The Trendy Financial Decision One-Third Of Gen Z Is Making That's Actually Incredibly Risky

Oct. 13, 2024 - YourTango

AdvertisementMore than one-third of Gen Zs are using digital banks and fintech as their sole checking accounts. Technology has made managing day-to-day banking far easier, and totally digital banks with no brick-and-mortar presence are becoming more and more of a force.

AdvertisementOver a third of GenZ and Millenials are using "peer to peer" fintech, digital banks -- PayPal, Venmo, Cash app, Zelle etc. Digital banking fintech app Synapse went bankrupt in August 2024, taking $160 million of users' money with it.

The company lured customers to its various money apps like Yotta and Evolve in part by touting its FDIC insurance coverage...