Nearly 50% of Millennials and Gen Z Feel It’s Inappropriate or Awkward to Talk About Money; Majority Underutilize Financial Tools that Help Build Financial Security
Principal® Foundation, a global nonprofit committed to helping people and communities build financially secure futures, is launching Money Chronicles: A Story Initiative that is using the power of storytelling to help destigmatize and encourage conversations about money and personal finances. The initiative is kicking off with a national short story contest that invites people to share imaginative and meaningful short stories that reflect lived experiences with money.
The contest is hosted in collaboration with The Center for Fiction, a national literary nonprofit, and Short Édition, a global publishing house. Stories can be submitted online until August 31, 2023, 11:59 pm PDT at http://principal-foundation.short-edition.com. The initiative will also make the finalist stories accessible to the public by installing short story dispensers in libraries, bookstores and cafes in New York, N.Y., Los Angeles, Calif., Seattle, Wash., Charlotte, N.C., and Iowa City, Iowa. Visitors simply press a button on the dispenser to print a short story to enjoy.
“People develop narratives around money and personal finance based on familial experience and those narratives tend to impact their relationship to money and inform their financial decisions throughout their lives,” said Jo Christine Miles, director, Principal Foundation and Community Relations, Principal®. “This contest is a way to inspire people, through the universal, human art of storytelling, to reimagine their narrative, resolve any struggles and, ultimately feel more comfortable having more robust financial conversations that advance their financial goals.”
Conversations about money are typically driven by people’s perceptions of their own personal finances and experiences growing up. A new survey of 3,000 Millennial and Gen Z Americans conducted by YouGov and commissioned by Principal Foundation, reveals that like social media, conversations about money are usually only showing one aspect of personal finance, avoiding more comprehensive and candid conversations.
Millennials and Gen Z are most comfortable sharing information related to salary or income. Less is being shared about topics, such as savings, debt, and investments.
- 72% will talk about salary/income.
- 60% will talk about savings or debt.
- 54% will talk about mortgage or rent.
- 49% will talk about investments.
Millennials and Gen Z have underlying fears of being judged about their money habits.
- More than 40% fear being judged for their habits or earning level.
- Nearly one-third do not want it to create social tension with friends or family.
- 30% do not want to seem materialistic or like they are bragging.
Financial habits witnessed growing up can lead to anxiety and control issues around money later in life.
- More than half of Millennials and Gen Z continue with the same financial habits they witnessed growing up.
- 40% agree that the financial situation they grew up in has led to issues controlling their spending.
- 52% agree the financial situation they grew up in led to worries about having enough money even when they are financially stable.
Millennials and Gen Z underutilize financial products such as retirement accounts, investment accounts, and protection products due to disinterest or reasons other than lack of funds.
- Only 33% report having retirement savings or life insurance.
- 38% report not having retirement savings due to disinterest or reasons other than lack of funds.
- 50% report not having investment accounts due to disinterest or reasons other than lack of funds.
Women are more likely to share financial information with their partners than men.
- 73% of women will share information about salary or income compared to 65% of men.
- 60% of women will share information about debt compared to 54% of men.
- 57% of women will share information about mortgage or rent compared to 47% of men.
By reading stories presenting diverse financial situations, views and approaches to personal finance, this story initiative is designed to encourage people to reconsider their own situations and habits, engage in more candid conversations with those they trust, and develop more robust plans to attain the financial security they seek.
Entering the contest is free, and 30 finalists will be selected by an esteemed panel of literary authors and experts including Mahogany L. Browne, Ava Chin, Novella Ford, Sidik Fofana, Xochitl Gonzalez, Alvin Hall, Erika L. Sánchez, Ashley Woodfolk, and Judy Zuckerman.
Finalists will receive $250 and have their stories distributed through Principal Foundation’s network of story dispensers, which can be found at New York Public Library in New York, N.Y.; Sip & Sonder in Los Angeles, Calif.; Charlotte Mecklenburg Library in Charlotte, N.C.; and renowned independent bookstores in Seattle and Iowa City, the only UNESCO Cities of Literature in the United States, Elliott Bay Book Company in Seattle, Wash. and Prairie Lights in Iowa City, Iowa.
Stories from the finalists will also be considered for publication in Short Edition’s global network of more than 300 story dispensers located in airports, public transportation hubs, retail centers, and other locations around the world.
Terms and conditions apply. Adults ages 18 and older are encouraged to submit original fiction or creative nonfiction stories through the contest website now through August 31, 2023, 11:59 pm PDT. Finalists will be announced in October. For more information about Money Chronicles: A Story Initiative Supported by Principal Foundation and details on how to enter, please visit http://principal-foundation.short-edition.com.
