I Asked a Gen Z Finance Creator What They’d Never Waste Money on Again

According to the Bank of America Better Money Habits survey, 34% of Gen Z admitted to receiving some form of financial assistance from their parents or other family members. The survey found that 42% of Gen Z are living paycheck to paycheck, with 49% citing the higher cost of living as the main barrier to financial success.

However, despite rising costs, 66% of Gen Z say they’re saving money, up from 60% in 2024. Fortunately, Gen Z has positive financial influences to turn to when seeking out help.

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This is why MoneyLion spoke with a Gen Z financial influencer about a purchase they regretted and any lessons to share with other young adults looking to get their finances in order.

The $1,000 Course That Promised Riches

Ashleigh Ewald, a 24-year-old Gen Z financial education commentator and second-year Master of Science in Public Policy student at Georgia Tech, shared that she spent $1,000 on a course at the end of 2024 because of a social media advertisement with claims that the program supposedly taught people how to start a Shopify business and potentially earn $5,000 to $10,000 per month. 

While she genuinely believed she was investing in her future, this exciting opportunity turned into an experience that she regretted. The course creators continued to convince her to spend hundreds of dollars on equipment and other resources after she had already spent the $1,000.

“It felt like every time I thought I had made the necessary investment, there was another expense waiting around the corner," she said. "What had been advertised as an opportunity to make money was turning into an opportunity for someone else to keep making money from me.”

What Was the Biggest Lesson Learned?

“My biggest lesson is that just because something is marketed as an investment in yourself does not mean it is a worthwhile investment,” Ewald remarked. Looking back, she views the course as a scam and admits the promise of financial independence drew her in without fully understanding what she was getting into.

What made the experience more frustrating was that she had worked incredibly hard to graduate from college debt-free by making responsible financial decisions. However, the excitement of potentially making thousands of dollars online led to a lapse in judgment. 

While she still believes that entrepreneurship can be a wonderful opportunity for a young adult looking to increase their income, you have to be diligent about distinguishing between investing in your future and paying someone who is selling you a dream.

What This Experience Means for Gen Z

Ewald believes this experience reflects a broader issue facing Gen Z because social media constantly exposes young adults to influencers and entrepreneurs promoting passive income, financial freedom and the possibility of becoming wealthy at a young age. 

She emphasized that when you’re eager to find financial success, it can be easy to overlook warning signs. This is why she encourages other young adults to research these opportunities, seek independent reviews, ask about all potential expenses up front, and be skeptical of programs that emphasize impressive income claims.

What Young Adults Need To Know About Personal Finance

Ewald admitted that social media often makes financial success look easy, especially when influencers promote income streams, expensive courses or lifestyles that aren't realistic for most young adults. 

There are two things that young adults should be aware of when it comes to financial success.

Many Influencers Promote Lifestyles They Don’t Live

The harsh reality is that influencers are often exposed for putting on a fake rich life they don’t actually live. The $1,000 experience taught her that just because something is trending or marketed as an investment in yourself doesn't mean it's worth your money. 

Financial Success Isn’t About How Quickly You Can Make Money

“One of the biggest lessons I've learned is that financial success isn't about how quickly you can make money,” Ewald shared.

Young adults should remember that financial success is measured by how wisely they manage and protect what they already have. This means that Gen Z should pay attention to small purchases, subscriptions and everyday conveniences that can add up quickly without them realizing it.

Ewald concluded, “As someone who graduated college debt-free, I encourage young adults to prioritize long-term financial stability over short-term gratification. There's nothing wrong with enjoying your money, but financial independence comes from being intentional with your spending, avoiding unnecessary debt and understanding that building wealth takes time.”

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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