The impact of Gen-Z payment trends on further education colleges
New research reveals that Gen-Z love digital wallets – but they also want payment choice.
Gen-Z (aged 16-24) is the most digitally-savvy generation to date – and their attitude and behaviours are shaping the payment landscape in retail, hospitality and, of course, further education colleges.
Read our report about payment trends for education colleges.
What does this mean for the future of payments?
But beyond the coffees and lunches that students pay for themselves, colleges must also be tuned into the preferences of parents and guardians, who’re often responsible for higher-value payments of fees and trips.
Understanding the latest trends is essential for further education providers managing multiple revenue streams – including fees, car parking permits, library fines, and income generated from commercial services. Payment expectations of both young people and their parents have been shaped by their experiences in sectors like retail and leisure, so colleges need a unified payment system that offers convenience, flexibility and security while also being cost-effective to run.
Introducing the study
We commissioned independent researcher Censuswide to survey 500 Gen Z consumers to understand their preferences and priorities when making payments online and in-person.
Our new report, Untapped Potential: How can further education colleges adapt to changing payment trends?, sets out the findings of the survey – and shows you how a unified college payment solution can help you deliver a service students and their families expect, and understand payment trends.
Survey highlights
- Young adults overwhelmingly want flexibility and choice
- More than a fifth of respondents reported being unable to use their favourite payment methods at least six times per month
- A quarter use digital wallets for online payments at least six times per month
- Nearly a third never or rarely carry cash or coins
