- April 12, 2022
- Posted by General Electric Credit Union
- 5 read
3 Ways Gen Z Can Boost Their Financial Literacy
Generation Z is creative, diverse, and pragmatic when it comes to money. The latter is due to the Great Recession, which placed them in the passenger seat to their parents’ financial struggles. As a result, Gen Z’ers are more likely to make conservative money decisions as they strive for stability. But this cautious mindset doesn’t directly correlate to higher levels of financial literacy. In fact, Gen Z shares low financial literacy rates alongside the other generational segments.1 But, this is expected to improve as the generation ages. It appears they’re driven to make it happen, too, as 97% think financial literacy is important. If you’re a Gen Z’er or your child is one, utilize the guide below to brush up on important money topics.
How Gen Z can boost their financial literacy
Gen Z is often considered the most tech-savvy generation simply because they are digital natives – meaning, they were born after the adoption of tech like the internet and social media apps like Facebook. Your device and the apps available on it are a convenient and familiar way to learn more about money and how to achieve financial success.
With over 3 million apps in the Apple Store alone,2 it should come as no surprise that there are options geared toward financial literacy. Some free examples include Zogo, a quiz-based learning app that gives users the ability to earn points (referred to as “pineapples”) they can redeem for gift cards. Or, World of Money which uses video modules and quizzes to facilitate learning.
Podcasts continue to gain popularity, especially among Gen Z – 40% of which consider podcasts more reliable than traditional media options.3 This trust factor is a big reason they tune in to learn about the subjects important to them, such as social issues, financial literacy, and more. Some of the top podcasts in this genre are Women in Money, Planet Money, and Motley Fool Money among others.
3. Social media
34% of Gen Z’ers report they have used social media like TikTok to learn about personal finance.4 These videos pack a lot of valuable information and tips into 60 seconds (or less), allowing users to educate themselves without committing hours of their day to doing so.
4. Formal education
Financial literacy for students is available at many Tri-State schools. Starting in the 2022-2023 school year, Ohio high schoolers are required to pass a half-credit course in financial literacy to graduate.5 Kentucky already has a similar mandatory in place. And while Indiana doesn’t require students to take a course, they do still expect students to meet financial literacy standards. If your school (or your child’s school) offers a financial literacy class, consider it a crash course in money before diving into adulthood. Whether you’re going off to college, entering the workforce, or joining the military, understanding the best ways to manage, save, and invest your money will set you up for success both now and in the future.
Coupled with Gen Z’s pragmatism and drive, financial literacy will help ensure their financial future is bright. If you’re looking for more free resources to add to you or your child’s education, General Electric Credit Union offers the following to our members: