Written By: Maggie Brown (maggiethe_journalist)
As an adult, finances are one of those things we should know, but may have not quite figured out yet.
This could be due to lack of resources, lack of understanding, low income, or refusing to learn until it’s deemed absolutely necessary.
In 2021, the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University (GW) School of Business conducted a survey that reported only 48% of Millennials and 43% of Gen Z’ers can answer financial-related questions correctly.
Being financially literate is important because it helps you make better financial decisions, budget correctly and optimize your salary, plus sets you up for a better future by possibly creating generational wealth for your family.
Here are 5 tips Millenials and Gen Z’ers can use to become financially literate…
- Become Knowledgeable – Do as much research as possible, and attend financial workshops to gain a better understanding of how finances work.
- Budget Correctly- Create a plan for you and your monthly bills that will allow you to utilize your income correctly and responsibly. That means cutting out unnecessary subscriptions and anything that you are paying for and not using.
- Invest Responsibly – Before infesting, make sure you are familiar with how, when, and where your money is going. Do not blindly dump your money into something with full understanding.
- Be In The Know – Always know what changed and how it will affect you. Following the latest trends is great, until it’s not.
- Hire A Financial Advisor- If possible, hire a professional to look over your finances and suggest ways to improve them.