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Next-generation youth banking using cards & apps blows away the old

first_imgA growing number of fintechs and banking startups in the U.S. and other countries is targeting Generation Z, and even reaching into the younger Generation Alpha, children born after 2006.In the U.S., roughly 25% of the population is under 19. In Europe teenagers and younger kids comprise around 20% of the population. This represents a tremendous market, but typically incumbent banks don’t aim many products and services at Gen Z because they aren’t currently profitable. This contrasts with more financially mature Millennials.Newcomers are outflanking incumbents. The legacy institutions’ lack of interest created a two-fold market niche for challenger banks and fintechs: serving the current “pocket money” needs of young people and building the loyalty of today’s youngest customers for the coming years.73% of American parents provide a regular allowance to their children, a total of $41 billion per year, according to RoosterMoney’s Kids Allowance Report. Part of pocket money is earned from domestic chores. Parents say their goal is to teach children about financial literacy, involve them in useful activities and help them to form healthy spending habits. The parents lived through the Great Recession and want to inculcate thrift. Indeed, in comparison to older generations, Gen Zers tend to save almost as much as they tend to spend right away. When they spend, it’s typically on food — mostly sweets, eating out, video games, toys and books. Most Gen Z consumers prefer in-store shopping rather than ecommerce. However, the older they grow, the more online transactions they make. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Ramdhani wins Remembrance Day

first_imgOpen Badminton tournament in CanadaGUYANA’s Narayan Ramdhani lifted the U-23 Men’s Singles title at this year’s VRC Remembrance Day Open Badminton Tournament in Vancouver, Canada, which was played at the Vancouver Racquets Club over the weekend.To win the Championship, Ramdhani, playing out of ShuttleSport and seeded No.1 in the Tournament, first defeated Zijian (John) Zhang 21-15, 21-7. He then went on to play and beat the No. 2 Seeded player,Jarin Allan Davison of North Central Badminton Academy, 25-23, 21-7.The Guyana Badminton Association (GBA), in a release, said that they were very pleased with Ramdhani’s great achievement in just over one year in Scholarship Programme at ShuttleSport Badminton Academy.“We do hope he will get the necessary support from the relevant sport authorities, as he is definitely a strong candidate to make the Olympics one Day with his continuous upwards achievements throughout the years,” the GBA said.The 19-year-old now hopes to attend the 2017 Yonex K&D Graphics International Challenge in Orange County, California, USA from December 19-22.last_img read more