The Impact of Parents’ Financial Advice on Gen Z and Millennials
Influential yet often misguided, parents play a significant role in shaping their children’s financial decisions. This article explores how outdated or unhealthy financial advice from parents can inadvertently steer future fiscal choices, particularly affecting Gen Z and millennials.
Jessica Moorhouse’s journey is a compelling example of breaking free from her parents’ financial habits. At 30, she realized her mother and father had taught her to save only when necessary and budget minimally—traits that contributed to their financial struggles. Moorhouse credits her self-driven approach with saving significantly more than her parents did during her career.
The article also highlights Jessica’s belief that not understanding her parents’ financial traumas can lead to poor decisions, stress, or limiting beliefs about money. Recognizing these inherited habits is the first step in developing healthier financial relationships.
Moreover, the piece emphasizes the generational gap in financial literacy—many parents themselves received inadequate financial education, which they pass on unintentionally. This oversight underscores the need for Gen Z and millennials to reassess their financial approaches independently.
In conclusion, while Gen Z may value flexibility more than their parents did, it’s crucial to break free from inherited financial habits. By doing so, individuals can build a stronger foundation for their own financial well-being.
