A new study carried out by social payment app Moneymailme has found that that 72% of 18-25 year-olds would give to charity via a mobile app if given the chance.
The research also found that 48% of this generation believe physical money will be obsolete within 20 years so the ability to donate via apps will become key.
The research, which surveyed 1,000 18-25 year olds across the UK, known as Gen Z, revealed that young people prefer alternative methods of payments to cash, even for small purchases. Eight in ten (79%) say that they make purchases under £20 at least once a day, but when asked how they feel when faced with a ‘cash only’ sign at a bar or a shop nearly two thirds (62%) say that they felt frustrated. One in seven (14%) said that they would be frustrated enough to leave and go elsewhere.
Overall, 17% of those surveyed have a direct debit set up with charities of their choice and 12% regularly donate to disaster relief funds online.
Nearly three quarters (72%) say that they would donate small amounts of money on a mobile app, in real time, to charities around the world, representing a significant opportunity for the charity sector if it fully embraces digital. As well as feeling that money may become obsolete, 62% of those surveyed say they feel frustrated if they are forced to make purchases with cash.
Moneymailme CEO Mihai Ivascu said: “It’s clear that despite young people being on the lower end of the pay scale, they have a strong social conscience and a desire to help others. Technology is also incredibly important to this generation so they are keen to make charitable donations using the technology they already engage with on a daily basis. Even if it is just a small amount being donated, it soon adds up when so many people are engaged with supporting charity efforts in our increasingly globalised world.”
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