Shaping the future of personal finance

Tarek Abdalla, senior vice president, Chief Marketing Officer CEMEA at digital payments company, Visa, said that it is essential to understand that Gen Z is not simply millennial 2.0. He said the younger generation has higher expectations from brands than any generation before.

He said, “Gen Z holds significant future spending power, which makes strategic partnerships and technology essential for reaching this demographic. In the UAE specifically, Gen Z already possesses strong purchasing power, due to factors such as a high employment rate and steady income.

“They’re also an investment-savvy segment, and nearly a third reflect an entrepreneurial spirit. Only 12 per cent carry personal debt, which is significantly lower than the regional average of 25 per cent.”