In a rapidly evolving economic landscape, Gen-Z is proving to be more financially literate than often portrayed. Contrary to popular belief, Gen-Z is not only cautious about their spending but also strategic in their financial decisions. From housing to shopping habits, Gen-Z is redefining financial prudence and challenging stereotypes.
Financial educator Rakhee Saahu (55) from Lucknow says that many youngsters are frugal spenders. “They don’t fall prey to trends. You will see these big spenders on Instagram reels but reality is not the same.
This generation spends money on clothes or daily wear only during sales. They buy some luxury items as an investment. For example, Chrome Hearts, it’s a big buzz amongst youth.
” A research paper (Financial Literacy & Money Management) by Zahrotur Rusyda Hinduan and Muhamed Irfan Agia states that Gen-Z continues to face several significant life events that have influenced how they address financial-related problems and manage their money. It says: “In addition to worrying about their incomes, access to affordable healthcare and higher education as well as poverty is perceived as the main financial-related issues of concern. COVID-19 might also have strengthened the financial-related awareness of Generation Z, as half of the Global Gen Z Study participants changed spending habits during the pandemic.
” For Gen-Z, homeownership is not the pinnacle of financial success. Unlike millennials, who often view buying a house as a crucia.
