Study: Generation Z Most Entrepreneurial Among All Demographic Groups in Saudi Arabia
March 06 2023 - 2:26AM
Business Wire
- 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.
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/
Media contacts: Western Union Saadia McGlinchey;
Saadia.McGlinchey@wu.com Karen Santos;
Karen.Santos2@westernunion.com
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