“Money & You: The Lost Generation?” was the name of the report released from the financial Service Council in April 2022, which reviewed the financial confidence and wellbeing of New Zealanders. The study highlighted overall young New Zealanders between the ages of 18-39, previously coined “Generation-Rent”, are unconfident in the economy as the cost of living rises and price rises are the fastest since 1990. This age group are more concerned about financial issues like housing prices and interest rates and inflation than other generations, and are much more likely to worry about money. 68% are worried about wage stagnation and in the instance of loss of income 33% could continue their current lifestyle for less than 1 month and 39% for less than 6 months. 42% don’t have emergency savings of $5,000 without going into debt. These results are harrowing, so the question remains, what can we do to help prepare the next generation for their financial future and wellbeing? Being in the financial services industry and having raised two children I have put together my top tips on growing financially savvy kids.
Disclaimer: Rebecca Thomas is the Chief Executive Officer at Mint Asset Management Limited. The above article is intended to provide information and does not purport to give investment advice.
Mint Asset Management is the issuer of the Mint Asset Management Funds. Download a copy of the product disclosure statement here.
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