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Gen Z faces financial dependence with 52% not earning enough for their desired lifestyle
Consumers are also cutting back on essential and nonessential spending to cover costs
Growth attributed to increased demand for convenient and flexible payment methods
Figures included 35% who believe they will never achieve financial security
Customer spending has continued to rise, while repayments decline
Group says banks and fintech firms will struggle with changes to personal financial data rights
The majority of consumers identified real-time fraud monitoring as the AI capability they are happy for banks to implement
Even satisfied customers are using financial services from various providers
The new rules will outline the requirements for recognition in the industry
Consumer spending on credit cards and debit cards have only grown by 3.5% year over year
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