The Michael Caz Podcast brings you the latest in health, business, relationship, and adventure.
Manage episode 293925061 series 2652992
This week we sit down with author, podcaster and go to girl on young peoples’ money questions: Iona Bain. We discuss What first got Iona into working on the Young Money blog, highlights from a decade in the business, research on Gen Z vs Millennial habits and what that could mean for both saving and investing in the future. In addition we explore what do young people tend to “get wrong” when thinking about money and what Iona thinks is the biggest threat to young people’s finances in the next decade. What first got Iona into working on the Young Money blog A lack of people speaking to her generation in a relatable way about money, plus being a way to learn. Highlights from a decade in the business Iona’s appearance on Question Time, as well as mainstream financial press roles such as Financial Advisor, writing about investing through key events like the Retail Distribution Review and being in the newsroom the day after the Brexit referendum. Iona’s recent research conclusions: Young people are most likely to suffer economic fallout from the current environment (particularly Gen-Z) alongside those approaching retirement. This poses questions as we come out of the Covid-19 crisis – how to redress the balance. Differences between Millennials (age 26-40) and Gen-Z (16-25) Gen-Z likely to be more adventurous and entrepreneurial, more likely to be enthusiastic savers than Millennials. Partly because they have seen Millennials get caught out and been affected by too bleak a picture post-2008. There are big changes in saving and investing over the last decade, only one banking app existed in 2011. Since then we have Monzo, Starling, Revolut etc exerting outsize influence in the industry. What do young people tend to “get wrong” when thinking about money Viewing it as a form of gambling and expecting instant results. What’s the biggest threat to young people’s finances in the next decade? A major stockmarket correction, and inflation. One thing for listeners to remember Mistakes are inevitable. No-one’s perfect, we all make mistakes, what matters is we learn from mistakes and are committed to getting to grips with our finances. It’s complex but also rewarding. Most underappreciated thing about investing It has genuinely never been easier to start investing. That has its dangers but the biggest problem is often overcoming apathy. Recommendations Money Week podcast with Merryn Somerset Webb The BBC history extra podcast Links to Iona’s content: Young Money Blog Book: “Own It” Own it! Podcast