Bank of America’s Post

The only way of living nowadays is living on a budget.

📌 Generation Z is demonstrating remarkable resilience and adaptability in their approach to financial management. Even though 46% of young adults in this generation still receive financial support from their parents, many are taking proactive steps to strengthen their short-term financial well-being. Better Money Habits research reveals that two-thirds of Gen Zers are making significant lifestyle adjustments to better manage their growing expenses. They are adopting habits like cutting back on dining out, avoiding expensive events with friends, and opting for more affordable grocery shopping. These decisions reflect a conscious and strategic commitment to financial stability, displaying a maturity and foresight that will be critical to your future economic success. This pragmatic approach not only helps them navigate current economic realities, but also lays the foundation for a culture of financial responsibility and self-reliance. This generation's ability to adapt and find effective solutions to today's financial challenges is an encouraging sign of a promising future. With their combination of family support and proactive savings strategies, Generation Z is well positioned to build a strong, resilient financial foundation.

Almost three weeks after the kickoff of our Cohort Money Made Easy for parents, here’s what we have been working on: In the 1st week we focused on shopping habits (share our processus of decision making) In the 2nd week we guided our children to plan projects (the key is to delay gratification) In the 3rd week, we paid attention to the words used in our daily life (the power of words!) The purpose is not to transform overnight, but to take baby steps to adopt healthier habits. Unwire to rewire. Build the foundation first, then slowly introduce the financial concepts Have a good weekend!

Embracing financial literacy at home has forced my kids to come prepared when asking for money. My 14-year-old put on her game face when she requested a new face cream from Sephora. Rather than a mere want, she articulated how it was in fact a NEED aligning with good facial hygiene and health, emphasizing its SPF as an investment in her future well-being. I inquired about the cost—$28. She was surprised at my enthusiasm that she make the purchase, but that she should budget $56. Puzzled, she restated the price. "Certainly, go ahead," I replied, "but let's also invest an equal amount in your future self." In our household, every splurge requires an equivalent investment. Balancing splurges with investments is our family's way of instilling the importance of prioritizing long-term financial health. It's a simple yet effective budgeting technique that my husband and I apply to our own spending habits. How do you teach your kids healthy money habits? #FinancialLiteracy #financialliteracyforkids #financialliteracymatters

Gen Z is setting new financial trends that we can all learn from! From spending on experiences and saving early, to making smart sacrifices and financial plans, they're setting the bar high. Discover why they're the most fiscally conservative generation yet and how we can all take a page from their book.

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🤔 Ever wonder how to turn your child into a financial whiz? It’s all about starting young and making it fun! Here are 3 tips: 1️⃣ Show, don’t just tell: Grocery shopping? Involve them! Explain choices: store brands vs. name brands, budgeting, even using coupons! 2️⃣ Make it real: Give age-appropriate allowances (tied to chores!), let them “pay” for small items, and track their spending in a jar or app. 3️⃣ Talk openly: Discuss your own financial decisions (age-appropriately, of course!). Share money mistakes you made so they can learn from you. Remember, it’s a journey 🛣️, not a lecture! Keep it positive and age-specific. With these tips, your child will be on their way to financial success! I'm Hock Beng 😊, financial literacy is why I do what I do how I do. 👉 Disclaimers: https://lnkd.in/g6TVU4SA #chewlogy #ChooseIndependent #TrueIFA