek, social, personalized – and it speaks their language.

If traditional institutions want a seat at the table, they’ll need to stop guarding legacy assets and start building future value. Because in this new era, wealth isn’t about status, it's about experience. And Gen Z has already swiped right on what’s next.

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Outro

I’m Alina McInerney, a 2025 Summer Marketing Intern at The Ricciardi Group and a recent graduate in Media and Communications from Goldsmiths, University of London. As part of my internship, I had the opportunity to explore a topic that resonates deeply with me: how Gen Z is reshaping the future of finance. This piece reflects my perspective as both a young consumer and a communicator, watching Gen Z redefine trust, reject outdated systems, and demand financial experiences that feel personal, intuitive, and empowering. As banks face the challenge of staying relevant, I believe the ones that succeed will be those that truly listen – and evolve.