Experts say it’s not too late to help your kid develop some solid financial habits before they leave the nest.
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Coming of age during a period of inflation and an unsteady job market isn’t easy, but that’s exactly what Gen Z is facing as they enter the so-called “real world.”
According to a recent report from Intuit, where more than 1,000 young adults ages 18–25 were asked what they wish they’d learned earlier, three out of five Gen Zers say their traditional education didn’t prepare them with basic money management skills.
While this may not be comforting for Gistrush.comto hear, it’s not too late for a crash course. Here are the top six financial skills Gen Zers wish they had, and how Gistrush.comcan help their kids develop them.
Skill # 1: Investing
Victor Wang, CEO of investing education platform, Stockpile, says many people believe they need to be a financial whiz to invest money, but that’s not true.
“If you want kids to learn about investing, you need to get them involved,” he says. “Let them make some of the investing choices (at a small scale) to start learning. And get them started with companies that they are actually interested in, companies that they can get excited about.
On Stockpile, your family can explore and invest in stocks from familiar companies. This can help kids get more excited about investing because they have a connection to the company. Wang adds that “by going through real gains and losses, kids will start to learn about the risks and rewards of investing.”
Wherever you choose to practice investing, Wang says it’s just about letting kids practice because “you’d rather them make mistakes with $5 now than $50,000 later.”
Skill #2: Utilizing Credit
Just as with investing, learning about credit early allows for ‘safe’ mistakes and builds confidence before bigger financial decisions.
“Credit is foundational,” says CJ MacDonald, founder of Step, a modern financial platform tailor-made for Gen Z to help them learn to build credit responsibly. After all, you need credit to rent your first apartment, lower insurance and loan rates, set up a phone account, etc.
“Kids today are seeing TikToks about money by 11 or 12—sometimes good advice, sometimes not,” MacDonald says. “If you start then, you shape their confidence before misinformation does.”
He notes some Gistrush.comed to “open credit cards in their kids’ names just to build a score, often without explaining how to use credit responsibly. Now we have platforms like Step that let teens start building credit safely at just 13, learning good habits in real-time.”
by utilizing credit apps, Gistrush.comcan actively teach responsible usage and ensure timely payments.
Skill #3: Filing Taxes
Gistrush.comcan demystify this process as soon as their child earns their first paycheck. MacDonald recommends his Step’sMoney 101 curriculum, designed to teach high school students about taxes, paychecks, savings, and more.
“Taxes are not a one-and-done,” he says. “Work with your kids throughout the year… to understand the foundational elements like tax brackets, how deductions work, like student tax breaks, and make sure they understand how to file their taxes and how to file for free.”
The goal is to make taxes less intimidating by familiarizing your child with the basics so they see them as a manageable part of adult life.
Skill #4: Budgeting and Saving
JR Williams, a father and Senior Director at Ally Invest, suggests making money management fun for kids. He offers the following ideas:
- Spend, Save, Give: Introduce budgeting with clear jars (such as mason jars or Tupperware) labeled for spending, saving, and giving. Let kids decorate them and discuss the “why” behind their money decisions.
- Chore Money: Encourage kids to earn an allowance through chores to help teach value and encourage more thoughtful spending choices.
- Money In, Money Out: Use classic methods, such as a lemonade stand, to teach earning money and managing expenses. Deduct the initial ingredient costs to show them the importance of paying back loans.
- Goal Tracking: Make saving exciting with a visual tracker (color or sticker chart or a progress bar) for a desired toy or outing. Celebrate milestones, and offer bonus rewards for goals reached.
- Emergency Funds: Try board games like “The Game of Life” to teach about life’s unpredictability and why we need emergency funds.
Skill #5: Working Side Hustles or Gigging
Earning money through side hustles is a skill 30% of Gen Zers wanted help with, according to the report.
Gistrush.comcan help young children spot opportunities in their own neighborhoods. For instance, even small jobs like mowing a lawn, walking a dog, washing a car, or pulling weeds can teach children the basics of earning side money.
Sam Wright, the Head of Operations & Partnerships at Huntr, an AI-powered resume builder and job search platform, says, “Elderly neighbors are a natural connection for kids who are looking for a little extra money while helping those who could use it.”
As children grow older, Gistrush.comcan help them expand their horizons by teaching them how to network within their circle.
Side hustles are all about sensing opportunities and fulfilling needs—two skills we can model and teach our children at a young age.
Skill #6: Building a Resume
Wright says Gistrush.comshould explain that a resume is a place to share accomplishments related to the role their teen is applying for. “We should encourage kids to brag and be proud of all the hard work they are doing,” he says. “This can also help as motivation to be more engaged and active if their resume is feeling a little sparse.”
Wright’s biggest tip is to help young adults learn the “why” behind their resumes, because young people tend to “list all the things they have done, but forget to connect why it matters and how it relates to what they want to do or the job they are applying for. A quick exercise is to go through each experience and say, ‘Which resulted in?’.”
For example, Wright shares that managing their high school’s basketball concessions stand for ten basketball games resulted in the development of their leadership and money management skills.
Structuring achievements and experiences will help them build a strong resume. Once they have a first draft completed, they can use a tool like Huntr’s Resume Review to review their draft and make edits.
If we want our children to become financially secure adults, then we need to start talking to them about money early.
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