One is a millennial. The other is a Gen Z.
They are aspiring journalists who spent the summer as business reporting interns for USA TODAY.
While many old codgers (like their editor) love to roll our eyes and make jokes at their youthful expense, it’s often good to know what they are thinking — especially when USA TODAY’s MONEY section did a series of in-depth stories on “Youth Investors.”
So, here are some insights from Keira Wingate, a student at the Craig Newmark Graduate School of Journalism at the City University of New York; and Mela Seyoum, an undergraduate at the University of California, Berkeley.
Reading the stories in the Young Investors series really opened my eyes to the importance of learning great money management and investment skills at a young age.
As someone who grew up homeless for almost half my life, I never felt financially stable until maybe a couple years ago. Even then, I wasn’t always stable.
Now, I am 25 and living financially independent, something I had to figure out from a young age.
These stories not onlymade me feel less alone in the lack of financial knowledge I carry,but the series also made clear that these are vital subjects we should be taught while teenagers.
Instead, our heads are buried in books about The Black Plague, The Spanish Flu and much more that, while important, should be balanced with actual life skills. Each story in this series truly brought such informative knowledge that I, simply put, didn’t know a dang thing about before.
Dan Kearns, whose son Alex committed suicide after he thought he had lost a significant amount of money trading options on Robinhood, said it best: “you can’t leave it up to the schools.”
One of my favorite stories in the series was the “Black, Latino, LGBTQ investors see crypto investments like bitcoin as ‘a new path’ to wealth and equity.”
While reading it, I remember recently discussing in my business class about Black people not being able to get mortgages and how this long term, racially driven world has led to so many disadvantages for minority groups.
This piece was fascinating because it put a spotlight on minority groups and how they are investing more in crypto than white people. The reasoning’s as to why this is happening goes back to the long stemming racial issues that plague this country.
One thing that struck me was the sad reality that minorities feel more comfortable investing in crypto because of their lack of trust in the government and banking. I can’t blame them as white men mostly control the business world. So, it was a happy surprise to see minorities taking control in the crypto world.
Millennials take lead in financial stress
It did not come as a surprise to me that millennials are the biggest group investing in crypto. I mean, which other group has a combined student debt amount of $1 trillion?
It also blew my mind to read that, “teens control billions of dollars in spending each year” and yet, the thought of teaching young people financial literacy is not on the radar of schools. Except for ones in Arizona, where the state treasurer has made it a passion to get financial literacy in public schools.
I felt the weight of financial stress at the young age of 10, when I started doing a paper route with my family at 1 a.m., just to help make ends meet. Afterwards, I would head to my sixth-grade classes and brag about how “cool” it was.
After reading this story, it makes me wonder, would I have found my financial independence sooner if I was taught it in school? I think so.
One big factor that is discussed in the “Millennial parents join the crypto craze. Should you? Here’s what experts say,” story isabout student debt and howthe two recessions have shaped young Americans.
What older generations don’t seem to understand is when they went to college, working a summer job would have significantly helped cover college tuition. Or, they may not comprehend how the federal…