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(InvestigateTV) — Most people avoid talking about their finances, especially with anyone outside of their immediate family, but Gen Z is changing that. A new study from Bank of America finds 72 percent of Gen Z is bucking the trend and taking action to improve their financial health. Dominique Washington with Bank of America said one of the things that stands out to him from the study about Gen Z is how open and transparent they are when it comes to discussing money. Previous generations have been a lot more taboo about this. “And that doesn’t seem to be the case from the most part with Gen Z,” Washington shared. “From them having discussions with their friends and setting boundaries and telling them the things they can do based on what they can and cannot afford. To stressing the importance of financial responsibility when it comes to selecting a significant other. These are things that they are being really open about.” He said Gen Z is finding out now that the price of everyday expenses is much higher than they anticipated and they’re having to adapt. Part of that is early adulthood, where their earning power is low, but it’s also because of the current economic situations. Washington said now is the time to start with the basics. “When you have a spending plan or any plan of some sort it helps reduce financial stress a little bit and even when that plan doesn’t go as expected, it’s much easier to identity the one or two things that may be contributing to the plan not working,” he said. “Rather than not having a plan at all and really not knowing where to start. The other thing is using the resources that are available.” Bettermoneyhabits.com is a free financial education resource from Bank of America that helps explain budgeting, building savings and credit. Washington said they can also talk to their parents, a trusted advisor or a financial planner. Submit story tips to our Investigators Share errors or concerns with our Digital Editors Watch full episodes of InvestigateTV+ Subscribe to the InvestigateTV YouTube Channel
