With a lack of financial literacy and a high cost of living, Gen Z is staring down a bumpy road to financial independence.
A 2024 study found that fewer than 15% of college students can correctly answer six questions about financial concepts such as risk and diversification, compound interest and mortgages.
“It is scary, and it is a lot and it is terrifying, but it is on us to be able to research it, ask about it, and then educate your friends about it, because that’s the only way that we will reach a more equitable society,” said Grace Gubbrud, a DePaul alumna who’s now an associate brand manager at DoorDash.
Gubbrud, who encouraged students to start learning about finances sooner than later, was among panelists who spoke Wednesday, April 9, for the second edition of the College of Communication’s “How to Adult” series in Munroe Hall.
The Q&A, hosted by the Young Professionals Advisory Board and the Dean’s Advisory Council, covered financial topics such as salary negotiations, benefits, retirement savings and budgeting. About 10 students majoring mostly in journalism, communications and public relations and advertising attended the event.
Gubbrud said she grew up getting most of her financial knowledge from her father, an accountant. However, Gubbrud said she also uses online and social resources for budgeting and other financial matters.
“I’m a Pinterest girlie. There are so many resources and worksheets and premade Google Docs, that you can find what works for you and stick with it,” Gubbrud said.
Attendees asked panelists about how they can build their brand and create effective mission statements for themselves. The panelists recommended creating a LinkedIn profile and a personal website with visual elements. Panelists said they recommend LinkedIn because it gives veterans in the field a platform to directly vouch for young professionals looking for work.
Panelist Marty Wilke said DePaul students searching for jobs should not disregard the personal values they might have gained from attending a Vincentian institution.
“It sounds simple, but if you can articulate that to a hiring manager, that speaks volumes, those little things … about personal responsibility, caring about others, coming in ready to work,” said Wilke, a former media executive at WGN-TV and CBS2 Chicago. “There is great value in that, that sometimes you discount.”
Panelists also noted that young professionals should not be afraid to negotiate benefits, such as remote work and stipends for professional development, along with negotiating their salary. In their experience, no salary offer had ever been rescinded because of an attempt at getting a better deal.
According to a fall 2023 survey conducted by Pew Research Center, a little over half of Americans say they know “a great deal or a fair amount” about personal finance. Of those who say they are knowledgeable, 49% say they learned most of what they know from friends and family, while few (19%) said they got that knowledge from K-12 schools.
Matt Ragas, a professor of public relations, advertising and professional communication at DePaul, has cowritten several books for professionals interested in developing their business literacy.
“It might sound a little funny to be thinking about creating wealth and even things like retirement when you’re in your 20s,” Ragas said. “But I promise you the earlier that you start getting smarter on this, the more you’re setting up yourself and your loved ones for success in the future.”
Ragas said the No. 1 thing he recommends to students interested in becoming more financially savvy is reading more business news.
“Keep reading your sports and your entertainment and your pop culture, and hopefully your public affairs and your politics,” Ragas said. “But also start reading some quality business news sources to start becoming more familiar with the latest and greatest that’s going on in the world of business.”
Some attendees at the workshop expressed concern about career prospects in the journalism industry, which has largely shifted to digital platforms and short-form content.
Local news outlets have also notably faced decline in recent years, according to the 2024 State of Local News Report conducted by the Medill School of Journalism at Northwestern University.
Wilke said journalism is not necessarily a dying industry, but that it is instead a “fragmenting industry,” which could result in more niche opportunities for those entering the field.
The next event in the “How to Adult” series is slated to take place in the fall.
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