Gen Z has the highest rates of stress, anxiety and depression compared with any other generation. Factors for this range from increasing social media usage, the Covid-19 pandemic, high academic pressure and financial stress.
While many of these issues are deep-rooted and complex to solve, at least one problem is relatively easy to tackle – helping them to effectively manage financial stress.
Young people today have good reason to be stressed about money: Due to the volatile state of the global economy, they are entering a tough economic landscape. The rising cost of education, the highly competitive job market and the increasingly complex financial landscape only add to this stress.
An expensive omission
The majority of Gen Zers not being taught even basic financial literacy is what makes this issue catastrophic. They are wholly unprepared for dealing with any of the financial aspects that require their understanding.
From student loans and credit card debt to predatory lending and financial scams, this lack of knowledge and awareness will prove extremely expensive, not least because of the effect it will have on their psychological and emotional well-being.
Being financially literate – understanding key personal finance concepts and being able to make smart money decisions – gives these youngsters three things they crave: clarity, control and confidence. This goes a long way to bolster their sense of empowerment and plays an important role in their mental well-being.
A crucial link
Research published by the Journal of Financial Therapy found that those with lower financial literacy were more likely to experience financial stress, which harmed their mental health. There are vast amounts of data showing the correlation between improving financial literacy and better mental health outcomes.
This link is especially crucial for Gen Z as they build good financial habits that will hold them in good stead in the future and help them to avoid common financial pitfalls, whether it’s living beyond their means, taking on excessive debt or investing recklessly.
Each of these pitfalls has a toxic fallout and the potential to permanently derail their lives.
Being financially literate gives them the skills they need to navigate financial quagmires prudently. This has the follow-on effect of affording them financial stability and security, which, in turn, does wonders for their mental health as it fosters a sense of agency and resilience.
Long-term planning
Gen Zers are anxious about their future. The blinding pace of technological and social change makes it difficult to predict the future, much less prepare for it.
The financial aspect of their future is one they find particularly worrisome, given that they lack the knowledge and skills necessary to budget, save and invest.
These Gen Zers then find themselves constantly living in a state of financial uncertainty. This uncertainty can cause significant levels of stress and anxiety, as they worry about their financial stability and their ability to achieve their goals.
Without a plan for the future, many young people have feelings of hopelessness and a lack of control over their lives, leading to a decline in mental well-being.
Giving Gen Zers critical financial education at this stage of their lives gives them the competence and the resulting confidence to make good money choices.
Financial literacy provides a foundation for making wise financial decisions, planning for retirement and building a financial safety net.
This long-term security can contribute to improved mental well-being, as people feel more prepared and confident in their ability to handle financial challenges that may arise.
Empowerment and self-esteem
Financial literacy promotes a sense of empowerment and self-esteem. When these Gen Zers understand and take control of their finances, they experience a greater sense of mastery over their lives.
This sense of empowerment can positively affect mental health by fostering feelings of self-worth, autonomy and a sense of accomplishment.
It also helps immensely in relationship dynamics. Financial difficulties can strain relationships and contribute to mental health issues.
When Gen Zers understand and take control of their finances, they experience a greater sense of mastery over their lives
Marilyn Pinto,
founder, KFI Global
Financial literacy plays a crucial role in fostering healthy financial communication and joint decision-making within relationships.
When couples or families have shared financial literacy skills, they can effectively collaborate on financial goals, reduce conflicts related to money and create a supportive financial environment that can boost mental health.
The transformative power of financial literacy on Gen Z’s mental health cannot be overstated.
By providing them with the necessary knowledge and skills to navigate personal finance, we empower them to manage financial stress, plan for the future and make informed financial decisions.
This empowerment contributes to improved mental well-being, fostering a sense of control, resilience and self-esteem.
Investing in financial literacy education for Gen Z is an essential step towards supporting their long-term financial and mental well-being.
Marilyn Pinto is the founder of KFI Global
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
The%20specs
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Series info
Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday
ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23
T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29
Tickets Available at www.q-tickets.com
Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.
Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
More from Neighbourhood Watch:
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
The years Ramadan fell in May
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
