Only to sing a verse later, someone sleeps tonight with a hunger thats more than an empty fridge.
The song is 12 years old, but the message is current.
Major cities like New York, London, and Hong Kong have become symbolic of making it.
The wins are big, the falls are crushing.
Innovation thrives, and so does inequality.
This polarity has caused chaos for young people.
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The one thing they do have on their side more so than any other generation is tech.
Who better to take advantage of the new age of money than the internet generation.
Where did all the money go?
Gen Z is set to be themost educated generation to date knocking their Millennial predecessors off the podium.
One obstacle both generations come up against is what they do with that education.
Unlike previous financial crashes, the 2008 fiasco hollowed out middle income jobs more than low paid ones.
A slow recovery meant the jobs young people should have landed no longer existed.
Were still seeing the impact of these events.
In the meantime, themedian age of homeownershas been steadily creeping up.
Hop forward a year, andone in 10 UK workersbetween the ages of 16-24 were on zero hour contracts.
The pandemic isnt responsible for wealth inequality, it just exposed and exacerbated it.
Everything from climate change and overpopulation, to the increasing prevalence of deadly viruses.
These challenges require innovative solutions.
But research has shown that financial worries are so intrusive that theynegatively impact our work performance.
Children of the [fintech] revolution
Theres a glimmer of hope, though.
During the pandemic, we all spent too much time on our phones.
Young people were no exception, but what they did with them was fascinating.
One of these personas is the Neo-Asset Hoarder.
Most of them are under the age of 35.
And almost 20% of them switched banks during the pandemic.
In countries such as Thailand and Vietnam, people hold similar levels of crypto as they do property.
The second tribe is Covidpreneurs.
But its not just the entrepreneurial and investment minded who are getting into the game.
Countless neobanks have trading features, which means investment has become more accessible.
And if the older folks think new age investors wont tip the scales theyre wrong.
After all, a cohort ofkids sent Gamestops stock through the roof.
The platform provides conventional banking tools alongside P2P payments, crypto, and trading.
Users get a dynamic relationship with their money that reflects our fluctuating world.
How we use money is changing, and real-time financial products reflect that.
Cash may be king, but digital money leaves a data trail.
A study from India goes so far as to suggest this data could take the place oftraditional credit scores.
This could help provide much wider access to financial services.
Its like trying to measure the temperature of a volcano with your first aid kit thermometer.
Sooner or later, youre going to get burned.
Fintech wont fix the generational wealth gap.
