Gen Z & Money: Financial Habits in Saudi Arabia

In today’s digital era, understanding how younger generations handle money is crucial for developing effective fintech solutions. One fintech company explored the spending and money habits of Gen Z in Saudi Arabia to inform the launch of a new Visa prepaid card and banking app designed for teens and young adults.

Uncovering Gen Z’s Money Habits

The client’s goal was to understand how Gen Z earns, saves, and spends money. This insight was key to designing a product that integrates seamlessly with their financial lifestyle, offering a simple and efficient platform for managing their money.

Through focus group discussions, the research team explored Gen Z’s spending patterns, both online and offline, in categories like entertainment, retail, and dining. The study also examined their broader attitudes toward saving and financial tools, highlighting their likes, dislikes, and preferences.

Key Insights on Spending Habits

The study revealed:

Spending Behavior: Gen Z prioritizes spending on experiences, entertainment, and dining.

Attitudes Toward Money: Convenience and security are top priorities for financial tools.

Digital Engagement: They favor mobile-first banking apps with features like budgeting and tracking expenses.

These insights guided the development of a prepaid card and banking app that perfectly fits the needs and lifestyle of Gen Z users.

Success Among Saudi Gen Z

By understanding their financial habits, the fintech company launched an app that resonates with its target audience. The app is praised for its user-friendly design, convenience, and ability to simplify money management.

The Power of Knowing Your Audience

This case study highlights the importance of understanding your target demographic. With insights into Gen Z’s financial habits, fintech companies can create products that deliver real value and drive engagement. Knowing your audience is key to staying relevant and competitive in the fintech industry.