JACKSON, Miss. (WLBT) – When it comes to understanding finance and money management, one generation is considered the least likely to understand it.
This generation is Generation Z.
A study by George Washington University indicates that Gen Z is considered the most financially illiterate, and some financial advisors would agree with that.
According to a financial advisor at PFS Investments, Gen Z may have more access to resources to better understand their financial situation. However, she says the overwhelming amount of true and false information could be the reason for their downfall.
“With social media, sometimes there are people giving advice who shouldn’t be giving advice, right?” said Carrie Wassilak. “And they might not have, you know, credentials or, you know, some kind of certification to be able to do that. Plus, the information can be really overwhelming. It’s just tons of back-to-back information. And it can be so overwhelming that they don’t take any action to do things like establish credit, establish a budget and things like that.
High inflation can also be difficult for those in the generation trying to buy homes, pay off loans, etc.
To combat this 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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