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 percent) say they have never made a budget, and 32 percent of teens couldn’t correctly identify the difference between a credit and debit card, and 41 percent 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 recognize 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.
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Add the findings: Investing is top of the mind with 86 percent of teens interested in investing, but nearly half (45 percent) 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 percent), TikTok (33 percent), and Instagram (25 percent) for personal finance and investing information.
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Financial confidence and experience have 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 percent of girls, 55 percent of boys are extremely or very interested in investing versus 47 percent 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. (IANS/SP)