Moving forward, we have to imbue younger generations with a set of modern resources that meets them where they are, in the context of emotional spending and financial pessimism. And to be fair, some organizations and companies are stepping up.
Capital One launched First-Gen Focus, a program to support first-generation college students through skill-building workshops built on three pillars: Financial Well-Being, Personal Wellness and Career Readiness. High schools in 23 states will require students to pass a Financial Literacy course to graduate starting in 2027. Popular payments app Venmo has recently created a content series, Money Talks, to make complicated financial conversations accessible to all.
The tides are turning. But access to programs like these remains the exception, not the norm.
This is a partnership moment
Today, financial institutions—educational, corporate or otherwise–have the rare opportunity to take a leadership role in culture. Instead of pushing the same products or conventions to the next generation of consumers, companies and organizations can educate and support youth, helping give back control of their financial futures. While some organizations have begun offering such tools, we have to recognize when a moment calls for more holistic support.
As with most issues paramount to Gen Z, the calls for change and improvement are explicit, even if we’re not all behaving accordingly. More can be done to help curb Gen Z’s emotional spending and facilitate financial wellness that ultimately stands to benefit us all.
If we can’t collectively snap out of it, there could be a much bigger cost than debt alone.
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