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Study: Generation Z Most Entrepreneurial Among All Demographic Groups in Saudi Arabia
- RIYADH, Saudi Arabia - Monday, 06. March 2023
- AETOSWire
- Saudi Arabia’s Gen Z consumers are two times more likely than any other age group to send international money transfers to support their business.
- Gen Z consumers reveal most influential decision-making factors when selecting money transfer brands.
- Choice trumps all as Gen Z make clear how they would like to transfer money across borders in future.
(BUSINESS WIRE) -- Generation Z (Gen Z, ages 18 to 24) consumers in Saudi Arabia are two times more likely than any other age group to send cross-border remittances in support of their business interests at home, according to research recently commissioned by Western Union. Findings show that while family support remains paramount for almost half of Gen Z consumers, their entrepreneurial spirit cannot be underestimated, as more than one in 10 cite supporting their business as the primary reason for international money transfers.
The study, which surveyed over 1,500 money-sending and receiving citizens and residents of Saudi Arabia, asked how, when and why they move money internationally. The results bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy combining high-value, accessible digital and retail financial services.
Gen Z survey-takers also reveal valuable insight into their decision-making habits for international money transfer brands, demonstrating the importance of convenience, speed and affordability. Results show that achieving the best exchange rate/transaction fee, speed of transfers and ensuring their receivers pay the lowest or no charges when collecting funds are the top three most influential factors (15% each). The survey also indicates that Gen Z seek flexibility in transfer methods in future, be it in cash or digital transactions.
"Gen Z’s rising economic power is paving the way to a shift in how societies operate,” said Jean Claude Farah, President of Middle East and Asia Pacific at Western Union. "These findings reinforce Gen Z’s strong sense of responsibility and independent spirit – values that the Kingdom proactively seeks to nurture through its Vision 2030 blueprint. As a fintech pioneer, Western Union has championed a world of money movement that is unrestricted by geographical borders and driven by inclusivity for over 170 years. It is our responsibility as financial services providers to build an environment that enables safe and seamless money transfers. By doing so, we can help unlock opportunities for young entrepreneurs as they shape the future of tomorrow."
Choice leads the way as Gen Z look to the future
Exclusive insights announced previously by Western Union showed that almost 60% of Saudi Arabia’s consumers currently prefer using digital platforms to send international money transfers. When asked about the future, 47% said these experiences should remain digital, while 44% call for having more choice in platforms. Being empowered to choose how to remit trumps all for Gen Z, who lead the way with this view amongst all age groups at 47% as they consider their money movement needs in the future.
“Gen Z have continually demonstrated their appetite for improved access, trust and flexibility when it comes to transferring funds internationally,” Farah said. “At Western Union, our omni-channel approach means we’re eliminating the barriers between physical and digital, offering more choice and empowering consumers to move money in the way they want, at the time they want.”
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and approximately 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
About Western Union’s research study
The research was commissioned by Western Union to Censuswide. Censuswide surveyed 1501 consumers aged 18 and above - who send or receive international money transfers in Saudi Arabia. The research was conducted between 31 October 2022 and 8 November 2022. Censuswide abide by and employ members of the Market Research Society, which is based on the ESOMAR principles.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230305005124/en/
