Financial Skills Every Gen Zer Needs to Learn

Investing for the Future

Investing money may seem daunting, but it’s essential for financial growth. Victor Wang, CEO of Stockpile, recommends involving kids in the investment process. By starting small and investing in companies they are interested in, kids can learn about the risks and rewards of investing early on. Stockpile offers a platform where families can explore and invest in stocks from familiar companies, making the experience more engaging for kids.

Building Credit Responsibly

Learning about credit early on can help kids make informed financial decisions in the future. CJ MacDonald, founder of Step, emphasizes the importance of building credit responsibly. Platforms like Step allow teens to start building credit safely at a young age, teaching them good habits in real-time. By using credit apps, parents can actively teach their kids about responsible credit usage and timely payments.

Understanding Taxes

Filing taxes can be intimidating, but it doesn’t have to be. Parents can start demystifying the process as soon as their child earns their first paycheck. CJ MacDonald recommends using Step’s Money 101 curriculum to teach high school students about taxes, paychecks, savings, and more. By familiarizing kids with the basics of taxes throughout the year, parents can make the process less intimidating and more manageable for their children.

Mastering Budgeting and Saving

Making money management fun can help kids develop good financial habits. JR Williams suggests introducing budgeting with clear jars labeled for spending, saving, and giving. Encouraging kids to earn an allowance through chores can teach them the value of money and encourage thoughtful spending choices. Using visual trackers for saving goals and teaching about emergency funds through games can make financial literacy enjoyable for kids.

Exploring Side Hustles

Side hustles are a valuable way for kids to learn about earning money and fulfilling needs. Parents can help kids spot opportunities in their own neighborhoods, such as mowing lawns or walking dogs. As children grow older, teaching them how to network and expand their horizons can help them develop valuable skills for future endeavors.

Creating a Strong Resume

Building a resume is essential for showcasing accomplishments and skills. Sam Wright recommends explaining to kids the importance of connecting their experiences to the roles they are applying for. By structuring achievements and experiences effectively, kids can build a strong resume that highlights their abilities. Tools like Huntr’s Resume Review can help them refine their resumes for success.

Remember, starting early with financial education is key to helping Gen Zers navigate the challenges of the real world. By teaching them essential financial skills, parents can set their kids up for a secure financial future.

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