gen z - Pwim.Net

Bitcoin is Teaching Generation Z How to Properly Save, says 10T Holdings Co-Founder

Bitcoin (BTC) is continuously surprising the world with its outstanding price achievements. It has taken the world by storm based on its impressive bull run, which saw its previous all-time high (ATH) of $20,000 – which has been the highest price level it was able to hit for three years – breached in mid-December 2020. The leading cryptocurrency is hovering around the $38,400 price at the time of writing, according to CoinMarketCap.

Dan Tapiero, the co-founder of fintech and digital asset firm 10T Holdings, said that BTC is playing an instrumental role in teaching Generation Z (Gen Z) how to save.

He took to Twitter to reveal a compelling story of how he had advised his 16-year-old daughter to buy Bitcoin (BTC) before, but to no avail. The narrative is, however, different because she finally heeded his call by investing 30% of her cash in Bitcoin, agreeing to hold the cryptocurrency as a legitimate investment. Tapiero revealed:

“My 16-year-old daughter finally buys Bitcoin using the Paypal app. She would not listen to her old dad before….but ‘wow, it’s so easy.’ Told her it could go up 10x in 5yrs (conservative). Next, she puts 30% of her cash in it and agrees not to sell. BTC is how Gen Z learns to save.”

He believes that Bitcoin is a gift to Gen Z, those born between 1997 and 2015, because it will uplift their saving culture. BTC is also popular with the preceding generation, Millenials because in the eyes of some, it is the Millennial’s version of gold as attested by a former Australian politician in November last year.

Bitcoin’s correlation with USD sinks to a historic low

Without a doubt, the US Dollar (USD) has been taking a beating from the present Bitcoin surge. Research shows that both assets have an inverse relationship. This was evidenced by the fact that as BTC skyrocketed by more than 295% in late 2020, the US Dollar Index (DXY) slipped to a 32-month low.

Market analyst Mati Greenspan has revealed that the correlation between Bitcoin and the USD has slipped to the lowest reading in history at -0.15. He acknowledged:

“According to data from Coinmetrics, the correlation between bitcoin and the USD is now -0.15, its lowest reading in history. The inverse correlation is still tiny, but the trend is clear. That’s what happens when Bitcoin flies for 6 months while the dollar sinks like a stone.”

This information, coupled with news that incoming U.S. President Joe Biden plans to incorporate a $1.9 trillion spending package to bail out the economy, is a silver lining to Bitcoin as it seeks to go to the moon.

U.S. Bank: Gen Z Prioritizes Values in Investment Choices but Struggles to Start

A new survey conducted by U.S. Bank has shed light on the investment behaviors and attitudes of Generation Z (Gen Z), revealing a generation driven by values but overwhelmed by the complexities of investing. The survey, conducted between May 12-24, 2023, included 3,000 active investors and 1,000 aspiring investors across various generations.

38% of Gen Z active investors define wealth as having a better quality of life. 65% of active Gen Z investors want to invest in causes they care about, with 85% willing to accept a return significantly less than the average return of the S&P 500. This willingness to sacrifice returns for values sets Gen Z apart from older generations.

Investors have been significantly affected by the current economic climate, with 34% expressing greater pessimism about their investments’ future compared to the previous year. In response to recent economic developments such as inflation, escalating interest rates, and soaring costs, 79% have altered their investment strategies within the last three months. Illustrating the broader economic challenges, since 1980, there has been a 169% increase in college tuition, a 540% rise in the average home price, and the average student-loan debt has reached $37,000.

Social media’s influence on young investors is notable, with more than 75% believing that social media makes investing look easy. Yet, 73% of Gen Z and 70% of Millennial investors are unsure where or how to begin investing. This paradox highlights the gap between perception and reality in the world of investment for younger generations.

Trust in financial advisors is higher among Gen Zers, with 62% trusting them more than any other generation. 50% seek financial advice from family, and 36% from YouTube. The survey also revealed that only 6% of all Gen Z investors do not compare their wealth and investment goals to others, contrasting with 26% of Gen X and 40% of Boomers.

Gunjan Kedia, vice chair of Wealth, Corporate, Commercial and Institutional Banking at U.S. Bank, stated, “It’s no wonder they are unsure about beginning an investing journey. But despite these headwinds, they are passionate about investing in causes they believe in and are seeking financial guidance.”

The findings of the survey emphasize the need for tailored financial guidance for younger generations, who are navigating a unique economic landscape.

Citcon Partners with Cash App Pay and Afterpay to Enhance E-commerce Payment Solutions

Key Takeaways

Citcon announces a strategic partnership with Cash App Pay and Afterpay.

The collaboration aims to provide e-commerce businesses with a range of payment options.

Merchants can integrate these payment methods with minimal effort and benefit from a centralized dispute center.

Streamlining E-commerce Payments

Citcon, a global leader in digital payments, has entered into a strategic partnership with Cash App Pay and Afterpay, according to a Business Wire release dated September 26, 2023. The alliance aims to equip e-commerce platforms with a comprehensive suite of payment solutions, thereby enhancing the consumer experience.

One-Stop Service for Merchants

The partnership allows merchants to offer customers the option to pay via Cash App Pay or Afterpay’s “Buy Now, Pay Later” plans through Citcon’s Payment Platform. This platform already supports over 150 payment methods. Merchants can access these new payment options with a single onboarding process, settlement, and reconciliation. Citcon’s Centralized Dispute Center will handle all payment disputes, streamlining the management process for merchants.

Easy Integration

Citcon’s robust integration capabilities are designed to cater to businesses of all sizes. Merchants who are already using Citcon’s Universal Payment Interface, WebSDK, or various commerce platform plugins like Magento, Shopify, and SAP Hybris can effortlessly add Cash App Pay and Afterpay to their existing setups.

Targeting Younger Demographics

The integration of Cash App into Citcon’s Payment Gateway offers an opportunity for merchants to attract and retain Millennial and Gen Z consumers. By providing flexible and convenient payment options, merchants can potentially increase sales and build long-term customer loyalty.

Wei Jiang, co-founder and President of Citcon, stated, “This partnership empowers merchants with a powerful payment tool, allowing merchants to reach Cash App’s large consumer base and opening new doors of opportunity for merchants.”

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

SoFi Unveils 1% IRA Match to Spur Early Retirement Amid Millennial and Gen Z Aspirations

San Francisco-based digital personal finance company SoFi has announced a 1% match on all eligible Individual Retirement Account (IRA) contributions through its SoFi Invest platform, effective immediately. This initiative aligns with the recent findings from SoFi’s Ambition Survey conducted between August 21 to September 1, 2023, which revealed significant retirement-related aspirations among Millennials and Gen Z respondents.

The 1% IRA match, open to all SoFi members, is designed to accelerate retirement plans by boosting the IRA contributions. Members can avail of this match on new IRA contributions from external accounts as well as those made through ACH transfers. This measure is expected to engender a more robust retirement savings culture, especially amidst the younger demographic who exhibit a strong propensity for early retirement. The survey found that 66% of Gen Z and 70% of Millennial respondents are willing to forego dining out for five years to retire by the age of 50.

The SoFi Ambition Survey illustrated a clear financial hierarchy among the respondents. Key ambitions include establishing or maintaining generational wealth, home ownership, early retirement, and funding higher education for their offspring. However, there’s a palpable income-disparity concern, with 44% of the participants feeling their earnings are insufficient for meaningful retirement savings. Moreover, home ownership still trumps early retirement with 71% favoring the former against 28% for the latter. The gender gap also came to light; men (54%) are more inclined towards retirement savings compared to women (43%), with a higher awareness level of their savings account contents (55% vs. 44%).

SoFi Invest encompasses a comprehensive suite of investment tools and educational resources aimed at aiding members throughout their financial journey. The platform includes SoFi Active Invest and SoFi Automated Investing, facilitated by credentialed financial planners and career advisors. The holistic approach towards financial independence delineates SoFi’s commitment to member-centric financial solutions, fostering a conducive environment for achieving long-term financial goals including early retirement.

With a member base exceeding 6.2 million, SoFi (NASDAQ: SOFI) encapsulates a digital ecosystem of financial services aiding individuals in borrowing, saving, spending, investing, and insuring their assets. The three-pronged innovation across Lending, Financial Services, and Technology Platform segments underscores SoFi’s holistic approach to financial independence. The firm also holds a nationally chartered bank status through its affiliate, SoFi Bank, N.A., regulated by the OCC and FDIC, with a broader oversight by the Federal Reserve as a bank holding company.