This survey aims to gather the opinions of 16-25 year olds and their thoughts around banking, finances and spending.
I shared my survey on my close friends story on my social media and within this group there is people from 17 to 25. I feel that the ages of participants will reflect the Gen-Z demographic well. This survey had 39 participants with full responses to all questions apart from question 5, which was a follow up question to 4 that asked those who did consider changing banks their reasoning.
I was happy that I got responses from both females and males. This will mean my findings are even more representative of the full demographic.
What bank/banks do you currently use?
It’s clear that Monzo is the most popular choice of banking in this demographic, which is not very surprising after my market research and discovering the wide range of features this online banking app offers. Many of the respondents had both Monzo and another bank that had a brick and mortar presence. Halifax and Santander are the two most popular brick and mortar banks. I’d quite like to find out if these banks offer more features that are better for 16-25 year olds.
I was surprised at how many people felt that a bank branch is somewhat important in their banking. However, no one answered that it was very important which leads me to believe 16-25 year olds are open to a fully digital banking experience, perhaps there are certain functions they feel can only be carried out in a branch such as lodging cheques etc.
Nearly half of respondents said that they have never considered changing banks. This could be due to the fact that there isn’t a lot of difference between banks in their opinions, or that no bank has overly convinced them that their banking experience would be better elsewhere. Regardless, 51.3% of respondents have considered changing banks which shows that this generation is not complacent as to who they bank with.