Gen Z Has Virtually No Excuse for Financial Illiteracy

The financial behaviors of Gen Z have been nothing if not consistent over the last few years. They routinely create trends about the merits of spending while you’re young and fun. A few years ago, it was posting the text “I’ll make my money back, but I’ll never…” with some image of a perceived once-in-a-lifetime experience. Now, the cohort is increasingly participating in “doom spending” — a form of retail therapy that helps consumers cope with everyday stresses — more than older generations. It dovetails with another troubling trend: Almost half of Gen Z – 49% – has decided saving for the future is pointless, according to a late May Credit Karma survey.

These choices exemplify poor money management skills, a reality that has led Gen Z to blame schools for not teaching them more about how to manage their finances effectively. But of all the generations, Gen Z is the one with no right to complain about the lack of access to personal finance education in school. If any generation had a chance to teach themselves, it is them.