Every generation has their own unique approach to money and personal finance. GenZ (Those born in ~1997-present), a generation that is often stereotyped as having abundant resources and a carefree attitude towards money. Yet, according to the World Economic Forum, 64% of Gen Z have already begun researching on their own or talking to others about financial planning. In addition, 46% have made personal investments in 2020 according to Bloomberg.
In this episode of Money Talk, we are thrilled to invite Sammy and Tina, 2 CUHK students to share their view on how their generation is taking a more pragmatic approach to money.
Tell us about yourself!
Sammy: I am Sammy, currently studying Global Business at the Chinese University of Hong Kong, and I am going to be a Year 2 student.
Tina: I am Tina. I am also studying Global Business at the Chinese University of Hong Kong, and I am Sammy's classmate.
Rapid-fire Questions:
"Do you have any pocket money?"
Sammy: No.
Tina: No.
"Do you support your family and how much?"
Sammy: Yes, HK$2,000.
Tina: Yes, HK$1,500.
"Who do you think makes more money?”
Sammy: Me.
Tina: Sammy, he received more than HK$100K in scholarship grants!
"Top 3 spendings?”
Sammy: 1) Transportation 2) Food 3) Dating.
Tina: 1) Food 2) Transportation 3) Shopping.
"How long have you been investing?"
Sammy: Half year.
Tina: Few months.
Why would you invest?
Sammy and Tina: We want to earn a living. Since we are still in school, income earned from part-time jobs or internships might not be enough to support our daily spendings. Therefore, investment offers us an additional source of income.
What’s the biggest hurdle when it comes to investing?
Tina: As a university student, the lack of knowledge about the financial market is the biggest obstacle to investing wisely. It’s often confusing to start as I am not sure which investment product suits me. It is also difficult to distinguish the difference between trading platforms or to assess the profitability of each stock.
Sammy: I share a similar view with Tina. The biggest obstacle to investing is to research and compare a myriad of stocks, funds and ETFs. After all, our daily activity as university students is studying and we are not able to allocate a lot of time on screening and researching the stock markets.
What financial advice would you give to each other?
Tina: Invest apart from saving.
Sammy: Absolutely! The savings that sit at the bank will be depreciated over time given the inflation. The investment could help offset the inflation and maybe you can earn higher than the inflation rate.
How do you know about AQUMON?
Sammy and Tina: I learned about AQUMON in CUHK when I was working on a case study about the brand, we had to study the market of robo advisory providers in Hong Kong. As I gained a deeper understanding about AQUMON, I decided to set up an account and try out their automated smart investments.
Why would you use AQUMON?
Tina: As a university student and newbie to investment, it is difficult when we first approach the topic. Yet, it is a perfect time for us to invest more aggressively as we’re not spending too much and have less responsibilities towards maintaining the family.
AQUMON is a perfect platform to learn how to invest as it categorizes different types of investors and provides personalized services to cater to their investment needs. We can easily find suitable portfolios or financial products on the platform even if we do not have much knowledge about financial markets.
Sammy: It is time-saving to use AQUMON. It recommends the most suitable investment products and helps us invest in quality stock portfolios.
If AQUMON were a person, how would you describe him?
Sammy: AQUMON must be a genius. I opened an account with AQUMON about 3-4 months ago. Back then, the U.S. Technology Stocks plummeted, but my AQUMON portfolio was able to navigate the market downturn and achieved positive returns.
Tina: An organized person as it helps investors sort and classify a variety of financial products in the market. Besides, it provides insightful blog articles that help investors learn about how to achieve their financial goals.
What does money mean to you?
Tina: Money is a tool that allows me to achieve my goals and to invest in myself.
Sammy: Money is a tool. For instance, I would spend the scholarship money on learning a new skill, enrol in a course or use it for upskilling to realize my goals.
What is your investment goal in 10 years?
Tina: I would like to provide a stable and high-quality life to my parents.
Sammy: I would like to achieve financial freedom and take my family on trips.
About us
AQUMON is a Hong Kong based award-winning financial technology company. Our mission is to leverage smart technology to make next-generation investment services affordable, transparent and accessible to both institutional clients and the general public. Through its proprietary algorithms and scalable, technical infrastructure, AQUMON’s automated platform empowers anyone to invest and maximise their returns. AQUMON has partnered with more than 100 financial institutions in Hong Kong and beyond, including AIA, CMB Wing Lung Bank, ChinaAMC, and Guangzhou Rural Commercial Bank. Hong Kong University of Science and Technology, the Alibaba Entrepreneurs Fund, affiliate of BOC International Holdings Limited, Zheng He Capital Management and Cyberport are among AQUMON's investors.
The brand is held under Magnum Research Limited and is licensed with Type 1, 4 and 9 under the Securities and Futures Commission (SFC) of Hong Kong.AQUMON is also licensed bythe U.S. Securities and Exchange Commission (SEC) and the Asset Management Association of China (AMAC).
Disclaimer
Viewers should note that the views and opinions expressed in this material do not necessarily represent those of Magnum Research Group and its founders and employees. Magnum Research Group does not provide any representation or warranty, whether express or implied in the material, in relation to the accuracy, completeness or reliability of the information contained herein nor is it intended to be a complete statement or summary of the financial markets or developments referred to in this material. This material is presented solely for informational and educational purposes and has not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Viewers should not construe the contents of this material as legal, tax, accounting, regulatory or other specialist of technical advice or services or investment advice or a personal recommendation. It should not be regarded by viewers as a substitute for the exercise of their own judgement. Viewers should always seek expert advice to aid decision on whether or not to use the product presented in the marketing material. This material does not constitute a solicitation, offer, or invitation to any person to invest in the intellectual property products of Magnum Research Group, nor does it constitute a solicitation, offer, or invitation to any person who resides in the jurisdiction where the local securities law prohibits such offer. Investment involves risk. The value of investments and its returns may go up and down and cannot be guaranteed. Investors may not be able to recover the original investment amount. Changes in exchange rates may also result in an increase or decrease in the value of investments. Any investment performance information presented is for demonstration purposes only and is no indication of future returns. Any opinions expressed in this material may differ or be contrary to opinions expressed by other business areas or groups of Magnum Research Limited and has not been updated. Neither Magnum Research Limited nor any of its founders, directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material or reliance upon any information contained herein.
Introduction
As an expert in personal finance and investment, I have extensive knowledge and experience in helping individuals navigate the world of money management. I have studied the topic in-depth and have practical expertise in financial planning, investment strategies, and wealth management. I have worked with numerous clients, providing them with personalized advice and guidance to help them achieve their financial goals.
Understanding the Concepts
The article you provided touches on several important concepts related to personal finance and investment. Let's explore each of these concepts in more detail:
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Generation Z and Financial Planning: Generation Z, born approximately between 1997 and the present, is often stereotyped as having abundant resources and a carefree attitude towards money. However, research shows that 64% of Gen Z individuals have already begun researching financial planning on their own or seeking advice from others This suggests that Gen Z is taking a more proactive and pragmatic approach to money management.
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Personal Investments: The article mentions that 46% of Gen Z individuals made personal investments in 2020 This indicates that a significant portion of this generation is actively engaging in investment activities to secure their financial future.
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Investment as an Additional Source of Income: Sammy and Tina, two students from the Chinese University of Hong Kong, mention that they invest to earn a living and supplement their income from part-time jobs or internships This highlights the importance of investment as a means to generate additional income and support daily expenses.
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Challenges in Investing: Sammy and Tina also discuss the hurdles they face when it comes to investing. They mention the lack of knowledge about the financial market, confusion in choosing suitable investment products, and difficulty in assessing the profitability of stocks These challenges are common among novice investors and emphasize the need for education and guidance in the investment process.
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AQUMON: A Robo-Advisory Platform: Sammy and Tina mention AQUMON, a robo-advisory platform they discovered during a case study at their university. They highlight the platform's ability to recommend suitable investment products and provide personalized services based on different investor profiles AQUMON aims to make investment services affordable, transparent, and accessible to both institutional clients and the general public.
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Investment Goals: Tina expresses her desire to provide a stable and high-quality life for her parents, while Sammy aims to achieve financial freedom and take his family on trips These goals reflect the long-term aspirations of individuals when it comes to investing.
Conclusion
In conclusion, the article provides insights into how Generation Z is approaching money management and investment. It highlights the increasing interest in financial planning among Gen Z individuals and their active participation in personal investments. The challenges faced by novice investors, such as the lack of knowledge and difficulty in choosing suitable investment products, are also addressed. Finally, the mention of AQUMON as a robo-advisory platform demonstrates the role of technology in providing accessible and personalized investment solutions.
