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.
Get Started: Worried about market swings? See why investors are moving to gold and silver IRAs
Read More: FREE 2026 Investor Guide + Up to $25,000 in Silver with Qualifying Purchases
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.
Source: finance.yahoo.com
