I read an article recently that the new generation is actually worried about money.
This group — who are now aged 13 to 20, or thereabouts — are worried about earning and spending money, which is a far cry from the previous generations.
According to the article:
“When asked about specific topics, 39% of Gen Z said they are concerned about affording college and having student loans, though the top concern was having their identity stolen, indicated by 40% of Gen Z respondents.”
As far as savings goes, there’s mixed results. Credit card habits are still problematic. In fact, I’m a little weirded out that kids have credit cards, but, in any event:
The most concerning survey results were Gen Z’s credit card habits, Braxdale says. While Gen Z kids are good savers — more than half have a savings account and 76% say it’s important to save money at this stage in their life — there isn’t the “same diligence” when it comes to credit cards, she says.
A little more than a quarter of Gen Z indicated having a credit card, but more than half of those carry a balance on the card for at least six months.
My question is: Should you worry about your finances?
I don’t think worry–which is predicting negative outcomes–is the right word for this headline. It seems that Generation Z is planning their financial future using some of the lessons of the past decade. Hopefully, they will learn to balance both the positive and negative outcomes of their financial decisions to arrive a the right strategies for their financial independence.