New Delhi: A survey on the state of financial literacy among teens shows that Gen Z is interested in personal finance and investing, but they lack confidence and want more financial education.
Key insights from the Greenlight survey reveals 3 out of 4 teens don’t feel confident or knowledgeable about personal finance; nearly half of teens (49 per cent) say they have never made a budget; and 32 per cent of teens couldn’t correctly identify the difference between a credit and debit card, and 41 per cent don’t know if they have to pay taxes.
It iterates that Gen Z’s personal finance confidence is low, but they’re hungry to learn, and that teens recognise the importance of personal finance but are aware they don’t have the education or knowledge that they need.
About three-fourths of teens want more personal finance education. Many want to invest, but don’t know where to start, says the survey.
Add the findings: Investing is top of the mind with 86 per cent of teens interested in investing, but nearly half (45 per cent) haven’t invested because they don’t feel confident or their parents don’t know how to get started. Nearly half of teens are turning to social media for personal finance and investing information although they don’t trust these platforms. Specifically, teens are turning to YouTube (38 per cent), TikTok (33 per cent) and Instagram (25 per cent) for personal finance and investing information.
Financial confidence and experience has distinct gaps between males and females, reveals the research.
While one in three boys say they are confident in their personal finance knowledge compared to 21 per cent of girls, 55 per cent of boys are extremely or very interested in investing versus 47 per cent of girls. Girls are more likely to learn about donating and giving, while boys are more likely to learn about investing in stocks. say the findings.