Gen Z — those born between 1997 and 2012 — is already shaking up the workplace and the economy. They’re more comfortable talking about salary with their friends and coworkers, 82% say they want mental health days at work, and more than 40% would quit their jobs because of burnout or inadequate pay. In other words, Gen Z-ers are confident and unafraid to stand up for their values. But they are also facing some unprecedented economic challenges. In just the past few years, they’ve dealt with a pandemic, sky-high inflation, and rising rent and mortgage rates — all while trying to get through school or launch their careers. It’s no wonder that Gen Z-ers believe, more than any other generation, that they won’t be able to retire or own a home.
If you’re Gen Z (or a parent of Gen Z) and worried about the future — everything is not all doom and gloom! There are great resources out there to help you achieve financial independence (including HerMoney), and our guest for this episode is leading the way. Taylor Price is a proud member of Gen Z who has navigated all the challenges of the past few years, which made her realize that young people were not being taught enough about money in school or at home. She started making videos about personal finance and posting them on TikTok and YouTube under the name “Priceless Tay.” She now has more than a million followers — most of them Gen Z — all of whom are learning how to budget, pay off debt, and invest through her videos.
Taylor talks about her unexpected path into studying finance in college and becoming a personal finance advocate for her generation. She shares her secrets for making personal finance interesting, fun, and accessible for her audience while still being informative. (Have you ever thought of ETFs as a makeup bag full of different products? That’s how Taylor teaches it.) She also dishes on her experience as a woman talking about money online, and why TikTok should be a starting point — not end point — for financial knowledge.
Then we dig into the different challenges that Gen Z-ers face in the current economy, and what sets them apart financially from older generations. On top of the pandemic and market volatility, Taylor argues that innovations like crypto and NFTs put Gen Z in a unique (and often confusing) financial landscape. Not to mention social media and the huge impact of FOMO. Jean and Taylor both share their tried-and-true steps for financial success — and both agree that savings, a steady income, and investing are a solid foundation in any economy.
And for young people who are pessimistic about the future, Taylor stresses the importance of adopting an optimistic “money mindset” to stay focused on your goals. “If you believe that you can’t, you can’t,” she says. “But if you believe that you can, you might.” Listen in to hear her strategies for building financial confidence and saving for big-ticket items like a house or retirement.
In Mailbag, we hear from a listener who’s curious about crypto, but doesn’t know where to start (or if she should start at all). A member of the HerMoney Facebook Group also asks whether it’s better to finance a car or pay in cash. In Thrive, how to invest in your health.
This podcast is proudly supported by Edelman Financial Engines. Let our modern wealth management advice raise your financial potential. Get the full story at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416