The youth has grown up in a digital age that is largely marked by economic uncertainty and rapid technological advancements. Despite their age, they have already demonstrated remarkable financial savviness and a unique approach to money management. In this blog article, we will explore some trends the youth embrace that can inspire our own money management.
1. Flexible Financial Literacy
We all recognize the importance of financial literacy and actively seek out knowledge to make informed decisions. We understand that traditional education is sometimes not enough to give us the financial education we need. Acquiring this knowledge for us isn’t limited to reading books, attending workshops or taking online courses. For instance, I tend to dive into unorthodox ways of learning, such as on TikTok and Youtube. These alternative places of learning about money also foster communities of like-minded people. It’s important to broaden how we gather what we need to make informed decisions.
2. Leverage New Technology
Technology has continuously been at the fingertips of the youth, making them highly proficient in leveraging digital tools for financial empowerment. They actively use apps for budgeting, tracking expenses and investing. I prefer knowing what’s going on with my money in real-time, which is why mobile apps work best for me. I can’t imagine having to go through a bank’s call center or teller queue to find out how well my savings are doing, or have to wait for the morning newspaper to know what the stock markets look like. Having everything at my fingertips has helped me a great deal in my money management skills. Using saving and investment apps like Franc can give you a clearer picture of your financial health, identify potential areas for savings and help you make more informed financial decisions.
3. Embrace Minimalism
The youth has embraced a minimalist lifestyle, prioritizing experiences and value over material possessions. They understand that happiness does not solely depend on owning the latest gadgets or designer clothes (which they still have!). However, they focus a greater percentage of their spending on experiences such as festivals, outdoor activities and being with other people. Learning from their mindset, we can adopt a more frugal approach to our finances. By focusing on what truly matters and cutting unnecessary expenses, we can free up resources to invest in experiences and long-term financial goals.
4. Explore Multiple Streams of Income
The landscape of work has moved away from traditional employment. The usual 9 to 5 doesn’t cut it anymore and the youth has found much more fulfilling and flexible ways for them to earn more money. They are embracing the gig economy, freelancing and entrepreneurial ventures. Their proactive approach to explore opportunities to diversify their income streams has proven to be a valuable financial lesson. Side hustles, freelancing or starting a small business can provide additional financial security and open doors to new possibilities.
Learn From The Youth
Our youth has much to teach us about money management, financial empowerment and embracing a mindful approach to finance. We can adopt their lessons of minimalism, leveraging technology, how they acquire their financial education, embracing various incomes whilst still advocating for saving the planet. This approach can enhance our own financial well-being and create a positive impact on the world around us.
