Gen Zers are Looking for Money Advice from Financial Advisors. Will They Find It?

Gen Z often gets a bad rap by older adults as being the generation of lazy freeloaders who have no interest in managing their finances. However, that’s not the case at all. Many are eager to boost their financial knowledge and make well-informed decisions about budgeting, debt management, and investments.

Debt Explained

Financial advisors can help Gen Z individuals learn how to borrow responsibly, and provide recommendations on credit cards or loans that can help boost credit scores without spiraling out of control. Similarly, advisors can explain how to borrow within your means and read the fine print on loan paperwork to determine interest rates, origination fees, and other hidden costs.

Gen Zers believe their financial situation is more complicated than previous generations due to the ever-increasing cost of living and lack of growth opportunities within major corporations. 

Help with Lowering Monthly Expenses

Finally, Gen Zers are more active investors than previous generations because they know that Social Security won’t pay the bills by the time they age out of the workforce and need to take matters into their own hands.

Someone Who Will Suggest Smart Investment Options

Believe it or not, nearly half of all Gen Z individuals in the workforce are self-employed. However, very few of them understand tax law, meaning they don’t know how to maximize tax returns each year — and this lack of knowledge can cost a single freelancer thousands of dollars in tax payments each year.

Help Maximize Tax Savings

According to Eric Simonson, Founder of Abundo Wealth, “We work with many Gen Z clients, and far and away the biggest thing they are looking for is transparency with pricing and user-friendly financial planning technology that they can access on their own between meetings.”

Will Gen Zers Find their Financial Advisors?