Survey finds half of Gen Z lack financial literacy: Struggling with crypto, inflation & budgeting - here’s how to improve

TIL CreativesGen Z financial literacy Gen Z financial literacy: While Gen Z can navigate TikTok with ease, a new survey shows many are struggling when it comes to finances. According to a study by writing platform EduBirdie, nearly half of Americans aged 18 to 27, 46% admit they don’t understand cryptocurrency, while a third are unsure about inflation, interest rates, and 8% couldn’t correctly identify how many cents are in a dollar, as per a report.Gen Z Struggles with Financial Literacy: Cryptocurrency, Inflation, and Basic Money SkillsExperts warn that financial literacy is crucial for Gen Z, especially as costs rise and programs like Social Security face uncertainty, as per a USA Today report. Thirty states now require high school students to complete at least one semester-long personal finance course before graduation, up from 17 in 2022, according to nonprofit Next Gen Personal Finance, reported USA Today.Mindy Bingham, author of Lifestyle Math, said that, “Every teen deserves to know not just how money works, but how money can work for them,” adding, “That’s what changes behavior — not just vocabulary or worksheets, but real numbers tied to their own lives,” as quoted in the report.ALSO READ: Tariffs are making wine bottles pricier and harder to find - what shoppers need to know before ThanksgivingHow Internships Can Teach Financial Literacy To Gen ZPrograms like Capital One’s Café Ambassador internship give students real-world experience managing money, as per the USA Today report. High school seniors from underserved communities can work in Capital One’s part bank, part café locations, learning financial literacy, budgeting, and customer service, as per the report.Live EventsCalique Barnes, who took part in the program as a high school junior, said it changed the way he thinks about money, saying, "Money management was nonexistent in my family and community. We didn’t know about credit or debt. I learned all that. I can also teach my kids, family, friends how to manage money and set themselves up for the long run,” as quoted by USA Today.ALSO READ: Experts reveal alarming discovery behind rapid rise of colorectal cancer in young peopleAdapting the 50/30/20 Budget Rule for Personal GoalsBarnes, now a freshman at Morehouse College, even advises his mom on financial decisions and said that he also adapted the 50/30/20 budgeting rule by adjusting it to his requirements. The 50/30/20 rule is that people should budget 50% of their money to pay for necessities, 30% to wants like entertainment and fun, and 20% to savings and debt repayment, but he said, “I made it 50/20/30 so I could save a little more for college,” as quoted in the report.Hands-On Learning Through Financial Literacy ProgramsIntuit for Education is another initiative aimed at improving financial literacy, and the program hopes to reach 50 million students by 2030, offering free online curriculum and tools for high school and college students, as per the USA Today report.The Intuit Food Truck Program provides students in underserved communities with a food truck or mobile cart, culinary training, startup grants, and financial management tools, as per the report. Since 2023, nearly 10,000 students across cities like Los Angeles, Dallas, Denver, Lynchburg, Nashville, Reno, and San Diego have participated, with another 10,000 expected this year as the program expands to Atlanta, Fort Lauderdale, and Milwaukee, said Dave Zasada, vice president at Intuit for Education, reported USA Today.Students gain hands-on experience running a business, using QuickBooks to track sales, budgeting, pricing, inventory, and marketing, as per the report. They also develop critical soft skills, including leadership, communication, teamwork, and problem-solving, as per USA Today.The program also encourages giving back, and this holiday season, students operating the food trucks are helping serve nearly 400 free meals per stop, reaching over 3,500 people nationwide, reported USA Today.Dave Zasada, vice president at Intuit for Education, said that, “When students build budgets, manage inventory, and make business decisions that directly impact their success, they see firsthand how financial literacy fuels possibility,” adding, “It’s not just about learning to balance a budget, it’s about building the confidence to turn their ideas into something real," as quoted in the report.FAQsWhy do so many Gen Zers struggle with money?Many young adults lack education on finances, cryptocurrency, inflation, and basic budgeting.What is the 50/30/20 budgeting rule?It suggests allocating 50% to necessities, 30% to wants, and 20% to savings and debt.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onHow to improve financial literacy for Gen ZGen Z financial literacy50/30/20 budgeting ruleGen Z money managementGen Z personal financeHow Gen Z manages money in 2025Financial literacy programs for Gen ZGen Z savings and debt managementWhy Gen Z is struggling with moneyHow to teach Gen Z about money (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onHow to improve financial literacy for Gen ZGen Z financial literacy50/30/20 budgeting ruleGen Z money managementGen Z personal financeHow Gen Z manages money in 2025Financial literacy programs for Gen ZGen Z savings and debt managementWhy Gen Z is struggling with moneyHow to teach Gen Z about money(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless