Millennials and Gen Z account for a sizable chunk in terms of population share. Soon, this age group will be a significant force in the economy, as they represent the borrower and investor markets. Fintechs, if they want to attract their target market, need to go where their customers already are. Both groups will use social media, as they have grown up with the internet. Qualtrics and Credit Karma
research shows that 56% of Generation Z and Millennials use social media to seek financial advice. Most millennials (51%) and members of Generation Z (51%), who are younger than millennials, say they have taken the financial advice of a stranger they met online. It's good news for the country as a whole, as a large percentage of the population is now or soon will be part of Gen Z, and as a result, the government will have a substantial surplus of cash. So, if fintech brands want to reach their ideal customers for their product, they need to use influencer marketing. This is because the sector's target audience is easy to get and can be achieved through influencers with a strong following. People worldwide use social media, making Facebook, Twitter, Instagram, and YouTube ideal advertising platforms.