When parents talk to their kids about the way things were “when I was your age,” they often argue that they had it much tougher. What kid hasn’t heard a story about how their mom or dad had to walk to school every day, usually through deep snow?

In terms of the economy, however, parents can no longer pretend that they had it worse. Today’s kids are facing a scary economic landscape, in which most essentials — housing, education, healthcare, and childcare — are rising rapidly, while earning potential is on the decline.

A recent study on financial trauma conducted by Credit One Bank shows Gen Z, which ranges from age 13 to 28, is already suffering from their economic struggles. Nearly 60 percent of respondents from that generation report feeling stressed or anxious about their finances.

What’s the fix for the younger generation’s fears regarding the state of the economy? The answer lies in financial literacy.

As a financial coach who has helped families and young people across the nation develop the skills needed to build generational wealth, I’ve seen the transformative power of financial literacy on countless occasions. Today’s kids need to be taught that they can take control of their financial future, regardless of what is happening........

© The Eastern Herald