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The Coming Workforce Is Demanding Financial Literacy

In case you don't know the term Zoomer's, it's a population segment term also colloquially known as Generation Z, and it's the demographic cohort that succeeds Millennials. To be more specific you can use the mid-to-late 90's as starting birth years and the early 2010s as ending birth years for this group of the population.

Why is this group so important when it comes to the workforce? Mainly because it's the next big wave of the future maturing workforce and unlike the other cohorts of the workforce they are clearly and specifically demanding financial wellness help from their employers.

Greater than any other part of the workforce's overall population, over 65% of Zoomer's believe that employers should be solely responsible for workers attaining high levels of financial wellness and literacy.

This make sense considering that this same section of the workforce also scored the lowest when it came to financial literacy testing, answering only 43% of personal finance questions correctly compared to over half of Gen X and millennials answering correctly to the same set of surveys.

It's a bit of a change to the norm from this generation as most past employee bases have not been that motivated to learn about finances. It's likely that as this segment continues to mature and experience different things in life they are realizing more and more the importance of managing and understanding income.

Obviously the financial needs of younger person today are drastically different from the needs of older employees but they are no less important to the individual. Zoomers seem to understand one thing for sure. Employers can have a bigger impact on their financial wellness than anything or anyone else out there. It should be no surprise then, on whom they plan on holding accountable.


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