EFFECT OF FINANCIAL TECHNOLOGY APPLICATIONS ON WEALTH ACCUMULATION AMONG GENERATION-Z IN SOUTHWEST NIGERIA

Financial technology (FinTech) applications have transformed the ways in which Generation-Z (Gen-Z) save, invest, and manage their finances, previous research has rarely distinguished between wealth-building and speculative digital financial behaviours. This study examined the effects of betting applications, cryptocurrency applications, and digital saving applications on wealth accumulation among Gen-Z in Southwestern Nigeria. Using survey data from 384 respondents born between 1997 and 2012 and analysed with Partial Least Squares Structural Equation Modelling (PLS-SEM), the findings indicate that digital saving applications have a significant positive effect on wealth accumulation and represent the strongest predictor of financial well-being. Cryptocurrency engagement also has a significant positive relationship with wealth accumulation, although its effect is comparatively weaker. In contrast, the use of betting applications has a significant negative effect on wealth accumulation. These findings demonstrate that digital financial behaviours are not homogeneous, highlighting the importance of distinguishing between productive and speculative forms of FinTech use. The study underscores the potential of structured digital saving platforms to promote long-term financial well-being among Gen Z and discusses implications for fintech product design, financial literacy programmes, and regulatory policy in emerging economies.