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By Jack Andrews
For Financial Independence Hub
A recent study by Experian highlighted a troubling financial knowledge gap among Americans, especially younger generations.
Out of 2,000 adults surveyed, three out of five admitted that they have made expensive financial mistakes due to insufficient knowledge of credit and personal finance. Gen Z, in particular, faces significant challenges: 71% of respondents from this age group acknowledged that poor financial literacy has led to financial setbacks. Of these, 29% reported losses of $5,000 or more. These statistics underscore the urgent need for accessible and effective financial education.
Despite the evident need, a disconnect persists between the demand for financial education and its availability. While 78% of adults believe personal finance courses should be mandatory in high schools, only 25 states currently require such classes. This lack of structured education leaves many young people unprepared for essential financial responsibilities.
Gen Z is eager to learn about personal finance
However, there is hope: Gen Z is eager to bridge this knowledge gap. According to the same study, 80% of Gen Zers express a strong desire to improve their financial understanding, demonstrating a willingness to take charge of their financial futures.
The good news is that there’s a wealth of information available right at their fingertips. For example, there’s recently been an influx of reputable personal finance gurus sharing their knowledge on social media platforms. Former Wall Street trader-turned-financial influencer Vivian Tu is one of them. Known as Your Rich BFF on Instagram and TikTok, Tu has amassed over six million followers across her socials where she shares financial advice in the hopes of helping people live better, fuller financial lives. In addition to being a full-time content creator, Tu hosts a podcast called Networth and Chill and has written a bestselling book on all things related to personal finance.
Tu is far from being the only finance guru with a book worth reading. On Everand, you can find a plethora of personal finance ebooks that can help build your knowledge and your net worth. You can think about subscribing to this digital library as an investment. For an affordable monthly fee, you can access ebooks written by experts like David M. Rubenstein’s How to Invest and Steven A. Silbiger’s Retire Early?. So, if you’re ready to take charge of your financial freedom, here’s a list of the best finance ebooks to help you plan for the future:
How to Invest by David M. Rubenstein
Investing is one of the most effective ways to achieve financial independence, with a Youth & Money poll revealing that 63% of young adults believe the stock market is a great avenue for building wealth. Yet, many Gen Zers are not actively investing, often citing high living expenses or a lack of knowledge as barriers. This is where David M. Rubenstein’s How to Invest proves invaluable.
Rubenstein’s ebook is a deep dive into the principles of successful investing. Drawing on insights from some of the world’s most accomplished investors, the ebook provides readers with actionable strategies for navigating the financial markets. Whether you’re a novice or a seasoned investor, How to Invest delivers timeless wisdom and practical advice that can transform the way you approach investing. With Rubenstein’s guidance, young investors can gain the confidence and knowledge needed to grow their wealth.
Retire Early? Make the SMART Choices: Take It Now or Later? by Steven A. Silbiger
While Gen Z is proactive about managing immediate financial responsibilities, such as paying bills and budgeting, long-term financial planning often takes a backseat. According to a Newsweek report, 53% of Gen Zers have not yet contributed to a 401(k) or retirement plan, and 49% lack life insurance. These statistics highlight the importance of early retirement planning—an area expertly addressed in Steven A. Silbiger’s Retire Early? Make the SMART Choices.
Silbiger’s ebook serves as a comprehensive guide to retirement planning, breaking down complex topics into clear, actionable steps. The ebook explores the financial and emotional considerations of retiring early, offering strategies for maximizing Social Security benefits and avoiding common pitfalls. With its practical advice and research-backed insights, Retire Early? empowers readers to make informed decisions about their financial futures.
The Psychology of Money by Morgan Housel
As we discussed in a previous post, Gen Zers in Canada are the most engaged generation for tracking financial goals, with a BMO survey indicating that 62% of Gen Z review their financial goals at least quarterly. Habits like this are vital for establishing a healthy financial foundation and aligns with the lessons found in Morgan Housel’s ebook The Psychology of Money.
Unlike traditional budgeting guides, Housel’s ebook focuses on the emotional and behavioral aspects of financial decision-making. Through engaging stories, he examines how personal experiences and biases shape our attitudes toward money. The book provides valuable lessons on managing emotions, understanding risk, and developing long-term financial strategies. By addressing the human side of finance, The Psychology of Money equips readers with the tools to make better financial choices.
You Need a Budget by Jesse Mecham
In late 2023, comedian and writer Lukas Battle went viral on social media for coining the term “loud budgeting.” The opposite of “quiet luxury,” Lukas Battle explained to CNN that loud budgeting is “new terminology for people to use when they don’t want to spend money.” While it started out as a joke, Battle’s message resonated with Gen Zers and Millennials who are working towards financial autonomy by saying no to unnecessary spending. This attitude aligns perfectly with the principles outlined in Jesse Mecham’s You Need a Budget.
Mecham’s ebook introduces readers to a four-rule method for effective money management. These rules emphasize aligning spending with personal priorities, building financial resilience, and achieving long-term goals. By shifting the focus from restrictive budgeting to intentional money management, Mecham’s approach transforms finances from a source of stress into a tool for empowerment.
The financial challenges faced by Gen Z are significant, but they are not insurmountable. With the right resources, young people can gain the knowledge and skills needed to secure their financial futures. The ebooks listed above offer invaluable guidance for navigating the complexities of personal finance, empowering Gen Zers to build a foundation for lasting financial success.
Jack Andrews is a freelance writer focusing on topics like financial management, investment, and tech. When he’s not writing, you can find him going through his to-read pile or hiking with his dog.
