Saudi Arabia’s Generation Z citizens are the most entrepreneurial in the Kingdom. according to new research by Western Union.
Gen Z consumers in Saudi Arabia, identified as men and women aged between 18 and 24, are twice as likely to send cross-border remittances in support of their business interests at home than any other group, according to Western Union research.
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.
Saudi Gen Z entrepreneurs
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.
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.
Jean Claude Farah, President of Middle East and Asia Pacific at Western Union, said: “Gen Z’s rising economic power is paving the way to a shift in how societies operate.
“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.”
Western Union research also 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.
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