Financial literacy is undergoing a radical transformation, driven by Millennials (age 29-44) and Gen Zs (age 13-28), who are rewriting the norms of money management.
Unlike previous generations, which relied on financial advisers, banks and formal education, younger consumers’ financial classrooms encompass the likes of TikTok, YouTube, and fintech apps.
Bite-sized videos explaining credit scores, investment strategies, and budgeting techniques are reaching millions, and these younger consumers are empowered with immediate, accessible, and highly relatable financial advice – often delivered by peers who share their economic realities.
Daniel Hawkins, head of marketing at PayJustNow, says that the shift is not only redefining how younger people learn about money, but also how they spend, save, and borrow.
“The rise of digital financial literacy marks a clear departure from traditional models. Today, influencers can explain the nuances of credit scores in 60 seconds, and fintech apps can approve credit in minutes. Younger generations are leveraging this technology to make informed decisions and take control of their finances.”
But, says Hawkins, not all financial advice on social media is created equal. As of April 2025, the Financial Sector Conduct Authority (FSCA) is taking a firmer stance on the growing number of unregulated ‘finfluencers’ dispensing financial advice online.
“It’s essential for consumers to distinguish between general educational content and actual financial advice,” Hawkins explains. “Before acting on any recommendations check whether the person is a registered financial services provider.”
Consumers can verify if someone is an authorised financial adviser by searching the FSCA’s official database. “Stick to trusted sources like your bank or payment provider for financial education, beware of promises of guaranteed returns or pressure to act quickly, and always consult with a licensed adviser if you’re unsure,” Hawkins adds.
Millennials and Gen Zs are also increasingly rejecting traditional credit models in favour of alternatives that offer more control and transparency. According to TransUnion’s Q4 2024 Consumer Pulse Report, 54% of credit-seekers abandoned their applications due to high costs or the availability of more convenient alternative funding sources. Instead of high-interest credit cards and revolving credit facilities, younger consumers are turning to interest and fee-free options like buy-now-pay-later (BNPL).
“We’re seeing Millennials and Gen Zs integrate BNPL payment platforms like PayJustNow into their budgeting strategies, using it to manage cash flow while avoiding high-interest debt. This signals a fundamental shift in how they approach financial responsibility,” says Hawkins.
As financial literacy continues to evolve, fintech credit providers and merchants that adapt to how Millennials and Gen Zs choose to spend, shop, and engage will earn long-term trust and loyalty. A global survey shows that BNPL is not just a passing phase. Global usage surged by 13% in the year preceding October 2024, bringing it nearly on par with credit card usage, and 18% of financially stable consumers use BNPL primarily for its convenience.
Within this context, PayJustNow statistics put Millennials firmly in the driving seat, accounting for 64.6% of the rand-value of its transactions during 2024. Gen Zs follow with 15.4%. Hawkins adds that the company’s approach to credit worthiness ensures no consumer is taking on more credit than what they can easily pay back, maintaining a less than 2% default rate.
The categories most shopped by these generations are ‘children’ (Millennials 71%; Gen Zs 18.2%) and ‘beauty’ (Millennials 65.4%; Gen Zs 14.5%), with automotive, electronics, fashion, home, medical, sports, travel, and specialist services following close behind.
As these consumers also increasingly publicly voice their preferred payment options, brands and retailers are adapting by partnering with BNPL providers.
By offering transparent, interest-and-fee-free instalment options, BNPL is helping consumers to plan their spending more effectively, manage cash flow without incurring unnecessary debt, and develop responsible financial habits. In this way, we are empowering Millennials and Gen Zs with a pathway to financial literacy that is both relevant and resonant with their lifestyles and values,” says Hawkins.