Gen Z considered the most financially illiterate generation
JACKSON, Miss. (WLBT) - When it comes to understanding finances and money management, one generation is considered to be the least likely to understand it.
That generation is Gen Z.
A study done by George Washington University says Gen Z is considered to be the most financially illiterate, and some financial advisors would agree with that.
According to one Financial Advisor with PFS Investments, Gen Z may have more access to resources to understand their financial situations better. However, she says the overwhelming amount of both true and false information could be the reason for their downfall.
“With social media, sometimes you have people on there giving advice that shouldn’t be giving advice, right?” said Carrie Wassilak. “And they might not have, you know, accreditations or, you know, some kind of certifications to be able to do that. Also, the information can be really overwhelming. It’s just tons of information back to back. And it can be so overwhelming that they don’t take any action to do things like build credit, and budget and things like that.”
High inflation can also be tough for those in the generation who are trying to buy homes, pay off loans, and more.
To combat the trend, educators and financial advisors agree that educating people in high school could help people be more financially responsible in the future.
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