4 Money-Saving Moves Boomers Should Adopt From Gen Z
Tradition dictates that elders pass on advice to the younger generations, but now that Gen Z is in the workforce, they might have discovered some new financial strategies baby boomers can learn from.
With mastery over new technology, Gen Z can save money in new ways. Those in their 60s and 70s might want to take a look at some of the ways those in their 20s are managing their money.
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Data Analysis
Since Gen Z has been using cellphones basically since they were born, they've found the most useful tools online to help with their finances. This includes calculators that can give them all the information they need before making a big money decision.
"Gen Z homeowners are using apps to calculate a return on investment (ROI) for all energy upgrade projects before they sign any contract," Dean Mahmoud, the CEO of EcoGen America, said. "With that, Gen Z has no allegiance to brands and they simply want to know what will be the mathematical break-even point on their utility bills. In contrast, this data-driven approach is vastly different from the method most of the rest of the population uses which relies heavily upon trust in long-standing relationships and not necessarily the bottom-line cost or ROI."
Instead of relying on brand recognition, boomers should use the tools that are simply going to deliver the information they need. "Our internal data shows that clients who utilize independent digital models to validate contractor estimates end up installing systems that are 15% more efficient than those installed by contractors without validation," Mahmoud said.
Cash-Back Apps
Steven David, the co-founder and CEO at EZ Movers and Storage, said he noticed that Gen Z saves a lot of money by installing cash-back apps on their phones and laptops.
"Gen Z will utilize various combinations of cash-back applications, coupons and store credit cards to obtain a return on nearly all purchases made," David said. "Boomers can take advantage of these practices by using one to two cash-back applications that are utilized regularly, adding the credit cards from their favorite stores to their digital wallet and comparing prices between two to three websites prior to making a purchase online."
Bill Negotiation
Gen Z knows that they can get their bills lowered, and they take the time to do so.
"Gen Z negotiates their bills on a routine basis, including their cable bills and medical bills, and can save thousands of dollars annually by doing so," Elliot Sterling, a web content writer at Opus Virtual Offices, said. "Approximately 50% of them regularly negotiate their bills to try to keep their expenses down."
Multiple Revenue Streams
David noticed that boomers typically want a large sum of funds to start investing, but Gen Z don't wait to start investing or looking for ways to make extra money.
"Gen Z generates additional income through renting rooms in their homes, selling used goods online and engaging in short-term, gig-based employment opportunities such as dog walking or running errands. Boomers can accomplish similar goals by listing their basement, garage or attic as storage units on a local platform to generate consistent revenue with minimal effort."
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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