New Report Reveals Demand for Youth Banking is High Among Families with Generation Z and Alpha Children - Seite 2

Key Insights from the Report:

• Financial institutions have an opportunity to maximize on significant youth spending power. Approximately 80% of children ages 7-17 spend up to $50 a week, and 10% of those children spend $100 or more each week – equating to $5200 of transactions yearly.
• Financial institutions must pay attention to parents’ wants and needs when considering a solution. Burdened by student loans, the scarcity of affordable housing, and the stagnation of wages, the majority of parents (56.3%) identified the desire to arm their children with the financial savvy needed for a secure future, highlighting the demand for youth-focused banking solutions.
• Parents seek solutions from their current banking provider – and it could play a huge role in customer loyalty if financial institutions do not adapt. According to the report, a significant majority of parents (57.2%) express a preference for their existing banking provider when considering a youth banking solution. However, 75.1% of parents would consider switching to a different financial institution that offers a youth banking solution if theirs does not, spotlighting the direct link between such offerings and customer retention.
  
  

About Banking on Tomorrow: How Today’s Youth Will Shape the Future of Banking
To compile the report, REGO conducted an online survey in partnership with AYTM with 1,000 U.S. parents or legal guardians representing 1,538 children from ages 0-17 to uncover how today’s youth earn and manage money and how parents’ attitudes toward financial education affect long-term loyalty to financial institutions.

To view the report’s findings in full, download “Banking on Tomorrow: How Today’s Youth Will Shape the Future of Banking.” To learn more about REGO, please visit regopayments.com. To learn more about Q2, please visit q2.com.

About REGO
Rego Payment Architectures, Inc. ("REGO") is a family digital wallet platform that empowers financial institutions to let their customer's children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children's Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children's data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.