Even after being the smartest and fastest one in the room when it comes to social media. Gen-Z has failed at finance management. Everything was provided to them since they were born. They grew up watching cartoons on a tab or Ipad. Due to extreme digitization, they have clearly forgotten to use their head or their imagination skills in life experiences.
They are ahead of us yet not. Every little thing was provided to them. They forgot to calculate. Money was easily available. They forgot to keep track of their spending. Managing finances is a skill that Gen -Z lacks.
Poor Performance In Finance Management
Only 23% of Gen -Z are aware that they consider themselves to be good at managing their finances. What 80s and 90s kids are experts at is finance management. They had to learn everything the hard way. In order to learn new things they have unlearned major things in life. Hence they excelled in other fields.
Young minds need to learn basic things when it comes to finance management. First and foremost, budgeting. Budgeting comes in handy. A few months ago a woman in her 30s saved her life with it. With all those stimulus checks she repaid her debt of $90,000 within a year. She prefers a budget at the beginning of the month.
Secondly, beats need to learn this the hardest way possible perhaps. A proper check when it comes to using credit cards. Credit card bills need to be paid at a certain time. Gen -Z is failing to do so. The fewer credit cards you use, the more money you save. Thirdly in order to finance management you need to save three to six months of emergency money. You deposit a small amount every month. They are advised not to invest in the emergency fund. Investment is tempting yet has consequences.
