Gen Z’s Real-World Finance: Practical Money Management Lessons from Life Experiences

In the void, everyday stories about saving, borrowing, or investing shared by previous generations become a familiar “guiding light,” helping them vividly envision a path to achieving financial security.

When Banks “Tell Stories” About Money Management

In Decision No. 149 by the Prime Minister regarding the National Comprehensive Financial Strategy until 2025, with a vision to 2030, the task of financial education, enhancing personal financial literacy, and consumer protection is prioritized. Thus, the strategy’s goal is not only to expand service networks or develop technology but also to ensure the development of a sustainable and transparent personal finance system, empowering every citizen with the knowledge and skills to make sound financial decisions.

In this landscape, Generation Z (born from 1997–2012), comprising nearly 25% of Vietnam’s workforce, is gradually becoming the dominant consumer group in the near future. This generation’s life is closely tied to technology and digital services, and they are considered to have a more advanced financial awareness than previous generations. Once labeled as the “spendthrift generation,” Gen Z now spends at least 5 days considering before spending, according to research by Shopee and Kantar Profiles. They are also developing investment mindsets, surpassing Generations X and Y in exploring investment platforms and digital banking. However, the lack of experience in managing income, expenses, borrowing, or investing makes many young people vulnerable to risks.

In response, banks have begun focusing on delivering financial knowledge in an approachable and easily digestible manner to engage Gen Z. Recently, through the podcast series The Money Manifest, BIDV has created a “content hub” where young people freely share personal financial stories and practical experiences, receiving positive feedback from the Gen Z community.

Practical Finance Through Real-Life Lessons

From daily spending stories to long-term financial plans, each participant in the program leaves an impression on the audience with their real-life experiences. Bim Nguyễn, a fashionista known to many young people, shares her setbacks in personal spending management and the lesson of setting reasonable limits. She explains, “In the past, I set my spending limit as the amount left after saving. But now, with a credit card, I find this method very effective. I use the credit card limit as my spending limit because the bank has already set it based on my repayment capacity.”

Meanwhile, Tùng Phạm approaches financial management with a “counter-current” principle against fast consumption habits to effectively manage risks: “Don’t buy anything unless you have enough money to buy it twice. I always keep a 12–18 month emergency fund before comfortably using the remainder for purchases. This way, if something unexpected happens, I can still live comfortably and enjoy my passions.”

A Flying Andrew offers a different perspective, candidly addressing the downsides of credit card usage. He notes, “Using a credit card requires significant self-discipline. If you lose control, past debts can overwhelm and devastate your financial situation.” This warning highlights a reality: modern financial tools can be helpful but also burdensome without knowledge and personal discipline.

Thanks to “real people, real stories,” The Money Manifest has become an effective bridge for Gen Z to access financial solutions more effectively. One viewer shared, “Listening to their stories, I realize financial knowledge isn’t boring. Many things I did intuitively now have principles and methods to avoid risks.”

Through innovative platforms like The Money Manifest, BIDV is effectively supporting Gen Z in confidently navigating a secure and sustainable financial path.