Gen Z's Influence on Banking and Technology

A new generation of heirs and heiresses from tech families, including the children of Musk, Bezos, and Gates, are emerging, actively engaging in philanthropy and family businesses while embracing financial transparency driven by social media influences. As Generation Z enters the workforce, they are expected to outnumber Baby Boomers by 2024, bringing distinct preferences and challenges for employers, such as a demand for mentorship and better communication. This cohort prefers short-form content and values privacy, using platforms like TikTok and Discord for engagement. Meanwhile, Gen Z's banking preferences are shifting, with a decline in the number choosing traditional banks, as they seek more convenient, digitally-focused options. Additionally, there is a notable trend on social media encouraging younger generations to prioritize work-life balance and mental health over traditional career aspirations. Overall, the dynamics of wealth, work, and technology are rapidly evolving as these younger generations assert their presence and preferences in various sectors.