A 64% of Generation Alpha The generated revenue last year using technology to do so, according to a study by Visa. It is clear from this study that technology is driving new sources of income for younger Spaniards, with social networks (43%) or marketplaces (19%) as the most common sources.
This study was launched with the aim of discovering how younger generations are changing the way they access money and manage their finances, in a context where technological innovations and digital platforms such as social networks are part of their everyday life and it is more important than ever to understand and adapt to these demands in order to build prosperous economies and businesses.
So that’s what the study shows Generation Alpha is beginning to participate more and more in the economy; 62% do They perform everyday tasks for their parents, caregivers, other family members or adults to generate income, and a growing interest in second-hand goods trading, which nearly 20% use Marketplaces like Vinted or Ebay to sell clothes or toys online.
“It is an exciting time to help our customers and partners navigate these changes and prepare for a young consumer with new and more digital ways to pay, receive and manage their money, offering convenience, simplicity and provide secure payment experiences.” The world is changing at great speed and only those who adapt quickly will be able to meet the needs of this new generation. “This study also shows that younger generations are entering the digital economy faster than in the past, where financial literacy is critical.” comment Eduardo Prieto, General Manager of Visa in Spain.
As an example of the change in the way younger generations receive money, 25% of respondents received income from a friend or family member via digital payment methods in the last year, either through instant payments or gift cards, proving the increasing role of technology in everyday money transactions.
In addition, the study shows the savings profile of the new generations since then 51% save most or at least half of their income and 42% aim to save half of their income by the time they reach adulthoodThey are characterized by a strong inclination towards financial responsibility, a savings-oriented mentality and an early awareness of the importance of prudent financial management.
A generation leading the digital revolution
The Generation Alpha has the technology to explore the world and they don’t rely on physical contact as much as previous generations. Based on this, the Visa study shows what impact this has on their financial understanding and their attitude towards new digital payment methods.
In this sense, Visa anticipates the digital needs of today’s and tomorrow’s young people and integrates solutions such as Visa Direct, which allow sending and receiving instant payments around the world in a simple, fast and secure way, or is a pioneer in the use of advanced technologies Technologies such as artificial intelligence are intended to ensure the security of payments, with Visa preventing an estimated 25 billion euros in global fraud last year alone.