F&I and Generation Z

By Jamie LeReau 

Generation Zers are nothing like their millennial predecessors, experts say. As customers, they will be more technologically familiar and transparency-conscious. As employees, they will be competitive more than collaborative.

“Some of the biggest collisions on the horizon [will be] between the millennials and Gen Z. If people try to treat Gen Z like the millennials, that will backfire,” said David Stillman, co-founder of consultancy Gen Z Guru in Minneapolis and co-writer of the book Gen Z @ Work: How the Next Generation is Transforming the Workplace with his Gen Z son Jonah.

The distinctive traits of Gen Z’s 72.8 million members — born 1995-2012 — mean that the way finance and insurance products are sold must evolve, Stillman said. The process has to be more streamlined and rely on technology and transparency. “Gen Z can quickly look on their phone as to where they can buy the products cheaper, and it’s not scary to them. It’s probably easier for them to do that,” he said.

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