In this conversation Bella and Shona (Gen Z and a Millennial respectively) have a chat about how Bella feels about money, her future, what is relevant today, her hopes, fears and aspirations, from the Gen Z perspective.

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How do you feel about the current housing market, and do you see yourself owning a home in the future? If property is not obtainable, are you interested in investing in some other way (e.g., shares, managed funds, etc.)?

My feelings towards the housing market are… complicated.

I've always been interested in all things property! (I had a knee-high stack of 'Property Press' magazines at home when I was 10 years old) and always dreamed about owning my own home.

This quickly went from part of the 5-year plan to the 10-year plan. While I am confident that it will happen, I'd be lying if I said this wasn't really discouraging, especially when I compare myself to what previous generations had achieved by my age. I am subconsciously starting to consider "Plan B" if things get much harder.

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What are your thoughts on climate change, and how do you think it will impact your financial decisions (e.g., where you may rent or buy a house, what you might invest in, etc.)?

I find climate change really scary, to be honest, and if I think about it too much, I'll get really anxious and existential 😅

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Do you think that you will invest outside of KiwiSaver? If so, what appeals to you and why?

Yes, definitely! I really like the idea of managed funds.

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Have you started to think about retirement, and do you have anything in place now to support your goals and create financial security later in life?

I have definitely thought about it and feel a real pressure to get on the property ladder because of this. I also have my KiwiSaver and have peace of mind knowing that I am in an appropriate fund for my age and stage.

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How do you envision your career path? Will it be steady or made up of a lot of different things? How long is the right amount of time to stay in a job today?

This is a really interesting question! I have a very vivid memory of my teacher in Year 4 telling the class, "Your generation is expected to have more jobs throughout their lifetime than any other generation."

Eight-year-old me pictured an adult version of myself, taking on quests Forrest Gump style for a living.

I haven't captained any ships or performed in a one-man band yet—which may speak more to my love of comfort zones—but I think I am the outlier, as I have noticed a trend amongst my peers of changing not only jobs but industries every couple of years.

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What's the most important thing in a job today? Money, flexibility, remote work, progression, group insurance schemes, or other?

I would say culture is #1, followed closely by money and flexibility!

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How important is tertiary level education to you in today’s world? Is it worth the student loan?

If I'm being honest… I think it's becoming less important.

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In what ways have you embraced the AI shift? Do you feel generally threatened or empowered by AI?

I LOVE it!! But it can be a daunting thought when it comes to job security in the future. That being said, I do use it daily to make mundane tasks such as shopping lists less stressful.

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Do you ever see yourself moving overseas to chase other prospects?

I have lost many a friend to Australia in recent years, which is hard to ignore… but did I mention my love of comfort zones?

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How do you balance saving for the future with enjoying the present?

If I spend money on something or going somewhere, I'll sometimes regret it. But the same can also be true in reverse. I just have to ask myself which regret would be harder to live with.

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What are your top financial goals, and how are you planning to achieve them?

Buying a house has always been my top goal—and I just have to be patient. If I keep putting money away, my time will come!

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Do you budget or track your daily expenses?

Absolutely—the Westpac Budget calculator has been my go-to for years.

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Is marriage still relevant in today’s world? Is Gen Z interested in this?

Marriage, yes. Weddings, not so much. I am noticing online (and perhaps this is just my algorithm) that eloping is increasing in popularity.

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Do you think that people in your generation want children? If not, why is that?

Yes, I think we are just putting it off for as long as we can. Kids are expensive!

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What kind of housing and lifestyle appeals to you, and why?

I would love to live in a tidy villa on the fringe of the city. Being walking distance to the hustle and bustle of the city, but also the trails (where I could walk my dog someday) sounds truly perfect.

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Car, bus, bike, or foot?

I want to say foot - but definitely car.

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What financial habits have helped you most in life? Which ones have held you back?

Setting a budget has helped me immensely. I have a bit of an online shopping problem, which has really held me back at times. But knowing this about myself, and setting aside funds to play with, as well as funds that I can't touch, has been great!

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What are your thoughts on investing in sustainable and ethical companies?

I think it's great!

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What is your biggest financial concern for today? For the future?

Today, the cost of living is a massive concern. I hold on to hope that this will improve but really worry about what my future would look like if it doesn't.

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How do you feel about personal insurance for your health and income?

Working in the industry, I will have a different opinion on this compared to other people my age (I don't think I know any other 25-year-olds who have it!). But it is SO important.

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How can older generations support Gen Z?

I read somewhere recently that, generally speaking, each generation has been 'better off' than the generations preceding them. But that is not the case for Gen Z. I think that weighs really heavily on a lot of us.

We do get a bad rep for being 'expectant' (which may be true for some of us), but I think understanding where we are coming from would be a great support!

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Questions by Shona, Answers by Bella 💚

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Disclaimer:

This post is intended as generalised discussion. Always talk to your adviser about your own situation 💚

Read our disclosures on our website:

https://www.velocityfinancial.co.nz/disclosure-statement

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