Gen Z has no excuse to be financially illiterate

The financial behaviors of Gen Zers have been nothing if not consistent over the last few years.

- Erin Lowry

They routinely create trends about the merits of spending while they're young and having fun. Just a few years ago, they were posting the text "I'll make my money back, but I'll never..." with some image of a perceived once-in-a-lifetime experience.

Now, the cohort is increasingly participating in "doom spending" — a form of retail therapy that helps consumers cope with everyday stresses — more than older generations. It dovetails with another troubling trend: Almost half of Gen Z — 49 percent — have decided that saving for the future is pointless, according to a Credit Karma survey in late May.

These choices exemplify poor money management skills, a reality that has led Gen Zers to blame schools for not teaching them more about how to manage their finances effectively. But of all the generations, Gen Z is the one with no right to complain about the lack of access to personal finance education in school. If any generation had a chance to teach themselves, it is them.

Young adults today have grown up in a world full of easily accessible financial information and services, such as digital solutions for seemingly every method of budgeting. That includes the rise of investing apps and roboadvisers, which provide a low barrier of entry to those ready to get into the stock market.