Abu Dhabi, UAEWednesday 2 December 2020

The steps Gen Z must take to achieve financial freedom - Pocketful of Dirhams

Those born between 1996 and 2015 tend to use apps to manage their money

Many adults in their 40s and 50s look back and wish they had handled their finances better when they first emerged from university and entered the workforce.

But learning how to save and invest money at the start of a career is no longer something people have to stumble upon in their late 20s by getting themselves into financial difficulty.

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For Generation Z - those born between 1996 and 2015 - brushing up on personal finance know-how is something many do through financial apps, or by watching videos on YouTube.

One hundred per cent of American Gen Zers use at least one financial app to budget, invest, or carry out their everyday banking, according to a June poll of 1,300 by financial services company Morningstar.

With boosting financial literacy levels a key aim for governments across the globe, and the world still gripped by the devastating financial effects of Covid-19, there has never been a better time to equip the young with skills to manage their money more effectively.

Host Alice Haine is joined by Monica Manoj from Finllect, a UAE personal finance app that helps users manage their finances, who explains how Gen Z should tackle their finances to achieve the ultimate goal in the personal finance world – financial freedom.

Listen to last week's episode on why women’s careers have been hurt the most by Covid-19

Updated: November 2, 2020 06:02 PM

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