Financial Literacy Lifespan Assignment: A Case Study on Gen Z & Millennials’ Financial Stability and Lifelong Learning, Singapore

INTRODUCTION

Financial literacy lifespan are capability to understand and manage one’s finances. Enables personal finance to develop long-term financial security, make smart investments, and plan for the future, although the result is learn how to work for money, but never learn money work for them (Kiyosaki, 2012). In the present world, the older generation is better educated and wealthier, while Generation Z facing financial challenges. This world full of generational poverty endures cyclical challenges to passed down through families and individuals seeking paths for financial sustainability.

The Millennials generation, also known as generation Y, includes individuals are born from 1981 to 1996. Tend to be labeled as “instant gratification generation” who have high expectation on their professional and personal lives (Bishop, 2006). Millennials are extremely confident and positive outlook, that has shaped its views on career success. However, they were raised as first generation on digital smartphone, having grown up with laptop computers, and rapidly emerging technology that is redefining the way we interact and conduct business. Among other things, technology is altering where and how Millennials get their information, this internet is replacing newspaper and television to source for news.

Meanwhile, younger generation, also known as Generation Z, is born from 1997 to 2012. With quality in innovation, thoughts and idea that exchange through internet. Certainly, increasing technology availability, alongside with attributes from contemporary Generation Z, could foster a desire for consumerism and need some form of economic-financial literacy lifespan (Laturette et al., 2021). Which encourage destructive or consumptive behavior, such as buying and over-buying, facing financial problems that haven’t able to manage their own personal finances. According to the American Psychiatry Association in (Aini et al., 2021).

Unfortunately, a lot of individual and family lack on Financial Literacy Lifespan is a critical skill for decision making to acknowledge regularly, perpetuating cycles of financial insecurity on younger generation are leading to poor financial management, which only deepens their debt situation consequently affect student academic performance and mental health condition. It can take under pressure of financial instability by rising of inflation due to student loan debt, and high cost of housing. Without a solid financial plan such as long-term investment, it can affect younger adult to achieve financial security out of reach in all aspects of life. Communities without financial proficiency construct insufficient choices about their credit debt and struggles in financial planning, comes from potentials among the next generation, in a demographic that is increasingly going through financial challenges in a changing economic environment.

The importance of this research to discover successful lifelong learning tactics which enhance financial literacy knowledge so individuals and families will obtain better generational wealth. That hold substantial importance because they can help why financial proficiency is important the destinies of next-generation adults. While distinguishing this barriers along with skill needed of individuals and families it support financial growth by facing economic changes successfully the purpose of this research are:

Moreover, this supports lifespan of financial literacy, that empowers further growth by analyzing these gaps it navigate financial paths efficiently for younger generation. just like other generation X and baby Boomers done through years of learning their financial future. which its critical skill appropriate approaches and suitable strategies able to grow their responsibility of having difficulties and experiences faced by younger generation. In the long run, the results will not only improve individuals but creates sustainable impact, and also strengthen communities and families for a long term strategy and financially responsible culture.

This specific study tackles analyzing the financial literacy of Gen Z and millennials as systematically as possible by dividing it into specific coordinate. After this introduction. Firstly, the literature review will encompass pre existing work such as decades of living financial literacy, planning financial stability, aligning saving and debt, financial confidence on older generations, and outline the gaps of this research. Secondly, the methodology will outline the research approach in detail how the data will be collected and analyzed. Last but not least, to summarize and conclusion which will surmised ideas by encompassing everything importantly for further research understanding legacy of generational wealth that value each on of financial literacy.

LITERATURE REVIEW

The financial literature is a critical skill impact on long-term financial security, investment resolutions, and passing down wealth. Despite generational difference from older generations, such as Generation X from 1965 to 1980, and Baby Boomers from 1946 to 1964 by continuously demostrating they are more confidence and stability on their finances. Improving and understanding of enormous differences in the way the younger ones handling financial difficulties addressing:

In Strough et al., 2020. Similar to the older generation maintaining financial stability just like the older generation should refined and practiced for year after year changing economic environments and personal circumstances. Which financial education is a requisite. However, a lack of confidence leaves younger adults behind, particularly among women, and this has an impact on how people approach. This tends to lead to loss of confidence in dealing with finances and impacts household financial stability. Although, the financial literacy it can improve toward the financial well being of individuals and families, there are limited empirical studies on Its relationship with age and role on decision making tool. However, this gap in the literature review the importance of additional work to examine, outcome of financial literacy and confidence on financial stability.

RESEARCH METHODOLOGY

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CONCLUSION

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