- Gen Z makes up 25% of the population in Latin America and is projected to be 27% of the global population by 2025.
- A new Latin American app aims to engage younger individuals—and their parents—in the goal of financial education.
- Unlike other similar projects, this app addresses specific regional issues, such as youth debt and online gambling.
Composed of individuals born between 1997 and 2012, Generation Z grew up with the Internet as an integral part of their lives. Their behaviors and expectations regarding financial and banking services are notably different from those of previous generations, prompting financial institutions to rethink their approaches.One in four Latin Americans belongs to Generation Z. The complexity of this segment lies in the fact that some are teenagers, while older members have already entered the workforce; financial institutions have a growing interest in understanding and connecting with this group.
However, contact with this generation can begin long before they enter the job market, particularly with the younger segment, and can be facilitated by involving their parents. This was the vision of the founder of Aston, a platform designed to teach Gen Z how to manage personal finances while also engaging their parents in the process, allowing them to monitor their children’s spending in real time.
But Aston’s vision goes beyond this intergenerational approach, as it focuses on specific problems in our region. The fintech aims to combat youth debt, reduce the impact of online gambling, and encourage young people to develop the habit of saving and investing (instead of spending 100% of the money they receive).
Early financial education
In a context where financial education and inclusion are critical challenges, promoting financial education among teenagers is crucial.Platforms like Greenlight in the United States and GoHenry in the United Kingdom have paved the way in this sector by offering tools for parents to manage and oversee their children’s financial habits. These apps allow parents to set spending limits, encourage saving, and monitor money usage, while also providing financial education to young people.
“Aston promises to expand its user base and implement new features that enhance the financial inclusion of millions of teenagers in the region, starting with Argentina, Mexico, and Brazil,” comments Nicolás Fiorillo, founder and CEO of this emerging fintech, which has so far been funded through personal capital and a private investor who believes in the company’s vision. On the website, users can join the waiting list.
The fintech is at a critical stage of validation and growth: “I saw an urgent need in the market. And an opportunity to create an accessible tool across the region that not only educates young people on how to manage their money responsibly but also allows parents to monitor their children’s accounts in real time for those aged 13 to 17. Aston promotes dialogue between parents and children about responsible money management, strengthening the financial education process in a collaborative family environment,” concludes Fiorillo.
Other products for generation Z
In Latin America, financial products specifically targeting Generation Z are still emerging. While some financial institutions have begun offering bank accounts for minors, few include an educational component.In countries like Argentina, Mexico, and Brazil, some digital wallets and prepaid cards for teenagers can be found, although these solutions are often limited in terms of functionality and parental control.
Among the most notable examples are:
- Cuenta DNI (Banco Provincia, Argentina):
An app that offers an account for the 13 to 17 age group. - Ualá (Argentina):
Provides prepaid cards for teenagers over 13, allowing parents to supervise transactions. - Mozper (Mexico and Brazil):
Similar to Aston, Mozper focuses on providing teenagers with financial tools under parental supervision. It offers savings features, controlled spending, and financial education. - Neobanks:
Platforms like Z1 in Brazil are also entering the youth market, providing digital accounts with linked cards and savings features.
The Challenge and Opportunity in Latin America
The lack of formal financial education and low banking inclusion are challenges in the region. “We want families in Latin America to take control of their financial future from a young age,” says Fiorillo.By focusing on saving, investing, and controlling spending, the fintech aims to prepare the next generation to manage their money responsibly, contributing to greater economic stability in the future.
- Cuenta DNI (Banco Provincia, Argentina):
Financial Products for Gen Z
Una app latinoamericana apunta a la educación financiera de los jóvenes
