Key Findings:

  • Gen Z digital platforms for routine tasks but still values in-person support, with 61% preferring face-to-face help for customer issues.
  • Four in five (82%) have current accounts, 79% have savings, and over half (58%) prefer to hold more than one bank account.
  • Over 40% use mobile banking daily, and 81% use their bank’s mobile app—far more than internet banking (46%) or branches (21%).
  • Competitive interest rates, trust, security, low fees, and user-friendly digital platforms matter most, while branch locations and ethical commitments rank low.

As financial services are evolving to a digital-first world, knowing what consumers really value is important. According to recent YouGov Profiles data, Gen Z consumers show distinct preferences, behaviours, and expectations when it comes to managing money, opening accounts, and interacting with banks.

Digital-first, but not digital-only

A plurality of Gen Z prefers self-serve options for common banking tasks. More than four in five say they use digital platforms to check account balances (83%), make payments (81%), and transfer funds (81%). Viewing transaction history (82%) and receiving account updates (80%) are also largely handled online.

Yet despite this strong digital orientation, in-person interactions remain important for certain services. For example, 61% of Gen Z say they prefer to reach out to customer support in person, and 56% have used in-person channels to resolve issues or complaints. This hybrid expectation means banks must deliver seamless digital services while maintaining accessible support when needed.

Most own multiple accounts and many prefer it that way

Around four in five Gen Z consumers (82%) have a current account, nearly as many (79%) have a savings account, and around 17% hold investment accounts. Over a third (37%) have a credit card, 7% have loans and 8% have mortgages.

When asked directly, 58% of Gen Z respondents say they prefer to have more than one bank account, while only 27% disagree. This signals a broader shift away from single-institution banking, with younger consumers likely optimising different accounts for different needs.

Mobile banking is routine – often daily

Gen Z’s use of smartphones for banking is habitual. Over 40% use mobile banking once a day or more, with another 39% logging in two to six times a week. Only 3% say they don’t use smartphones for banking at all.

Not surprisingly, the bank mobile app is their top method for account transactions, used by 81% of Gen Z – far ahead of internet banking (46%) or in-branch services (21%).

Trust in banks exists but scepticism lingers

While more than half of Gen Z (57%) say they trust banks and building societies, this trust comes with caveats. Roughly one in three believe banks try to trick us out of our money (33%), and more than half (54%) feel that all banks are basically the same — indicating limited brand differentiation in their eyes.

That said, most Gen Z consumers reject the idea of replacing traditional banks with cryptocurrency. Only 9% express openness to such a shift, while 83% disagree, suggesting that while they value innovation, they still see stability in legacy banking institutions.

Simplicity, savings, and support drive satisfaction

When asked what features matter most in a bank, competitive interest rates (29%), brand trust (28%), and security/reliability (27%) top the list. Low or no maintenance fees (24%) and user-friendly online platforms (24%) are also highly rated.

Many value transparency: 20% say clear communication about fees and charges is a priority.

Less importance is placed on traditional factors like branch locations (10%), special offers (11%), or ethical commitments (9%).

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Methodology: YouGov Profiles is based on continuously collected data through rolling surveys, rather than a single limited questionnaire. Figures are drawn from responses collected between August 2024-2025, using a 52-week dataset updated weekly. Data is nationally representative of adults (18+) in Great Britain and weighted by age, gender, region, education, and social grade.

Image: Getty Images