Virgin Money launches Virgin Money Slyce

Virgin Money
Virgin Money
Natalie Clarkson
by Natalie Clarkson
9 November 2022

New research from Virgin Money reveals that Generation Z might be the most financially conscious generation yet. The report details how Gen Z is the generation that cares most about their financial security, and worries about how the current economic climate will impact on their short-term and long-term goals.

The research comes as Virgin Money launches Virgin Money Slyce, a new way to buy now, pay better.

Created in partnership with Mastercard, Virgin Money Slyce combines the flexibility of a buy now, pay later product with the benefits of a regulated credit card. It allows customers to manage their money in a way that works for them, with alerts for when payments are due to avoid late or missed payments – and helping shoppers to build their credit scores.

Virgin Money
Virgin Money

Jayne Sutherland, head of commercial strategy and propositions at Virgin Money, says: “There are too many buy now, pay later products which give young people a headache that won’t go away. We know that Gen Z deserve credit that’s simple, manageable and rewarding, helping to boost their credit score as they battle the cost-of-living crisis to build for the future.

“We think there’s a better way to do buy now, pay later, and that’s why we’ve introduced Slyce – a brilliant and fresh alternative that gives people the flexibility to pay in a way that suits them.”

Savvy spenders

Gen Z is more financially savvy than its older counterparts, based on Virgin Money’s study. Despite being in the early stages of their careers, 18-24-year-olds have an impressive £4,935 in savings, compared to Millennials’ savings of £6,053 and Generation X’s of £6,701.

Gen Z is very much focused on the future with its financial goals. The report found that more than half of Gen Z have ambitions to own their own home, and nearly half are already saving for their current or future family, or retirement.

Virgin Money
Virgin Money

It’s no surprise then, that Gen Z are savvy spenders, trying to spend their money on longer-lasting items, and are conscious of the environmental impact of their spending decisions.

However, Gen Z could be held back by the way that their spending, with 70% avoiding credit cards altogether. This could potentially cause a generational credit score slump as they battle the cost of living crisis. Gen Z is also least aware of their credit score and how credit cards work, compared to other generations.

Virgin Money’s Slyce gives customers the flexibility to buy now, pay better. With savings a key priority for a fifth of Gen Z, the app lets them consolidate their spending into one place, with one hassle-free monthly payment, enabling them to have a clearer picture of savings and spendings.

Virgin Money
Virgin Money

Any monthly spend over £30 can also be spread across three-, six-, nine- or 12-month repayment plans to suit individual budgets and paying back in three or six months is fee-free. For longer plans of nine and 12 months, an instalment fee is added. The fee is a percentage of the total amount a customer puts into the plan – nine monthly payments have a 7.5 per cent fee added, and 12 monthly payments have a 10 per cent payment fee added.

Visit Virgin Money to find out more.