August 2025
PYMNTS Data Books

Gen Z Financial Habits Put Debit, Wallets and Influencers in Charge

Gen Z isn’t just spending differently. They’re rewriting the rails and the rules of money. From how they save to what drives their next purchase, the youngest consumers are reshaping the playbook in ways no bank or fintech can ignore.

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    Generation Z isn’t overturning financial habits so much as moving them onto digital rails. They save more of their income than older generations, but store a larger share in wallets and cryptocurrencies instead of bank accounts. They lean debit-first at checkout, yet adopt Apple Pay and BNPL faster than anyone else. Amazon and mobile screens are their aisles of choice. For eight in 10, influencer cues shape their purchasing decisions. Even their side hustles reflect life-stage priorities: less about survival, more about funding lifestyle choices. For issuers, acquirers and FinTechs, the takeaway is clear: Gen Z’s needs look familiar, but the rails they ride on are different. Meeting them where they are makes the difference between churn and loyalty.

    Gen Z Financial Habits

    Gen Z Looks to Influencers and Social Media

    Eighty-one percent of Gen Zers sometimes or often buy on influencer recommendations, nearly three times more than baby boomers (28%). Social channels are now a primary commerce rail for the youngest consumers.

    The Convenience of Marketplaces

    Thirty-one percent of this generation’s most recent retail purchases were on Amazon. This share jumps to 41% for those who annually earn $100K or more. For younger shoppers, marketplace convenience is winning top-of-wallet and top-of-funnel.

    Gen Z is the Top Generation for Mobile Grocery Purchases

    Twenty-two percent of Gen Z bought groceries on mobile devices, compared to 8% of baby boomers. Just 60% of Gen Zers shopped in-store; 85% of baby boomers did the same. Mobile, not the desktop, is this generation’s default “aisle.”

    At the Checkout

    At the grocery checkout, Gen Z is debit-first. 42% use debit, 19% use credit, and 6% use Apple Pay (the highest of any cohort; boomers are at 0%). Deposit primacy plus tap-to-pay behavior defines their everyday spend.

    Gen Z and Financing

    Eighteen percent of Gen Z use BNPL alongside other pay-later tools, compared to 12% of older consumers. Only 33% rely exclusively on regular credit cards for financing, while 43% of non-Gen Z rely on them. The financing need is the same, but the rails are newer and more digital.

    Lower Credit Usage

    Approximately 55% of Gen Zers hold a credit card. On the flip side, 71% of older consumers have credit cards. The average monthly card balance is lower for Gen Z than for the rest, at $1,667 and $1,959, respectively. Thinner files and smaller revolvers should shape underwriting and rewards design.

    A Look at Savings

    Gen Z saved 36% of their income over the last six months, while others saved 27%. They also allocated the most to digital instruments: 13% of their savings are in digital wallets, and 6.3% is in crypto. They save more and store it in newer containers.

    About

    PYMNTS INTELLIGENCE

    PYMNTS Intelligence is a leading global data and analytics platform that uses proprietary data and methods to provide actionable insights on what’s now and what’s next in payments, commerce and the digital economy. Its team of data scientists includes leading economists, econometricians, survey experts, financial analysts and marketing scientists with deep experience in the application of data to the issues that define the future of the digital transformation of the global economy. This multi-lingual team has conducted original data collection and analysis in more than three dozen global markets for some of the world’s leading publicly traded and privately held firms.

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