Gen Z Money: An Interview with Sophie Hong
Money matters—for everyone. At Midas, we’re kicking off a new interview series called “Gen Z Money” featuring young voices who are making their mark in financial education and money management. We recognize that for young people, understanding money isn’t optional—it’s essential for building a confident, secure future!
Midas: How did you first learn about financial literacy, and what made you want to dive deeper into it?
In fifth grade, a high school teacher organized a "Reality Fair," a simulation of an adult's financial life, at my elementary school. From that experience, I realized that managing one's finances is actually pretty complex. You can't just buy everything you want or need––you need to save and budget. This was my first introduction to financial literacy. I wanted to learn more, so I started going on websites and reading books about money management to teach myself the topic.
Midas: Can you share a specific moment or experience that made you realize financial literacy is important?
That same "Reality Fair" made me realize the importance of financial literacy. That experience compelled me to create my Financial Education & Outreach Club to educate young students in our community about financial literacy.
Midas: How do you think financial literacy can help young people prepare for their future—whether it's college, a career, or starting a business?
Financial literacy is an essential skill to learn because, at some point in our lives, everyone will need to take out a loan, file taxes, pay off debt, etc. Financial literacy is especially important for young people, who generally have limited financial circumstances. Whether paying off student debt, budgeting a paycheck, or taking out loans to start a business, financial literacy is necessary to navigate these challenges.
Midas: Financial Literacy Month is about raising awareness—what do you think more young people need to know about managing money?
There are many important things to know about managing money, but one of the most important things that young people, especially, should know is the power of starting early. Many young people think they don't need to worry about saving or investing until they're older, but the truth is that time is one of the biggest advantages when it comes to building wealth––compound interest works wonders.
Midas: How do you think communities can better promote financial literacy for young people?
Communities can promote financial literacy by making it more practical and accessible. Schools should teach real-world money skills, and local organizations can host workshops in the community. For example, the Financial Education & Outreach Club that I founded at my school goes around the community and educates younger students about money management. Social media is also a great tool to spread awareness of financial literacy.
Midas: What advice would you give to other students who want to start learning about money management?
It is important to be patient and consistent. The earlier you start, the more confident you'll be in managing money in the future. Don't be afraid to ask questions––whether from a teacher, a parent, a friend, or a community member. There are also plenty of free, excellent resources online to learn about financial literacy. You got this!
About
Sophie Hong is a junior at Concord Carlisle High School and the founder of the Financial Education & Outreach Club. She is passionate about financial education for other young people and has recently joined the Financial Empowerment Network. As part of the coalition efforts Sophie takes part in, FEN seeks to pass Bill H.4199 An Act Relative to Personal Financial Literacy to introduce financial education in schools.