By Chuin Ting Weber, CFP, CFA, CAIA
CEO & CIO, MoneyOwl
When I was asked to share some ideas for CNA Money Mind on “Top Money Mistakes People Make in Their 20s”, I thought — who are people in their 20s, and what makes you more or less vulnerable money wise, compared to those older?
20+ year olds: You would have been born around the turn of the century, and would either be considered a “Gen Z” or to be the younger end of the Millenial generation.
You have thus lived through both the best and worst of times – in terms of technology and in terms of economic development.
Tech-wise: you are the true digital natives. You have all the information at hand, but also with that, information overload, misinformation and confusion. Blockchain and crypto, with all its promise and pitfalls.
Economy-wise: the last 2-3 decades have seen tremendous economic progress and growth of wealth, but also two global crises – in 2008 Global Financial Crisis and the 2020 COVID pandemic, which upended many long held beliefs, growing income and wealth disparity, and an increasing cost of living.
So these experiences – lived either directly or through families – affects your relationship with money, consciously or contextually.
It means that you’ve got a lot of potential to achieve great financial health, but on the other hand are also more vulnerable in some ways.
I hope that this sharing on CNA’s Money Mind helps in some way!
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