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Yahoo
15 hours ago
- Business
- Yahoo
Millennials vs. Gen Z: Who's More Financially Prepared for the Future?
When it comes to money, no one's having an easy time right now, but are some generations navigating the chaos better than others? Gen Z came of age during economic instability, record inflation and the explosion of buy now, pay later debt. Many millennials hit adulthood during the Great Recession and are now managing careers, kids and rising costs in tandem. Both groups are under pressure. Read Next: Learn More: Data from the 2025 TIAA Institute-GFLEC Personal Finance Index shows both of those generations are falling short when it comes to financial literacy, but Gen Z is in a more precarious position. While neither generation has mastered money management, there are clear differences in knowledge gaps, risk comprehension and day-to-day financial pressure. The study found that the average U.S. adult scored 49% on the 2025 P-Fin Index, which consists of 28 questions on financial literacy. Gen Z, however, came in at just 38%, the lowest of all generations. Millennials (referred to as Gen Y in the index) fared a bit better at 46%. That gap may not sound huge, but it's meaningful, especially when viewed alongside financial outcomes. The index tests eight core financial functions, including borrowing, saving, insuring and comprehending risk. Gen Z scored lowest in every area, and their weakest spot was insurance, where they fell far behind older cohorts. Check Out: Gen Z holds more personal debt than any other generation at $94,101 on average, according to Newsweek. That's much higher than millennials, who average $59,181. Over half of Gen Z respondents said debt is on their minds most or all of the time. Yet only 23% of Gen Z in the P-Fin Index say they're 'debt-constrained,' meaning their payments stop them from covering other financial priorities. For millennials, that figure is 39%. The gap may reflect timing, as Gen Z is younger and may not yet face the same financial pressures. But the warning signs are there. The TIAA data showed that 41% of Gen Z couldn't cover a $2,000 emergency, compared with 30% of millennials. Low savings and high debt rarely end well, and Gen Z is already on the back foot. The data shows that financial knowledge doesn't necessarily improve with age, especially when it comes to risk. But Gen Z is underperforming across the board, failing to keep up even in areas where experience should help, like saving and budgeting. Millennials may not be in top shape either, but they're edging ahead. Their slightly better understanding of core financial concepts could mean more stable outcomes over time, especially if the knowledge gap keeps growing. Both groups have work to do. Financial education isn't widely taught in schools or workplaces, so the burden falls on individuals to build up knowledge, and fast. That means getting clear on how compound interest works, understanding loan terms, building emergency savings and knowing what financial products cost over time. Free resources exist, including nonprofit credit counselors, online literacy programs and community finance workshops. Gen Z may be starting further behind, but with the right habits, the gap isn't permanent. What matters now is who takes action. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard How Much Money Is Needed To Be Considered Middle Class in Every State? 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on Millennials vs. Gen Z: Who's More Financially Prepared for the Future?
Associated Press
15-04-2025
- Business
- Associated Press
Haul-Across Perspectives Inc. Launches Financial Education App to Shape Prosperous Futures
04/14/2025, Minneapolis, Minnesota // PRODIGY: Feature Story // Haul-Across Perspectives Inc. is thrilled to share its financial education app with the world. This digital platform caters to those aiming to navigate the landscape confidently. Committed to championing financial literacy, it offers exclusive expert insights, live interactive sessions, and tailored guidance whenever and wherever users need it. Haul-Across Perspectives Inc. The US-based company has always been dedicated to enriching lives through practical financial education and personal development. Founder William Parker, widely known as EverettDay, established Haul-Across to make complex concepts about the subject accessible. The app only further demonstrates his drive to democratize financial knowledge for diverse audiences on a global scale. This drive, reflected in the company's mission, was shaped by Parker's experiences. The founder grew up in a modest family near Little Rock, Arkansas, with his technological knowledge coming from both academia and real-world settings (working within major telecommunications and IT companies). 'I have been intrigued by all things IT from a young age, from learning to code in my personal time to deep diving into the intricacies of telecommunications and connectivity within the workforce,' adds Parker. But his expertise does not end here. William's knowledge has been gained in numerous industries, not only within the telecommunication and IT space, but also retail management and corporate training. Throughout his journey, he experienced the hardships stemming from a lack of financial knowledge. These adversities inspired him to create an accessible, comprehensive platform that demystifies finance for everyone. Parker also acknowledges that the average individual is usually left behind in today's financial landscape. Statistics support this sentiment. The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) reports that US adults correctly answer only 48% of financial literacy questions, with even lower rates among younger generations. The figures emphasize that high-quality financial education is urgently needed. 'I want to see the average person understand that it's not always about money—that it's about community, about truth. Our goal at Haul-Across is to help them make informed decisions in a system that has misled them,' Parker supplies. This vision is embedded in the app's features. Users can join live weekly sessions led by seasoned financial professionals who simplify complex topics into practical advice. They can also access in-depth courses that demystify market trends. These start with foundational money management skills and progress to advanced topics such as cryptocurrency and wealth management strategies. Those who need additional support can book 1:1 guidance for tailored advice. Designed to be engaging and interactive, the Haul-Across Perspectives App encourages users to share experiences, ask questions, and learn collaboratively. In addition, its smooth integration across smartphones, tablets, and laptops ensures they remain connected to the latest financial insights, whether at home, on a commute, or between meetings. William Parker The company has shared a roadmap for the app's development. The initial phase involves establishing a strong base of financial literacy through user-friendly education modules and regular live sessions. As users build their confidence and knowledge, the app will roll out more advanced courses and one-on-one personalized coaching. The platform also has plans to incorporate interactive tools to further its mission. The Haul-Across Perspectives App is one step toward democratizing financial education for those who need it most. Extending its commitment to making a difference, Haul-Across also supports Project Kennedy —a heartwarming initiative providing comfort, care packages, and gift cards to families affected by cancer. Ultimately, Haul-Across Perspectives combines cutting-edge technology, expert guidance, and a heartfelt dedication to community welfare to empower individuals to build lasting wealth and secure their financial futures. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. Media Contact Name: William Parker Email: [email protected] Source published by Submit Press Release >> Haul-Across Perspectives Inc. Launches Financial Education App to Shape Prosperous Futures
