Building financial independence for Gen Z and beyond

July is heavily focused on independence in the U.S. We celebrate with fireworks, get-togethers, delicious, iconic foods and parades with decorative floats. This is also usually paired with a break from school, when kids throw their books aside and get lost in the fun, long summer days and nights.

We’re willing to bet that most kids aren’t thinking about their financial independence at all during their summer break – which they will likely no longer have when they have to actually be financially independent. But can your younger members learn from planning, saving and budgeting for all the summer fun their families have on break?

Some say that financial education starts at home and that experience is the best teacher. According to a recent article shared by CNBC, only 15% of parents said they spoke with their children more than once a week about household finances, 13% said once a week and 16% said once a month, furthermore, 24% talk to their children less often and 31% never do.

In this lackluster financial discussion, we turn to our education systems to fill that gap. Let’s see how many states require financial education…. Ready for this? Only 8 out of 50 states have a fully implemented state-wide requirement, including Alabama, Mississippi, Missouri, Iowa, North Carolina, Tennessee, Utah and Virginia, where naturally, the level of personal financial education is highest. Our younger members – and their parents! – have a serious need for assistance with youth financial education.

 

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