Why are Gen Z in the dark about their savings?

Generation Z is now the youngest member of our workforce, with the term ‘Generation Z’ applying to anyone who is aged 22 or under. As they take their first step into a career, many young people are failing to put any money away in terms of savings.

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A recent study has revealed that 57 percent of Generation Z do not know how much they have in savings. A lot of this can be put down to their age, with little to no help available to get them started with solid financial planning.

Gen Z has not had to worry yet

A big reason Gen Z are so in the dark about how much they have in savings is that they have not had to worry about it. They have had no need to think about any financial commitments yet, such as buying a house, thinking about having children or getting married; however, it is now more crucial than ever that Gen Z thinks about their future with proper financial planning.

Taking control at a young age will lead to more positive results in the future, with software for financial advisors making the process quicker and easier.

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Now is the time to act

There has been no better time for Gen Z to invest in their futures. The market is at an all-time high, with compound interest rates allowing savings to accrue quicker. Using the help of an expert with the right software for financial advisors means that you can make solid investments in the stock market or in a high-interest account to make your savings go further.

Falling into the debt trap

In addition to not being aware of their savings, Gen Z is at risk of falling into the debt trap. This is something that many generations before them have experienced; what’s more, wages do not stretch like they used to.

Starting off your savings at a young age makes money a priority, helping you to avoid getting numerous credit cards or loans when you need quick cash. Having a strong understanding of your savings and goals when it comes to your life and money will save you from debt and help you to plan a solid financial future for yourself.