What is the most important money skill Gen Z lacks?

Budgeting is the top skill, as many struggle to track income and expenses.

Can these skills be learned after teenage years?

Yes, experts say it's never too late to learn basic financial skills.

How can parents teach their kids to save?

Encourage them to save a portion of their allowance or income in a separate account, and reward them for meeting savings goals.

What is Intuit's relevance to this topic?

Intuit offers tools like TurboTax for taxes and Mint for budgeting, which may see increased demand as Gen Z seeks to improve financial literacy.

6 Money Skills Gen Z Wishes Their Parents Had Taught Them

Financial experts outline 6 key money skills Gen Z wishes their parents had taught them before moving out, such as budgeting, saving, investing, and tax basics.

According to Parents, financial experts highlight 6 money skills that Gen Z (born 1997-2012) wish their parents had taught them before they left home.

The 6 Skills

1. Budgeting

How to track income and expenses, and allocate money for needs, savings, and entertainment.

2. Saving Regularly

The importance of consistently saving a portion of income for emergencies and long-term goals.

3. Understanding Credit & Debt

How to build a good credit score, avoid high-interest debt, and use credit cards wisely.

4. Investing Basics

Principles of investing in stocks and bonds, the power of compound interest, and risk vs. return.

5. Retirement Planning

The importance of starting early, and utilizing 401(k) or IRA plans.

6. Tax Handling

Basic tax knowledge, how to file returns, and leveraging deductions and credits.

Context

Experts note that financial education at home is often limited, leading young adults to learn through costly mistakes. They emphasize it's never too late to teach these skills before children become independent.

What This Means for Investors

Fintech companies like Intuit (INTU) could benefit from increased demand for budgeting, investing, and tax tools as Gen Z seeks to fill gaps in their financial education.