By Robyn Edwards
Not only are Gen Z a digital native generation, but according to recent GenNext research results released in March 2021, young people between the ages of 8 and 24 have a combined purchasing power of Rand 131 billion.
So, money management for young adults is essential as they try to navigate this purchasing power.
With that in mind, the following resources are available for Gen Z to learn about budgeting, debt management, savings, and investing.
Money management on TikTok
As Tiktok is a medium consumed by Generation Z, it is important that the money management resources on this platform are highlighted.
The first to mention is Tori Dunlap, an American entrepreneur who quit her job at a company after saving her first $ 100,000 at the age of 25. She shares small bits of information through the @ herfirst100k account to over 1.5 million subscribers. Small information ranging from “Travel tips if you have debt” to “High yield savings accounts”, all of which are relevant to Gen Z. Note that while financial decisions should never be made at home. From 10 to 30 second video clips, the message in the first line of these clips allows for further research to make an informed decision.
Ways to Save Money on Instagram and YouTube
Closer to home, from a South African perspective, there are three accounts on Instagram that offer Gen Z tips to use in their own way.
Kash Parker runs @financialfitnessforwomen and is a Certified Business Coach who publishes articles on financial literacy to over 10,000 of her followers after living her own debt experience.
Tisa Ntlawini also runs @financialchats_tisa where she posts to over 1,000 followers about her financial journey as well as ways to save money, especially through exchange traded funds and tax-free savings accounts.
Finally, in true Gen Z style, Talya Plaatjies runs an account called @fashionably_financial where she combines aesthetically pleasing fashion and lifestyle images with tips for managing your money for her nearly 3,000 followers.
Lerato, Budget Buddy is also a YouTube channel of note as it broadcasts videos on a multitude of topics like investing, savings and real estate to its nearly 1,500 subscribers.
Personal budget template on an application
Almost all banking apps from big banks have budget planning tools. These apps offer personal budget templates for Gen Z, ranging from plans based on the 50-30-20 principle to simple spreadsheets for budget tracking. They can all be found on the mobile banking app available at the bank of your choice. The 22seven app is also available for free download and currently more than 350,000 South Africans use it. This app allows you to track your financial data and manage your money.
While a keen eye for money management is important, financial education is also essential and www.pocketfin.co.za offers a few free 4 week courses on various topics such as debt basics and debt. long term investment. Gen Z now have this online resource to improve their financial literacy without even looking up to their phone.
The tech-driven Gen Z crowd now has all of the aforementioned resources to build their financially strong future.
Robyn Edwards is Marketing Manager at Momentum Metropolitan Holdings.