Gen Z: Laying a Strong Foundation for a Secure Future
Gen Z is the first true digital-native generation, having grown up with smartphones, social media, and instant access to information. They are characterized by their tech-savviness, strong awareness of social and environmental issues, and a pragmatic approach to life, often valuing financial security and mental health. Influenced by global connectivity, economic uncertainty, and the rise of social justice movements, Gen Z is known for engaging in social activism, entrepreneurial spirit, and desire for authenticity from brands and employers. Gen Z also contributes to reshaping industries through innovation, prioritizing sustainability, and pushing for greater diversity and inclusion in the workplace and society.
Gen Z faces a challenging financial outlook shaped by rising living costs and economic uncertainty, but they are also pragmatic and cautious when managing their money. Gen Z may be the first generation graduating high school armed with financial literacy and also the first with decreasing college enrollments. Having grown up with parents who went through the 2001, 9/11, and 2008 financial crises, they prioritize saving, budgeting, and financial security instead of spending. They are digital natives, leveraging fintech apps and platforms to manage their finances and cryptocurrency for wealth-building. However, economic instability, job market fluctuations, and inflation present ongoing challenges that make long-term financial planning more complex. Despite these hurdles, Gen Z is proactive about securing their financial future, with many focusing on financial literacy and embracing entrepreneurial ventures to diversify income streams.
How we can help
While Gen Z navigates the gig economy and freelance work, we can offer advice on setting up self-employed retirement accounts and managing inconsistent income. By understanding their entrepreneurial mindset and desire for financial independence, we can also guide them on long-term planning strategies, such as starting retirement savings early through 401(k)s or IRAs, and provide education on investment opportunities, including the pros and cons of riskier assets like cryptocurrency. We have digital tools and apps that allow for easy spending, saving, and investments tracking, empowering Gen Z to take control of their finances. We look forward to guiding you for many years on your financial journey.