Gen Z Has Virtually No Excuse for Financial Illiteracy
Some in the cohort are blaming school for not teaching them proper money management, but that excuse falls flat when most information is so accessible now.
Gen Z has opportunities to teach themselves.
Photographer: Joe Raedle/Hulton ArchiveThe financial behaviors of Gen Z have been nothing if not consistent over the last few years. They routinely create trends about the merits of spending while you’re young and fun. A few years ago, it was posting the text “I’ll make my money back, but I’ll never…” with some image of a perceived once-in-a-lifetime experience. Now, the cohort is increasingly participating in “doom spending” — a form of retail therapy that helps consumers cope with everyday stresses — more than older generations. It dovetails with another troubling trend: Almost half of Gen Z – 49% – has decided saving for the future is pointless, according to a late May Credit Karma survey.
These choices exemplify poor money management skills, a reality that has led Gen Z to blame schools for not teaching them more about how to manage their finances effectively. But of all the generations, Gen Z is the one with no right to complain about the lack of access to personal finance education in school. If any generation had a chance to teach themselves, it is them.