News
How Gen Z can take control of their finances
08 May 2024
3 min read
When you’re aged between 18-26, life brings you a lot of new beginnings and opportunities. It might include embarking on higher education, travelling the world, or starting your first full time or part time job. It can be an exciting time. But recent research released by ASIC’s Moneysmart shows for 7 in 10 (68%) Gen Zs, finances are a major cause of concern, more than any other age group.
While everyone's situation is different, there are various reasons why many young people are feeling this way. The research found that some of the key challenges include1:
- Rising cost of living.
- Higher levels of personal debt than other generations. Gen Zs have an average personal debt of $8,188 compared to non-Gen Zs ($6,730).
- 1 in 4 (25%, or the equivalent of 720,000) have less than $1,000 in savings, including 8% (or the equivalent of 217,000) who have no savings.
- Gen Zs are also more likely than non-Gen Zs to use Buy Now Pay Later (BNPL) products (28% compared to 21% of non-Gen Zs).
Further research by ASIC’s Moneysmart also demonstrated that Gen Z women are more likely than Gen Z men to be severely stressed about the cost of living (87% to 77%)2.
Financial stress can be difficult for anyone of any gender and age, and at NGS, we want to ensure that everyone has access to the support and resources they need to be confident about managing their finances.
Here are our top 3 tips for taking control of your finances:
Start now, get advice
It’s never too early to get advice about your money and finances. Small actions today can make a big difference to your future. At NGS, we offer free appointments with our Super Specialists which is a great place to start when it comes to your questions about money.
Another option is to meet with a financial planner. Financial planners can look at all aspects of your finances and create a long-term strategy and plan for you. While financial planners come at a fee, consider it as an investment in your future. Find out the sort of things you can discuss with a financial planner.
Learn about money
Learning about money is one of the best ways to overcome financial fear. The more you know, the more empowered you are to make good financial decisions. Even if understanding money and finances is new to you, it’s never too early or late to start. At NGS, we have a wide range of resources that simply explain financial concepts, news, and updates to help improve your financial literacy.
You can also follow our Instagram, Facebook and LinkedIn accounts for regular updates and information.
Learn about assistance options
No matter how dire a situation may seem, there is always help. Sometimes, financial worry can seem overwhelming, but there are many ways to get back on track and keep stress at bay.
Payments and assistance
Various schemes, rebates and payments offered by the government can help with the cost of living. You can search the government website in your state to see what is available and if you are eligible.
If you are struggling with the stress of your finances, many organisations like Lifeline have tools and resources available.
Not sure where to start?
If you’re not sure where to start or you have questions right now, why not book a time to chat with one of our NGS Super Specialists? This free service is a great way to start learning more about money and the opportunities you have regarding your super savings. They can also help you decide whether meeting an NGS financial planner is right for you. Book a chat today.