16 – 22 March is Global Money Week - a week-long global campaign to help young people, from an early age, become financially aware. So, informed by new Gen Z research, here are three actions you can take to make sure you’re staying money smart.
Build up the investment basics
Moneysmart research found: that Gen Z (those born between around 1996 and 2010) have a strong appetite for reputable and trustworthy financial content. But that it’s hard to know where to start!
So what: First up, learn how to choose your investments and to develop an investing plan.
Keep in mind the importance of diversification. And remember, you’re probably already an investor through your superannuation.
Read more about the Moneysmart Gen Z research.
Make evidence-based decisions
Moneysmart research found: that high levels of trust in often unreliable sources by some young Australians is contributing to riskier financial decisions based on limited or unproven information.
So what: Sense-checking information is one important key to successful investing. With 63% of Gen Z respondents using social media for financial information and guidance, know how to spot investment hype.
And with 18% of Gen Z using AI platforms for financial information, read up on AI and money decisions.
Want to get some investing practice? Sign up for the ASX Sharemarket Game. You’ll receive $50,000 of pretend virtual cash to invest across 10 weeks, to help build your understanding of how investing in the share market works.
Stay scam smart
Moneysmart research found: that more than half of Gen Z say they somewhat or completely trust financial information on social media and from ‘finfluencers’, while 64% say they trust AI platforms.
So what: As more things are done online there’s more opportunity to fall for a scam. And while there’s plenty of good things across social, web and AI, there’s plenty of scams as well. Learn how to spot a scam website.
With 23% of Gen Z owning cryptocurrency (and the majority taking a speculative approach), learn how crypto scams work, as well as the basics and risks of investing in crypto assets.
Also check our information on other financial scams, and on pump and dump schemes.
Stay money smart, so you can enjoy investing!
Global Money Week is an annual global awareness-raising campaign to ensure that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience. Read more about Global Money Week and read more about Moneysmart's GenZ research.