Financial literacy is important for each generation. And Gen Z is no different. As the world-renowned investor and philanthropist Warren Buffett once said, “The more you learn, the more you earn”, and this can also be applied to how we manage our finances. With the economy facing continued uncertainty, Buffett’s words shine a light on the importance of sustainably managed finances.
As the first true digital natives, Gen Z has grown up surrounded by streams of information. Yet when it comes to managing money, many are still navigating unfamiliar ground and coming to terms with how they can best cope. Despite being tech-savvy, a large number of young people still rely on family, friends or social media for financial advice. While these sources feel familiar and are easy to access, they are not always reliable or objective. In some cases, these sources may even reinforce misunderstandings about money and lead to questionable decision-making.
Learning how to manage personal finances is no longer something that can be left to chance. For Gen Z, financial literacy plays a vital role in helping them achieve goals such as saving for travel, buying a first home, building an emergency fund or even retirement planning. According to NatWest, most Gen Zers in the UK are already setting financial budgets, with an encouraging 7 in 10 putting money aside from their paychecks. But there is a clear need for more guidance when it comes to making informed financial decisions.
Not all Gen Zs are the same
The first and most important step is recognising that Gen Z is not one single group. Each generation is made up of individuals with different lifestyles, financial situations and goals. From ambitious entrepreneurs building side businesses and investing in the future, to conscious consumers choosing brands based on their ethical values and taking care to save where they can. The road to financial literacy is a varied one.
Many are still just starting their careers or trying to find stable work, often with limited access to credit or savings, and that makes it a struggle to know where to begin on their financial journey.
Because of this diversity, financial advice must be relevant and personalised. A blanket approach just simply won’t cut it. For example, someone juggling student loans and part-time work will need very different support from someone already earning a steady income from a secure job. Encouraging young people to evaluate their own financial situation, rather than follow one-size-fits-all tips and tricks, is key to building long-term confidence and independence.
Making finance approachable
Thankfully, there are many free and accessible sources available online to help Gen Z be financially literate. In the UK, sites like Money Saving Expert provide sound advice on learning how to budget, open up a savings account or how to make your money go further. As with any other sector, staying abreast of regulatory changes and emerging technologies can play a key role in boosting financial confidence and literacy.
Technologies are also being embedded into financial apps and payment cards to empower customers with advice based on their personal expenses. These innovations help Gen Z stay mindful of their budgets through smarter, more personalised offerings, and also through rewards to support financial competence. This can include things like real-time budgeting tools and dynamic spend controls, which share regular insights into spending and outgoings, boosting financial literacy.
Too often, financial advice can be full of technical jargon, increasing the barrier to entry for many just starting. If you’re new to the world of credit, savings accounts or investment platforms, it’s easy to feel excluded from conversations that seem designed for someone else with a greater depth of understanding. That’s why there’s such a strong reliance on social media influencers or finfluencers, who tend to explain things in a more relatable way and are increasingly popular. But financial education shouldn’t be left to chance, popularity or content creators who often share non-regulated advice. It needs to be accurate and genuinely helpful.
For Gen Z, financial literacy isn’t about becoming a Warren Buffett-level expert overnight. It’s about building the skills and confidence to make decisions that work for you and match your situation. Whether you are saving for your future or simply trying to get a better handle on everyday spending, the more you understand, the more control you have. And for me, that is ultimately what financial literacy is all about.
By Marcin Glogowski, SVP Managing Director for Europe and UK CEO at Marqeta
As Senior Vice President and Managing Director for Europe and UK CEO of Marqeta, Marcin Glogowski strives to strengthen and maintain the identification of Marqeta as the most innovative payment platform in Europe.
Before joining Marqeta, he spent seven years at PayPal as their General Manager for Central and Eastern Europe. During his time there, he propelled the development of card processing and growth from wallet to gateway.
As well as this, Marcin has worked at Bridgestone, PwC, The Boston Consulting Group and Accenture, allowing him to develop plenty of experience in the corporate industry.
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