In the spirit of nostalgia, we’re taking it back to our money management roots, and who better to ask than our youngest gen Z-ers?
If you’ve had a rough day at work, let a child's outlook on finances lift your mood.
‘What do you think the best way to save is, Adam?’
After a long pause and a hypothetical ‘say mummy and daddy let you have an iPhone’ taken way too seriously, ‘storing it in your wallet’ and ‘hiding it’ were his first two methods.
But, the golden nugget of wisdom Adam imparted on us was:
‘Get a credit card.’
Jasper, a definite entrepreneur in the making, starts off by educating us on the benefits of selling something and making a profit, suggesting we buy some sneakers and sell them for a higher price.
Key ways to avoid spending money:
Get a rocket and fly it into space.
‘How do you save money, Jonah?’
However, after further questioning, ‘parental control’ seemed to be the best method to save money.
If I’m speaking honestly, I would definitely have twice as much money in the bank if my mum still managed my money.
When we asked him how we could improve the Chip app, Jonah recommended gamification. Introducing incentives where the more money you transfer, the more games you unlock.
‘And if [the app] buys you chocolate.’
After counting her pocket money, she has £1.30. She doesn’t want to spend it all but wants to buy something for the garden. Maybe a Wendy house or a swing.
It terms of keeping her money safe, she said she would keep it in the bank where it would make money for charities.
The other safe place she suggested was a shop till!
The takeaway? Make meaningful goals and give all your money to shop keepers.
A simple solution: go to work and…. music (?).
Could Chip foresee a potential partnership with Spotify? Watch this space.
Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.