Expert Financial Advice Gen Z Needs To Know To Help Them Through Lockdown
During an unexpected and unprecedented time, we’ve faced a lot of anxiety over our work and source of income. For most of us, we’re able to work on and earn from home, but some might not be so lucky. Some will have their jobs cut, salaries cut, or lose out on opportunities they once had. On the flipside, Some might even see a higher demand or a spike in their business or their services which is a great thing.
But being locked down can have its consequences on our lives and our future. As Gen Z that’s just starting out in the working world, it can be a scary or intimidating place to be in right now.
That’s why we reached out to find out more about money tips and financial advice that first-jobbers or Gen Z can benefit from. We spoke to Mitul Lakhani, Group CEO, iMoney, who talked us through the ways we can save money to take us through an emergency, the types of investments that Gen Z should consider and how you can introduce new ways to earn money on the side.
What is the best type of investment/investment product for Gen Z to start saving money, and when should we start?
The way I look at it and this is what I did at that age was basically what were the most simplest products, like looking for fixed deposits to start off with and then building up enough of an amount to start investing in stocks and shares starting with tools and investments which were tracking stock market indices. That was quite straightforward for me.
Gen Z has a lot more options nowadays, and the best and easiest and cheapest thing today are robo advisors that are in the market. And I use one myself — and they’re self explanatory in their processes, they ask you what your investment goals are, what your parameters are, and from there they give you the options that you can choose from that and monitor from that. The fees are the cheapest in the market.
But I believe in the mantra: Understand what you’re investing in no matter what it is. It’s also never too late to start.