Millennials and Gen Z want more education about personal finance and financial well-being, according to a study by financial intelligence company Nitro.
To conduct the study, Nitro surveyed more than 1,000 people of various ages to learn about the most pressing financial concerns of each generation, including the financial advice millennials and Gen Zers want to hear most.
Across all generations, respondents said their top financial fears are saving for retirement (63.4%), saving for an emergency (50.9%), affording monthly bills (35.8%), and paying off credit card debt (32%).
But millennials and Gen Zers feel they get enough advice about saving and paying bills. Younger generations report that the most common financial advice they receive relates to creating a budget (72.6%), saving for retirement (61.3%), paying credit card bills in full each month (55.8%), and opening a savings account (48.8%).
Instead of more advice about saving, millennials and Gen Zers said they want to know more about the stock market and investments. Here are the seven questions younger generations want answered about personal finance:
1. How does the stock market work? (46.5%)
2. How do I manage an investment portfolio? (43.8%)
3. How do I invest in real estate? (41.8%)
4. How do I build credit? (31.6%)
5. How does a 401 (k) plan work? (29%)
6. How do I save for retirement? (27.7%)
7. How do I report rent to credit bureaus? (25%)
In response to student interest, some colleges are offering financial literacy programs. For example, Chatham University offers a financial literacy course to seniors that helps them prepare to manage their finances after college. In the course, students learn about budgeting, saving for retirement, and controlling debt (Nitro report, accessed 7/25/18; Leadem, Entrepreneur, 7/21/18; Gajanan, Pittsburgh Post-Gazette, 3/1/15).