ING: Gen Z Primarily Uses Banking Apps

Frankfurt am Main, Germany – Young adults in Germany, often termed "Gen Z," have made mobile applications their primary method for managing finances, with web-based banking becoming less common. A joint analysis by ING Deutschland and Visa reveals that approximately three-quarters of individuals aged 18-30 predominantly use their banking app for financial management. ING's data suggests one-third of this age group logs into the ING Banking App daily.

The bank and payment company Visa examined anonymized data from nearly two million ING customers, alongside representative market research. The study focused on the banking habits, payment methods, and investment behaviors of young adults. A smaller segment (under 18 percent) utilizes multi-banking apps or software.

Debt levels among young adults are notably low, with few overdrawing their accounts beyond the overdraft facility. When ING customers do exceed their balance, the average overdraft is around 800 euros and lasts for 17 days. More than half utilize push notifications to monitor their transactions.

According to Visa's survey, 46 percent of young adults use smartphones and smartwatches for payments, a figure that rises to 53 percent among ING's customers. Mobile transactions constitute 39 percent of their overall activity. Digital payments are widely adopted for most purchases, irrespective of the amount, with exceptions like at hairdressers and kiosks.