Money management continues to be an underrated topic in American culture. It is not actively taught in school and is among the topics not to be discussed with individuals, along with religion and politics. Unfortunately, this continues to lead people down a path of uneducated financial decisions that can have an impact on the rest of their lives.
Generation Z is the next group of people to enter adulthood and like the generations before them, financial education likely came largely from their parents. However, regardless of what you learn from your parents it can always be updated and adjusted to fit today’s world.
Laying the Foundation
To have a successful and healthy financial future, the proper foundation needs to be laid. The proper foundation includes budgeting, saving, investing, and more. These are essentially to having a healthy life financially.
Just like working out or studying a language, it is not something you do once and forget about it. You need to practice and review daily to ensure the habits and things you learned stick. For example, checking your budget to make sure you are on track. Another would be checking your bank account and keeping a checkbook. These ensure you know where every penny is spent once you spend it.
Luckily, there are various technologies and applications on the market today to help you track and monitor your money. Banks are building robust online banking apps and investment companies allow you to trade from your phone.
As with technology, it is always evolving.
Gaming and Saving
Like we mentioned, Gen-Z is the first generation to have technology throughout their whole life. What that means is companies and financial institutions have a niche they can capitalize on, and what is gaming. These individuals have probably played games like Candy Crush and used apps like TikTok.
Now, there are companies taking those similar tactics, but integrating the process of saving money. Some companies are already offering similar services such contests, with entries based on how much you saved. With gaming, it gives individuals a more active and enjoyable way to save.
Currently, saving money is as boring as clicking a couple buttons and transferring the money. The main driver is willpower, which many people lack. Throw gaming into the mix and people find it fun and exciting, while also help building the foundations to financial success.
Gaming does not replace the foundations, rather it brings excitement to an otherwise very straightforward product. Now, there can be leaderboards and others to compete against, adding another level of excitement. Of course this will evolve and change over time, but gaming continues to be a new and exciting way to motivate individuals to take control of their financial health.
Older generations did not grow up with this technology, making it difficult to appeal to that age demographic. Now we have Gen-Z unlocking a whole new area for growth and innovation, which we will continue to see long into the future.