The Millennial/Gen Z Finance Diaries
Lately, my interest in personal finance has piqued to a new level. It’s a skill and job market that has always been in deficit. Not many people are finance professionals, and unfortunately, basic finance is not taught or encouraged much in the standard school curriculum. Many individuals aren’t aware of how they’re spending or saving and this is becoming a big issue. According to RBC, 35% of Canadians do not save for retirement and 44% of Canadians are living paycheque to paycheque.
In today’s emerging workforce consisting of young professionals, it’s common for some students to be equipped with the education stemming from their background — Business or Economics. Others are not always well versed in areas such as budgeting, taxes, deposits, cheques, etc.
Finance Online
Keeping your financial information up to date is just a click away! It’s no surprise that many apps exist not only to help you budget but to also keep your knowledge ahead of the curve. Unfortunately, not many people tend to gravitate towards the standard sites such as The Economist, Wall Street Journal, etc. (which you really should!) But, perhaps you’d consider fresh new takes by Millennials for Millennials. Stash Wealth is a platform made to change your financial planning and provide you with the best money hacks. Run by former Wall Street professionals with decades of experience, you’ll be sure to get real tips and tricks that apply to you! When it comes to understanding quick budgeting, Mint is a great app that can help you better understand your credit and wealth.
If you’re a 20 something like myself with a keen interest in the financial domain, you are no stranger to humorous social media accounts such as Trust Fund Terry, Wall Street Oasis, Overheard on Wall Street, etc. Most of us who follow these accounts can laugh at the mild jabs at the “pretentious and elite” world of finance. If you haven’t noticed yet, often times the depictions on social media are male-dominated — the typical college student in a Patagonia vest, a Flat White latte in hand and most probably, a proud Finance Major (If you are someone in the industry or a student you know that these physical stereotypes are not always accurate). But, it’s no secret that the Financial Services industry is largely male-dominated and the numbers rarely seem to increase when it comes to women breaking into the domain. Only in the recent year has an account such as Mrs Dow Jones, run by Haley Sacks gained the attention of the online world. Mrs Dow Jones is one of the few Instagram accounts that is run by a woman and gained the attention of Wall Street. “Smashing the Patriarchy with Finance memes” is the intention behind such a platform for an emerging generation of bankers and investors (hopefully more women).
Becoming Financially Savvy
Personal finance is a topic that does not gain enough attention. Some blame the lack of knowledge on the missing curriculum in the education system, for others, it’s the lack of time to invest in furthering their knowledge. However, allocating some time to better understand our finances can save a whole lot of trouble in the long run.
That’s why the new decade kicked off with a mission to bridge the gap between financial education and daily life. The collaboration between RBC Future Launch, The Globe and Mail and McGill University’s Desautels Faculty of Management launched a free and online Personal Finance course that is available to the public, covering a wide array of topics such as Debt and Borrowing and The Art of Investing. The program itself rewards participants with a McGill Personal Finance Essentials attestation of completion.
It’s a great initiative, seeing that often attaining these skills requires the time and fees that many do not have the time for. Many know the costs of designations are hefty fee and often requires the completion of previous education. Another prominent issue is the lack of exposure to professions in areas such as Investment Banking and Wealth Management. Sure, these careers are often glorified for the potential to earn a high income, but there is not enough light shed on the fact that many genuinely do have a solid interest in the complexities of the career itself, and a tremendous amount of learning potential exists within the industry. Perhaps the school curriculum should be pushed to create intro banking and budgeting classes in the high school level to cultivate interest and create a base for future interest.
Fierce Financial Force
If you’re still wondering about the fierce women on Wall Street, the name Lauren Simmons might sound familiar. Lauren took her stilettos to Wall Street fresh out of college, becoming the youngest female full-time Trader. Leveraging her minor in Statistics and the almighty sense of grit to network her way into the relentless streets of New York, Lauren quickly became a notable woman in Finance. Having watched many of Lauren’s interviews, what stood out to me the most was seeing how much improvement there is yet to be done when it comes to women breaking barriers in the Boys’ club. She highlights the struggle of not having a fitted trading suit. Of course, this is a common issue as these suits dating from years ago were originally tailored with the perfect fit for a standard man. At 22, Lauren not only reached career heights but was also recognized as the second African woman in 226 years to make a dent in Wall Street. May we forever recognize and root for this kind of change!
While the Millennial generation continues to thrive in terms of career prospects and continuing education, there is a strong need to shift the focus on certain domains and skills that desperately need growth and diversification so that basic technical and soft skills never go unnoticed!
