{"id":56180,"date":"2024-04-09T17:15:48","date_gmt":"2024-04-09T17:15:48","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/?p=56180"},"modified":"2024-04-09T16:02:02","modified_gmt":"2024-04-09T16:02:02","slug":"how-tech-savvy-gen-zs-invest-their-money","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/how-tech-savvy-gen-zs-invest-their-money","title":{"rendered":"How tech-savvy Gen Zs invest their money"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>Money comes and goes. But I\u2019ll never be in my 20\u2019s again,\u201d Catherine Najjuka, a 22-year-old Information Technology student who is finishing up her university degree, says. \u201cThis is my little life.\u201d<\/b><\/p>\n

Generation Z finds it difficult to control their cravings but they suspect their curse is the lack of financial literacy. This has made this generation adored by brands. Now every website that Gen Z visit, from Facebook, Instagram, TikTok, mobile games, and X (formerly Twitter), is inundated with advertisements.<\/p>\n

But each generation approaches money differently and assigns distinct values to various commodities.<\/p>\n

Millennials, for instance, are well-known for squandering their paycheck on avocados and expensive coffees, but many economists point out that they are actually more frugal than the public realises.<\/p>\n

Entrepreneur Jeff Desjardins recently told the World Economic Forum (WEF) that the challenges faced by Millennials as they matured, is the slow wage growth and unstable economic conditions. This ultimately influenced their spending patterns and perspectives on debt.<\/p>\n

He notes that the millennials made their fair share of financial errors along the way, but that, surprisingly, is being corrected by many Gen Z because they want to really avoid the overspending and debt that 40 percent of millennials incurred in order to maintain their social lives, according to WEF financial data.<\/p>\n

Where do they invest?<\/b><\/p>\n

The twenty-something generation has learnt to invest in stocks and bonds at a younger age than their parents did.<\/p>\n

Gen Z investors are placing their money in forex trading, non-fungible tokens (NFTs), and cryptocurrency, in contrast to the older generation\u2019s traditional preference for assets like real estate, stocks, and bonds.<\/p>\n

With others, gambling is a tryout. Official government records show that gambling in Uganda, which is dominated by the young, cost Shs2 trillion after wagering Shs2.4 trillion in the first six months of this financial year.<\/p>\n

\u201cThe Gen Z\u2019s like technology a lot. Crypto and forex is advertised in a sense to appeal to them. But these asset classes are very complicated. I recommend that they start with the simple ones like buying and selling shares of companies before they graduate to the complex money markets.<\/p>\n

When you invest in forex for instance, like the Japanese Yen, you need to know the dynamics of the economy that drive it up and down. How will most of these people know that investors in Japan are seeing property markets or trade or monetary policies as influences to their hold of currencies?\u201d Mr Andrew Mwiima, a financial adviser in Kampala asks.<\/p>\n

Risk<\/b><\/p>\n

Gen Z are so aggressive that they are prepared to move for a job offer that requires them to work weekends and evenings and nights. They love high-risk jobs, such as working in dangerous factories and con artists, because they guarantee higher incomes sufficient to support their desired lifestyles.<\/p>\n

\u201c13 years is the average age Gen Z start researching financial planning. Majority of them already own a savings account, health insurance, credit account and a checking account,\u201d WEF data shows.<\/p>\n

But this desire for money has landed many into problems. Few Gen Z\u2019s can truly say that they have succeeded in the new, intriguing money-making endeavors like network marketing, cryptocurrency, and forex trading.<\/p>\n

\u201cMy sister was convinced to join a network marketing scheme. She invested Shs2 million to grow. But it was banned after sometime. The firm was called Development Channel majoring in selling electronic pads. Since then I have changed my view on these new economic ventures that are unpopular,\u201d says Joan Nabaggala, a 27 year old.<\/p>\n

Since having money only gives her the impression that \u201cI can fly\u201d or \u201cI can do anything,\u201d Ms Nabaggala says that she still finds it difficult to fully understand financial literacy.<\/p>\n

Gen Z as a whole love spending a lot. Brands are even attempting to learn about the shopping habits and desires of these walking paradoxes because of this.<\/p>\n

Despite prioritising convenience and social responsibility, this target market is not well-off.<\/p>\n

\u201cIt has been a challenge for me. But as I have done a few gigs and I have learnt that I need to be patient and give in what it takes to get what I want,\u201d she says.<\/p>\n

Gen Z is very much into self-care. They search for apparel that will distinguish them from the crowd and make them appear seductive, akin to \u201cthe princess Grace of Monacco.\u201d They call money \u2018dime.\u2019<\/p>\n

The average Gen Z shopper makes their first luxury purchase at the age of 15, compared to 19 for their peers in their 30s, according to consulting firm Bain.<\/p>\n

Some people invest in luxury goods as a safety measure because they think their value will hold up in hard times. Thankfully, used goods like these are now easily tradeable on websites like Jiji and Kikuubo.<\/p>\n

Many Gen Z note that luxury like Gucci is essential because today\u2019s world demands it.<\/p>\n

Brands literally put a lot of money into the bodies of their icons\u2014football players, singers, artists, and actors\u2014to demonstrate to them that wearing those products makes them happy. But some refute that, arguing that maintaining the cash craze is expensive.<\/p>\n

\u201cI prefer buying average items I can manage, and things that can fit into my finances. Luxury doesn\u2019t give back returns because it\u2019s a liability and needs a lot of money because trends keep changing and it always mounts pressure for a new brand,\u201d Jabel Kugonza, a 24-year-old says.<\/p>\n

Since most people graduate from college at the average age of 23, they are on the eves of getting money. As money-making endeavors change in the tech-savvy world with cryptocurrency, many are juggling skills and knowledge of these systems.<\/p>\n

\u201cThe main jobs that we grew up knowing and admiring are on the decline. These tech jobs are coming in and require us to learn and adjust,\u201d Mr Kugonza added.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. Money comes and goes. But I\u2019ll never be in my 20\u2019s again,\u201d Catherine Najjuka, a 22-year-old Information Technology student who is finishing up her university degree, says. \u201cThis is my little life.\u201d Generation Z finds it difficult to control their cravings but they suspect their curse is the lack of financial literacy. […]<\/p>\n","protected":false},"author":84,"featured_media":56179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[2355,2361,260],"class_list":["post-56180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nHow tech-savvy Gen Zs invest their money - Gambia<\/title>\n<meta name=\"description\" content=\"Money comes and goes. 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