A new survey conducted by Forbes magazine revealed differences and similarities between several generations – Generation Z, Millennials, Generation X, and those before them – in the field of financial literacy.
The survey revealed that conversations of this kind that these generations were having occurred several times during the week, while family discussions about financial literacy occurred only a few times a month in the past.
The survey added that these results indicate that an individual’s upbringing may affect his knowledge of financial matters.
When survey participants were asked to choose personal finance topics that they felt comfortable discussing with others, it was found that 55 percent of millennials were more comfortable discussing salaries and compensation, compared to those who were older or younger.
When it comes to seeking ongoing financial advice, the place different generations turn to varies. Generation Z is seeking financial advice via social media platforms, while those between the ages of 55 and 64 are looking for specialists and experts to enhance their financial literacy.
According to the results of a Forbes poll:
- 33 percent of Generation Z prefer to start learning about financial issues in middle school.
- While 27 percent of millennials believe that the early stages of education are the most appropriate for learning to save.
The survey also revealed a clear difference in recognizing the economic expertise of younger generations. F:
- 34 percent of millennials considered themselves very knowledgeable about personal finances.
- 35 percent of Generation X said they had almost no financial experience.
The Forbes survey discussed an important issue related to who is responsible for teaching new generations financial culture, as some believed that the responsibility falls primarily on parents, while others said that it is the responsibility of teachers and professors.
#Age #generations…and #financial #affairs