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Empowering Gen Z: Navigating Finance in the Digital Age

Generation Z is showcasing a notable level of financial interest and sophistication, surpassing that of previous generations at their young age. However, their relationship with personal finance and access to financial education is a story of contrasts and challenges.

According to one study, more than four in five Gen Z-ers have started investing by the time they turn 21. The same study found that social media is the key source of financial education for this group, and that for 43%, a fear of missing out, or ‘FOMO’, is their main motivation for investing.

A study by Investopedia supports these findings, revealing that for 45% of Gen Z, YouTube is their go-to source for investing. 

Of course, sourcing financial information from social media comes with some risk. Some information is excellent. And some is terrible, or simply a scam designed to make money for the content creator.

Luckily, a great deal of effort has been put into delivering quality information for younger generations. For example, MoneySavingExpert has campaigned for financial education to be included in the national curriculum, and has published the first ever financial education textbook, in collaboration with Young Money Matters. Available to download for free. 

The digital age means that accessing quality financial information is easy, if you know where to look. For example, there are a number of apps that help with money management as well as delivering guidance, including:

• Zogo: one of the leading apps in the field of financial education.
• Moneybox: helping users save and invest their money – simplifying investing for beginners.
• Beanstalk: an investment app designed for families. 

There are also many information platforms, delivering clear, accessible financial information, including:

• MyBnk: an organization focused on providing financial education for young people.
• The Mix: provides advice and support for young people, including guidance on managing money. 
• Money Helper: a government-run service offering comprehensive financial guidance and 1:1s with financial experts.

And of course, there are many YouTube channels delivering quality financial information and advice on building wealth. Here are just a few:

• Whiteboard Finance: beginners guides to investing and building wealth
• The Financial Diet: taking personal finances and making them a little less scary. 
• Investing with Rose: a money expert who wants to help you “live life on your terms”.
• MoneySavingExpert: Martin Lewis’s YouTube channel offers practical money-saving tips and advice.

Ultimately, what’s most important is that we’re sceptical of the financial information we see online, that we interrogate who’s delivering the information, and we don’t take advice at face value. 

And, with Gen Z being more engaged in financial education, companies need to be more inclusive in the way they engage with individual investors. 

With this in mind, The Engagement Appeal is hosting an event on 29 November, the Winter Women’s Company Secretary Circle. The event will encourage guests to consider innovative and inclusive engagement strategies, enabling companies to meet the needs and capture the interests of the next generation of investors. Sign up to attend here.

Join TEA! Let's shape the financial inclusion agenda together by facilitating inclusive investor engagement. Sign up now for FREE!

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