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Greenlight Survey Finds Financial Anxiety Begins as Young as 14 Years OldGreenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially smart kids, today released new findings from a national survey on the state of financial wellness among kids and teens (Gen Alpha, Gen Z) and parents (Millennial, Gen X). In honor of Financial Literacy Month, the survey aims to better understand generational differences in financial attitudes as well as opportunities for families to improve financial literacy together. The results show financial stress and anxiety increase as early as 14 years old as financial confidence declines. 76% of Gen Z teens are just as stressed about money as their Millennial (76%) and Gen X (75%) parents, compared to only 31% of Gen Alpha. More than half (55%) of Gen Alpha say they are confident in achieving their financial goals, compared to only 45% of Gen Z. All generations agree they want more financial education, which can help provide the financial knowledge, skills, and confidence needed for a healthy future. Key survey insights include: Gen Alpha is the most confident and optimistic about their financial futures.
Gen Z is experiencing more than twice as much financial stress and anxiety as Gen Alpha.
Gen Z and Millennials increasingly turn to social media for financial advice, despite concerns about inaccurate information.
"At Greenlight, we're focused on empowering families with the financial knowledge and skills they need," said Jennifer Seitz, Director of Education at Greenlight. "While parents and kids alike may be experiencing financial stress, effective financial education can play a crucial role in fostering confidence and preparedness for a better future." Greenlight offers an award-winning banking app for families that teaches kids and teens how to earn, save, spend wisely, invest, and more. Today, the company serves more than 6 million parents and kids, who have collectively saved more than $600 million and invested more than $50 million towards their financial futures. Greenlight has continued to introduce new financial education programs for more effective and interactive learning. Greenlight Level Up™ is an in-app, curriculum-based financial literacy game with fun, engaging lessons that go beyond the National Standards for K-12 Personal Financial Education. Kids and teens have completed more than 2 million Level Up lessons with an average score of 88.4%. Greenlight also brought its best-in-class personal finance curriculum into schools with Greenlight for Classrooms - a free, web-based financial education library for teachers with more than 100 bite-sized videos, quizzes, and lesson plans, all mapped to K-12 national and state standards. Survey Methodology Survey insights were collected by Greenlight through a Researchscape survey fielded between March 22 and March 24, 2024, among 2,310 respondents in the U.S., split between Gen Alpha kids (ages 10-13), Gen Z teens (ages 14-19), and Millennial parents of 10-19 aged kids (ages 28-43), and Gen X parents of 10-19 aged kids (ages 44-59). All Gen Alpha kids were surveyed with a parent or guardian's permission and under their supervision. Results were weighted by age, gender, and Census region. About Greenlight Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially smart kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spending controls, and invest for their family's future. Kids and teens learn to earn, save, spend wisely, give, and invest. Together, families can also stay safe and connected with location sharing, SOS alerts, and crash detection with 911 dispatch. Greenlight partners with more than 50 leading banks, credit unions, and employers to bring its family finance solution to more families through the Greenlight for Banks, Greenlight for Credit Unions, and Greenlight for Work programs. The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Greenlight's bank partners. For more information, please visit: greenlight.com.
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