Distrustful of traditional financial institutions, Gen Yers are more likely to favor digital banking experiences, according to research. As a generation with more debt and lower incomes than their parents, digital challenger banks are providing them with a greater sense of control over their finances.

Wagestream lets people see what they have earned in real-time and can provide access to their wages at any time during their pay cycle. This can prevent people from going into overdraft or taking out expensive payday loans – particularly important during the financial uncertainty of the pandemic.

A US study has found that users of snazzy fin-tech apps tend to be worse off when making financial decisions. A wave of disruptor companies may have transformed day-to-day fiscal attitudes, with the intangibility of digital payments said to be creating a generation unaware of their spending.

To make managing their money easier for Americans, the Dave app links with existing bank accounts and aims to keep people in the black by notifying them when they’re about to go into overdraft. It also breaks down anticipated ingoings and outgoings, giving users an easy way to budget.