{"id":4617,"date":"2018-07-11T17:50:12","date_gmt":"2018-07-11T17:50:12","guid":{"rendered":"https:\/\/genhq.com\/?p=4617"},"modified":"2022-07-26T06:29:17","modified_gmt":"2022-07-26T06:29:17","slug":"venmo-offers-gen-z-millennials-financial-control","status":"publish","type":"post","link":"https:\/\/genhq.com\/venmo-offers-gen-z-millennials-financial-control\/","title":{"rendered":"Venmo Offers Gen Z and Millennials Financial Control, But at What Cost?"},"content":{"rendered":"

Money-sharing app Venmo has tapped into a sweet spot for Gen Z and Millennials. It combines an easy way to take control of one\u2019s finances<\/span><\/a> and a social media experience (complete with emojis) into one platform.<\/p>\n

According to a recent study<\/a>,<\/span> Venmo\u2019s millions of monthly users sent each other a combined $40 billion in 2017. But for many, it also induced FOMO (fear of missing out)<\/a>.<\/span><\/p>\n

\"\"<\/p>\n

Generational Expert Matt Beaudreau Weighs In.<\/h4>\n

\u201cIt tracks really well with what we\u2019re seeing on really any social platform\u2014it\u2019s all normal human behavior,\u201d explained Matt Beaudreau, a Certified Speaker for The Center for Generational Kinetics.<\/p>\n

Unsurprisingly to Beaudreau<\/a><\/span>, some Venmo users reported social anxiety from checking the app and learning about gatherings they weren\u2019t invited to. \u201cYou start to question your relationships,\u201d Beaudreau said. \u201cYou start to get hurt by that.\u201d<\/p>\n

Why Has Venmo Become So Prevalent?<\/h4>\n

Paypal CEO Dan Schulman explained to CNBC<\/a><\/span> that young consumers have embraced Venmo as a way to split purchases and keep a close eye on their finances.<\/p>\n

\u201cIt\u2019s very important to them if they have their own independence, and these apps like Venmo are incredibly powerful in helping and empowering them to take care of their financial health,\u201d Schulman said.<\/p>\n

This Phenomenon Isn\u2019t New to Gen Z and Millennials.<\/h4>\n

Matt Beaudreau also explained that at one time or another, members of every other generation felt the same way when they perceived that their friends failed to include them in something. But social media, including Venmo, makes these outings and plans more visible in daily life.<\/p>\n

\u201cHuman behavior hasn\u2019t changed,\u201d Beaudreau said. \u201cWe\u2019re just being massively over-exposed.\u201d<\/p>\n

What can parents do to ensure their children aren\u2019t swept up in the wave of FOMO that comes with seeing everything their peers are doing on social media? Beaudreau encourages parents to teach their children what social media actually shows us: a cultivated version of the truth.<\/p>\n

\"\"
Certified Speaker and Generational Expert, Matt Beaudreau<\/figcaption><\/figure>\n

Want to Solve Your Generational Challenges?<\/h4>\n

We lead national and international Gen Z, Millennial, and\u00a0generational studies<\/a><\/span>\u00a0for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.<\/p>\n

Let us know how we can help you.\u00a0Send us an email<\/a><\/span>\u00a0or give us a call and we\u2019ll be happy to provide a little information for you to review.<\/p>\n

Keep the conversation going. Follow The Center on Instagram\u00a0@TheGenHQ<\/a><\/span>\u00a0or on Twitter\u00a0@GenHQ<\/a>. We are passionate about sharing our latest generational discoveries!<\/p>\n","protected":false},"excerpt":{"rendered":"

Money-sharing app Venmo has tapped into a sweet spot for Gen Z and Millennials. It combines an easy way to take control of one\u2019s finances and a social media experience (complete with emojis) into one platform. According to a recent study, Venmo\u2019s millions of monthly users sent each other a combined $40 billion in 2017. […]<\/p>\n","protected":false},"author":7,"featured_media":4618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,16,23,13,21],"tags":[],"class_list":["post-4617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-generations","category-igen-and-gen-z","category-media","category-millennials-aka-gen-y","category-selling-and-marketing"],"acf":[],"yoast_head":"\nVenmo Offers Gen Z and Millennials Financial Control, But at What Cost? - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"Money-sharing app Venmo has tapped into a sweet spot for Gen Z and Millennials. 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