Gen Z’s Financials | Auditing Accounts

GEN Z’S FINANCIAL NORMS:

The world of social media and constant advertising is having a profound impact on younger generations and what they consider to be normal. A quick look at the research would concur with counselor Sarah Espenshade in the video above. Among Gen Z:

• 77% of Gen Z say they’ve made a purchase influenced by social media in the past 6 months.
• “Buy Now, Pay Later” (BNPL) usage is nearing 30% among those under 25 compared to 17% for other age groups. (And often to those with worse credit scores.)
• 40% of Gen Z say they regularly take on debt for impulsive purchases made through social media.
• More than 35% of Gen Z spend 4+ hours a day on social media.

This leaves us with a few thoughts. How might a lack of healthy financial conversations among families lead to conflict in expectations? Advertising companies are happy to fill that void regarding materialistic norms.

How might parents and grandparents take more proactive roles in sharing personal experiences with money? Would transparency help regulate how our younger generations interact with money and spending?

DID YOU KNOW?: Forward this to any friend or coworker who is bearish:

EVALUATING HOME INSURANCE: Take a look at what your home insurance covers. We recommend a scheduled conversation with your trusted insurance agent. This conversation can address:

• Are you underinsured?
• What exclusions are on your policy?
• Your deductible and premium

Premiums and weather-related events are on the rise:

CLOSING OLD ACCOUNTS: Retirees often tell us they are keeping an “old” bank account open because they don’t know how to change the automatic deposit on their Social Security Income. You can’t change bank information over the phone, but you can go online at ssa.gov. Sign in to “My Social Security.” Click on “Benefits & Payment Details.” Then select: “Update direct deposit.” Or go to your local Social Security office.

WHEN YOU NEED AN EXTRA HAND: Task Rabbit is a great option for busy families, retirees, and singles who want to maintain independent living.

TED LASSO IS HELPING AMPUTEES: An inspiring story in video form of friends pooling resources to help amputees—watch it here. How might this inspire you?! If you know someone who can’t afford their prosthetic limb, here’s the Steps of Faith application.

*The views expressed represent the opinions of Compass Ion Advisors, LLC, as of the date noted and are subject to change. These views are not intended as a forecast, a guarantee of future results, an investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial, or legal advice or service to any person. The information contained has been compiled from sources deemed reliable, yet accuracy is not guaranteed.

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