Smart and savvy: Why we should be asking Gen Z for money advice

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“Cut down on the avocado toast, and you might be able to afford a house” is the common refrain weathered by Millennials and Gen Z Australians. These parodies of younger generations tend to poke fun at their supposed laziness, social media obsession and frivolous spending.

Like many stereotypes, it may be grounded in some truth. However, in my experience teaching hundreds of young people about personal finance, I would argue that this characterisation is on the whole unfair.

Driven primarily by the rapid rise in house prices, there is growing evidence that Gen Z may have it worse than their parents’ generation. It now takes more than 12 years to save a 20 per cent deposit for an average house, compared with six years in the early 1990s.

As a result, Gen Z are more concerned about finances than any generation in Australia, and were seen to cut back spending most in the recent cost-of-living crisis (AKA “cozzie livs”).

I don’t mean to reignite the oft-sensationalised generation wars. While many older Australians can claim commensurate wisdom, they shouldn’t pretend they are perfect when it comes to their finances. Hence, there is an opportunity to learn from younger Australians on........

© Brisbane Times