This article explores the attitudes of Gen Z towards personal finance, and the Millennial generation’s ability to teach them how to handle their finances. It states that Gen Z, who is the most diverse population in U.S. history, is beginning to enter adulthood and is in need of guidance on how to handle their finances as they begin making money on their own. Millennials, who are generally to be considered the most financially and digitally literate generations, are particularly able to provide Gen Z with valuable and much-needed advice.
The article discusses what makes the Millennial generation especially well-suited to educating their younger peers, who may not have learned the fundamentals in the classroom. Millennials, due to having come of age between 1995 and 2015, have known financial security and have had access to technology and the digital world their entire adult lives. This gives them a much better understanding of financial literacy and how to take advantage of digital tools to manage and track their finances, both of which Gen Z could benefit from.
Gen Z can learn valuable lessons from Millennials who, in contrast to the stereotypical portrayal of their generation, are not just good with technology, but also know how to save money and tackle adult financial responsibilities such as debt and investing. Millennials have also been able to prominently use financial institutions and services to their advantage. Through tracking spending, taking advantage of cash-back services, and being mindful of student loan payments, Millennials have been able to create a secure and prosperous financial future.
The article provides insight on how Gen Z can take advantage of Millennial’s ability to learn through experience. Gen Z can learn how to handle their finances responsibly and build upon their economic future. They can learn how to create a budget, use digital tools to keep track of their spending, and look for services and products that will help them better manage their financial lives. Through understanding the Millennial’s experiences and learning from their successes, Gen Z can set themselves up for financial success.
You can read this full article at: https://www.housingwire.com/articles/inside-voices-understanding-gen-z-and-personal-finance/(subscription required)
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