‘Quick, tangible, teachable moments’: Financial literacy could be the ticket to Gen Z appeal
- Consumers are putting more importance than ever before on financial literacy, especially Gen Z.
- As Gen Z takes up more space in the adult population, financial literacy could be a way to get early access to a loyal user base.
Financial literacy has had a history of being a sort of backburner topic among families.
People just weren’t all that interested in talking about this stuff. No more than 65% of adults say they were taught about how to find a bargain, according to research by Bank of America. Meanwhile, only 46% said they were taught about how to manage credit cards and credit card debt.
But that attitude seems to be changing. Parents today are much more motivated to teach their kids how to manage their finances. According to Matt Gellene, head of consumer client management at Bank of America, Covid has led to increased financial concern among consumers. On top of that, there are a lot more tools available today to help people better understand their finances.
The whole topic of financial literacy is therefore feeling much more accessible, both to parents and kids.
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