Contributed by Warren Fisher of Manole Capital Management.
Over the last few months, the 2019 interns of Manole Capital conducted a financial services survey, specifically targeting the thoughts of America’s younger generations. Specifically, we sought out Gen Z (those born after 1996) and Millennials (born 1981 to 1996).
We feel it is important to understand the perspective of these younger individuals, especially since Gen Z now represents nearly 20% of the US population.
This year, Gen Z will reach 61 million individuals and become the US’s largest generation. This younger generation was born after the internet went mainstream and the oldest amongst them was only 10 years old when the iPhone was introduced by Steve Jobs. Most of Gen Z is still in school, but they have direct spending power of over $140 billion annually. Early analysis shows that Gen Z consumers are less concerned about brands, labels or even corporate names. They are quite entrepreneurial, ethnically diverse, socially tolerant and environmentally aware.
Manole Capital exclusively focuses on the emerging Fintech industry. The goal of these research notes is to provide valuable insights, specifically in the financial services segment, into this growing category of younger individuals. In total, we were able to survey 195 individuals. Respondents were asked a series of questions on four financial subjects, which will be released in four distinct notes:
The questions we asked, as well as the information we received, issummarized below. Where possible, we have attempted to provide our conclusions and opinions. While some may be viewed as controversial, it is simply intended to serve as possible Gen Z and Millennial perceptions. This is the 2nd annual financial services survey performed by the interns of Manole Capital. Where we feel it is interesting to note, we will comment on large discrepancies and changes from last year’s survey.