Category Archives: Financial Independence

Pensionsaving is an endeavour undertaken years in advance, with Britons ensuring they are amply protected for retirement. However, undoubtedly, impacts in the present are likely to have a knock on effect in the future. With Britons grappling with the fallout of the pandemic, may have been financially affected, but research has shown it is single women who face the most challenges.

While this can provide great opportunities for financial independence, its also a significant responsibility to shoulder, not least for the 90 percent of two million single parents in the UK, who are women.

Our research reveals the extend to which the financial gaps between men ad women have been widened as a result of the pandemic, with the impact on single women greatest.

Now, with many needing to prioritise their day to day finances and recover on income gaps, there are fears about financial certainty in the future.

Ms Currie expressed worry about the gender pension gap potentially being further exacerbated due to the challenging circumstances faced over the last year.

Indeed, long-term savings could also be jeopardised, potentially creating financial chaos later down the line.

Earlier this year, research from Fidelity showed the disproportionate financial impact of the pandemic upon women.

Women were found to be 1.5 times more likely to have lost or quit their jobs during the pandemic.

And women were far more likely to be furloughed, while those who stayed in work often lost productivity due to other responsibilities and pressures such as caring for children or older relatives.

For those who are looking to secure a long-term financial future, Ms Currie urged action as soon as possible.

Firstly, it is important to review ones financial situation to look at monetary health.

While everyone approaches money differently, looking at ones short and long-term goals while eliminating any unnecessary spending will be key.

Next, it will be important to have some funds set aside waiting in the wings for the right moment.

The pandemic created a financial shock for many, and to avoid similar circumstances happening in the future, creating an emergency fund is important.

Generally, experts suggest an easy access fund worth three to six months of money, but Britons can adjust this according to their needs.

Finally, taking a long-term view is likely to benefit individuals in the future - with building a nest egg particularly vital.

Ms Currie concluded: A monthly investment into a self-invested personal pension or ISA is an easy and tax efficient way to help give you the financial freedom you want for the future.

This step is even more crucial for women given the gender pay gap and womens propensity to choose saving over investing.

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Pension crisis as gaps widen between men and women in saving - are you affected? - Express

We know the climate crisis is already herewith environmental destruction leading to many people being displaced from their homes, as well as causing health problems and economic hardship. And generally, the impacts of climate change are felt by women and girls the most.

The UN estimates that more than 80 per cent of people displaced by climate change are women, partly due to gendered labour roles such as having to stay behind after disasters to care for children and elders. In the 2004 tsunami, an Oxfam report showed that men survived women at a shocking ratio of almost 3:1 in Sri Lanka, Indonesia and India.

One aspect thats not often discussed, though, is how the aftermath of climate disasters can often lead to an increase in sexual violence against women, girls and other marginalised genders of all ages. The reasons for this are multifaceted, and go back to issues of exploitation and displacement, which impact Indigenous, Black, and migrant people the most.

After natural disasters, women who are displaced can end up in unsafe, overcrowded shelters and other facilities where theyre at greater risk of sexual assault, Osub Ahmed, senior policy analyst of womens health and rights at US thinktank the Center for American Progress, tells Vogue.

Almost a third of sexual assaults reported during Hurricane Katrina and Hurricane Rita, both in 2005, took place at evacuation shelters in the predominantly Black city of New Orleans, according to a 2006 survey by the National Sexual Violence Resource Center, while a rise in sexual violence was also reported in Japan in the immediate aftermath of the 2011 earthquake and tsunami.

The economic strain that often follows such disasters can also take away womens financial independence, and often their partners, forcing them to travel further to get resources, such as wood or water in refugee camps, or find work. Psychological and emotional stresses indirectly caused by climate changejob loss, being displaced from your home, or experiencing general civil unrestcan lead to higher levels of sexual violence in the home, Ahmed continues.

New research published in BMJ Global Health explores this connection between the climate crisis and domestic violence, highlighting cases of murder, coercive control, aggressive behaviour, forced early marriage and financial abuse. The study found that more than a third of perpetrators were current or ex-partners, while 15 per cent were relatives.

In communities where extractive mining of fossil fuels or the construction of chemical plants take place, Indigenous communities are also at risk of violence from the sudden influx of mostly male transient workers, according to Amnesty Internationals Out of Sight, Out of Mind 2016 report, as young men are statistically more likely to be perpetrators of violent crime.

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Sexual violence is a hidden impact of the climate crisis thats not discussed enough - VOGUE India

What do you get when you cross a successful wealth management executive with a New York billionaire?

You get a spectacular $31B firm.

ForKurt Miscinski, his meeting with New York-based billionaire and entrepreneur Howard Milstein could possibly be called serendipitous.

Because at that time, Kurt was considering leaving his management role at Deutsche Bank and Howard was looking to make long-term strategic investments in the wealth management space.

As a high-profile executive at Deutsche Bank, Kurt certainly had options. But instead he saw the early potential of building a full-service wealth management RIA firm that can serve ultra-high net worth families, executives and companies.

So in 2009 HPM Partners was borna firm with zero assets but with Kurts crystal clear vision and the backing of investor Howard Milstein.

After starting from scratch and growing to $9B in less than a decade, renowned private equity firm Lightyear Capital invested in HPM and then later rebranded the firm to Cerity Partners.

Today, Cerity manages over $31B in assets, a result of their strategic organic growth initiatives complemented by an inorganic growth strategy that led to a string of high-profile M&A transactions.

Kurt shares the story with Louis Diamond, starting with the early stages of HPM on through to Cerity Partners today, including:

Kurt shares a unique vision on growth and how its impacted by cultureone that is based on running to something rather than away from something. Its an incredible story with key learnings for advisors and business owners alike.

Download a transcript of this episode

Listen to more episodes of Mindy Diamond on Independence:A Podcast for Financial Advisors Considering Change.

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Mindy Diamond on Independence: The Catalysts Behind the Growth of Mega-Firm Cerity Partners - WealthManagement.com

Alabama State Treasurer John McMillan announced today the new and official Alabama Achieving a Better Life Savings Plan (Alabama ABLE).

Alabama ABLE is a tax-advantaged account designed to help make saving simple and achievable for individuals with disabilities, said Treasurer McMillan. Account holders and their families may save for future expenses and gain financial independence while enhancing their quality of life.

ABLE covers a variety of disability-related expenses, from medical costs to education, assistive technology, service animals, housing, transportation, basic living expenses and more. You can explore the full list of qualifying expenses at http://www.alabamaable.gov/eligible-expense-examples.

Kathleen Baxter, whose son is an Alabama ABLE account owner explained, I have an adult son with a spinal cord injury. Although he is very independent right now, I want to make sure we prepare for the future. The one thing I want to make sure he never has to do without is good medical care. This account not only allows for an investment in his future but gives me peace of mind that if something were to happen to me, he has the resources needed for his medical care.

Many individuals with disabilities rely on resource-based benefits such as Medicaid and Supplemental Security Income, which can require families to limit their savings to remain eligible. ABLE accounts empower families to save without having to worry about losing these benefits.

An ABLE account is different from a basic checking/savings account because it allows an Alabamian with a disability to save and protect financial resources without jeopardizing the individuals access to important public benefits they need to live life independently, said James Tucker, Director of Alabama Disability Advocacy Program. Alabama ABLE Savings Plan helps protect individuals independence in a very real way.

The Alabama ABLE staff is collaborating with many local organizations to bolster the plans benefits and reach those in the disability community who may not be aware of the new program.

Often this community faces predatory guidance from those seeking to exploit their limited financial resources, explained the Director of Montgomery ARC (MARC), Paul Brown. Having access to an ABLE savings account provides a sense of financial security and supports MARCs mission to facilitate independence and self-determination for those we serve.

For several years the State Treasurers Office has offered a similar ABLE program. However, the new program, Alabama ABLE Savings Plan, is the official and only ABLE program sponsored by and associated with the State of Alabama. The Alabama ABLE Savings Plan allows the Alabama Savings Board that oversees the program to pursue additional benefits for Alabamians.

Jack Knight, a member of the Alabama Savings Board said, Im excited about this new program in that it enhances the former program with lower annual fees. He further explained, I am proud of the manner in which the Savings Board has continued to help provide a Better Life Experience for Alabamians with disabilities.

For more information about the new Alabama ABLE Savings plan or to enroll, visit alabamaable.gov or call 334-242-7515.

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ABLE Savings Plan launches to help those with disabilities gain financial independence - alreporter.com

AUSTIN, TX - The City of Austin Economic Development Department announces the first phase of awards totaling $2.18 million in relief grants to 109 local businesses impacted by the global COVID-19 pandemic. The funding was provided through the Austin Legacy Business Relief Grant, which is a $5 million program of the Save Austins Vital Economic Sectors (SAVES) Fund established by the Austin City Council via Resolution No. 20200103-012. As part of a partnership with the City of Austin, PeopleFund processed applications and distributed Phase 1: Emergency Funding grants. Additionally, BCL of Texas provided one-on-one business coaching and outreach support to strengthen the program.

Getting these recovery dollars into the hands of Austins legacy businesses ensures long-term survivability, explains Veronica Briseo, Austins Chief Economic Recovery Officer. These restaurants, bars, and creative spaces are important to Austins history and uniqueness. We want to make sure they continue to exist in our city long after the effects of the pandemic.

PeopleFund began accepting Phase 1: Emergency Funding applications on February 16, 2021 and distributed the first $20,000 grants in April. Grantees met with business coaches at BCL of Texas to assess their businesses and identify opportunities such as business trainings, financial assistance, and business goals and more. Each grant recipient is eligible to apply for Phase 2 of the Legacy Business Relief Grant, which offers enhanced grant funding of up to $140,000.

As additional awards are made and the program advances, the City of Austin will continue to provide updated metrics for economic impact through the online dashboard for the Austin Legacy Business Relief Grant. The online dashboard summary of Phase 1 data includes:

Phase One of the Legacy Business Relief Grant program allowed us to assist long-standing businesses in Austin with capital and technical assistance. notes Gustavo Lasala, President and CEO of PeopleFund. PeopleFund was proud to help by processing applications and coordinating award requirements with grantees. We are excited to continue building business resiliency and keeping the Austin small business culture bustling as we head into Phase Two of the program.

As noted, the Austin Legacy Business Relief Grant will distribute the full $5 million dollars allocated in two phases:

Phase 1: Emergency Funding

Phase 2: Enhanced Funding

###

About the City of Austin Economic Development Department

The City of Austin Economic Development Department supports business growth, creative industries, and local communities. These programs build an equitable, sustainable economy to improve the lives of all Austin residents. To learn more about helpful resources, visit http://www.austintexas.gov/edd or like us on Facebook @AustinEconDev and follow @AustinEconDev on Twitter.

About PeopleFund

PeopleFund provides small business loans as well as business assistance and education to people with otherwise limited access to such resources. Since being founded in east Austin in 1994 as Austin Community Development Corporation, PeopleFunds financial and educational assistance has helped create thousands of jobs and empowered an even greater number of Texans on a path to financial stability and independence. PeopleFund is a Community Development Financial Institution (CDFI) and operates as a non-profit 501(c)(3) serving all of Texas.

About BCL of Texas

The mission of BCL of Texas is Building Strong Communities. BCL of Texas is a U.S. Treasury Certified Development Financial Institution (CDFI), a U.S. Small Business Administration Certified Development Corporation (CDC), and a HUD-certified housing counseling agency. BCL of Texas supports communities of color to acquire wealth-building assets such as homeownership and entrepreneurship, with the financial tools and education necessary to optimize positive economic returns. BCL of Texas serves low and moderate income individuals, families, and small business owners, with an emphasis on diversity and underserved communities.

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Local legacy businesses receive $2.18 million in first phase of emergency funding from the City of Austin - AustinTexas.gov

LONDON, May 17, 2021 /PRNewswire/ -- Celsius, the global industry-leading cryptocurrency yield-earning platform saw over 200% company-wide growth from January 1 through April 30, 2021. Building on an already record-breaking three years and approaching it's fourth year of business, Celsius is breaking the ceiling of the digital asset lending and borrowing industry across the globe.

By April 30th, Celsius' assets under management grew to more than $17 billion in digital assets, including over 100,000 Bitcoin and 1.3 million Ethereum. Additionally, Celsius now supports 45 different tokens and coins, some earning up to 17% in annual yield.

Today, Celsius is proud to serve more than 700,000 users, and is trending toward gaining 100,000 new users every month. Celsius' users worldwide are earning over $1,500,000 a day in yield paid out weekly, for a total value of over $688,000,000 in rewards paid from inception. 62% of Celsius users are choosing to receive their weekly rewards in CEL, allowing them to earn the highest possible yield offered by the platform.

Since January, Celsius' infrastructure expanded by over 200%, adding exceptional talent from the marketing, finance, and legal sectors. Celsius now has over 290 employees worldwide who are laser focused on bridging the gap between centralized and decentralized finance, with the goal of bringing the next 100 million people into crypto.

"Seeing this type of unprecedented growth makes me even more excited for the future of Celsius," said Alex Mashinsky, CEO of Celsius. "We've put together a team that is hitting milestones every day in the effort to bridge CeFi and DeFi to continue to build the best product for the best community in the industry. In just a few short months, we've grown exponentially in every area and we're just getting started."

About CelsiusCelsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visitwww.celsius.network.

Media Contact[emailprotected]

SOURCE Celsius Network

https://celsius.network

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Celsius by the numbers: Over $1 million a day in yield earned by Celsius customers - PRNewswire

Although African sovereign wealth funds have already shown their effectiveness, their potential remains largely untapped. By mobilizing and leveraging national savings, these funds not only can increase governments capacity to finance public policies, but also can help to attract much-needed foreign capital.

LIBREVILLE/ABUJA/DJIBOUTI On May 18, African heads of state, European leaders, and representatives of international institutions will gather in Paris for a summit on financing African economies. As heads of African sovereign wealth funds (SWFs), we strongly believe that mobilizing national resources and using them to attract additional foreign capital is the only way to ensure our economies financial independence.

The COVID-19 pandemic has exposed the lingering vulnerabilities of African economies. They remain too sensitive to exchange-rate risk, unable to finance themselves, and too dependent on donors. In addition, adverse risk perceptions mean that most international investors and asset managers still have only a marginal presence on the continent.

But Africa urgently needs to attract international capital. After the continents pandemic-induced recession in 2020, the African Development Bank expects real GDP to grow by only 3.4% this year. This projected recovery will not generate the resources we need to meet our development needs.

Financing Africas development will require governments to think of new ways to secure international investments without increasing their debt and using the continents SWFs is one of the most credible options. As in many other countries around the world, these state-controlled institutions manage national surpluses with the aim of building wealth and providing a sound financial foundation on which governments can formulate ambitious development or diversification policies.

Over the last decade, 15 African countries including Morocco, Nigeria, Gabon, Rwanda, Senegal, and, more recently, Djibouti have established SWFs. According to a recent report by the International Forum of Sovereign Wealth Funds, these funds currently manage a total of $24 billion in assets. While this amount is not comparable to the size of other SWFs internationally, it is nonetheless significant in the context of African economies.

Our SWFs are proof that African countries also can be financially innovative. Countries such as Senegal, Rwanda, and Djibouti have understood that such funds are not only for commodity-rich economies. At the same time, oil producers such as Gabon and Nigeria are using their SWFs to diversify resource allocation and adapt to the evolving economic context. In each case, these funds base their strategies on rigorous management of national savings, modeled on best private-sector practices, in order to serve national development goals.

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But although African SWFs have already shown their effectiveness, their potential remains largely untapped. By mobilizing and leveraging national savings, SWFs not only can increase governments capacity to finance public policies, but also can help to attract more foreign capital. Above all, African SWFs can set an example by demonstrating governments commitment to their own economies: if we do not invest in our strategic infrastructure, industries, or social sectors, how can we expect others to come and do it for us?

We are convinced that our national savings can also be mobilized to integrate African economies into global capital flows. In recent years, African SWFs have demonstrated their capacity to implement innovative mechanisms such as public-private partnerships in the utilities, roads, ports, airports, telecoms-infrastructure, and health-care sectors. And they are agile enough to do much more, such as securitizing state assets or using leaseback arrangements to fund public entities. All we need is our governments willingness to make full use of their SWFs.

Besides showcasing investment opportunities, our institutions know how to implement projects complying with environmental, social, and governance norms that are aligned with the United Nations 2030 Agenda for Sustainable Development. Last year, for example, African SWFs made strong commitments in the health sector. FGIS, the Gabonese Strategic Investment Fund, took over the countrys National Pharmaceutical Office, while the Nigeria Sovereign Investment Authority forged a partnership with the US nongovernmental organization BIO Ventures for Global Health aimed at strengthening cancer research.

In this context, we are also calling for an institutional framework that encourages greater collaboration among African SWFs in order to pool our resources and projects. Such cooperation can further encourage African governments and international partners to use these funds to bolster the continents financial sovereignty. The Paris summit will help Africa, but, above all, we must help ourselves.

This commentary is co-signed by Gilbert Nyatanyi, Chief Executive Officer of the Agaciro Development Fund in Rwanda.

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Harnessing Africa's Sovereign Wealth by Akim Mohamed Daouda, Uche Orji and Mamadou Mbaye - Project Syndicate

Computershare Loan Services and The DPS have donated 40,000 to national charity Depaul UK.

Depaul UK offers financial literacy education as part of its employability programme Steps to Success, which equips young people with the skills and knowledge to secure and maintain meaningful employment, education or training.

The donation will fund financial literacy workshop programmes across the country, particularly for those aged 16 to 25 who are without a home or who are at risk of becoming homeless.

Computershare Loan Services donates 1,200 to childrens charity

The charity also offers one-to-one sessions to support young people to resolve debt, understand money matters, manage their benefits, and handle other financial difficulties.

The businesses have together provided just under 0.5m to charities in these respective fields since 2014.

The DPS and Computershare Loan Services Charity Fund is also set to make donations to local charities near the organisations Derry, North and West Yorkshire, Sunderland, Doxford and Bristol offices later this year.

Nicola Harwood, director of prevention and programmes at Depaul UK, said: This significant donation will enable us to extend our work with young people to help them escape or avoid homelessness, achieve financial independence and progress into long term education, training or sustainable employment.

Increasing financial literacy among young people is integral to young peoples independence, health and employability.

Computershares donation will also help support young people to develop the skills and confidence to undertake training for sustainable careers and move away from the dangers of homelessness, especially as they continue to feel the economic impact of the past year.

Andrew Jones, chief executive at Computershare Loan Services, added: Computershare Loan Services has a proud history of supporting organisations that help improve with financial education or alleviate poverty.

Were delighted this year to link up with our sister organisation, The DPS, and combine our efforts to provide significant support to a charity working to help young people, particularly in these challenging times.

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Computershare Loan Services and The DPS donate 40,000 to charity - Mortgage Introducer

When it comes to coffee grown in the United States, the first thing that comes to mind is Kona. Sure, theres a porkpie-wearing acoustic guitarist growing some in So Cal, and some folks in Florida are giving it a go as well, but the Hawaiian-grown coffee reigns supreme. Along with Jamaica Blue Mountain (and perhaps, ugh, kopi luwak), there may be nothing more synonymous with fancy coffee amongst the coffee-drinking masses than Kona. Sure, we coffee dweebs go gaga for Gesha and have Eugenioides envy, but ask your parents or grandparents what the best high-end coffee is and theyre probably going to tell you its Kona.

But what is Kona and how did it find its way to Hawaii? A new article in SF Gate takes a look at the history of the famed coffee on the Big Island, and surprise, its riddled with colonialism.

Before we get to the how, lets first break down the what. Kona is defined more provincially than genetically. Contrary to what most assume, Kona isnt a specific variety of coffee at all but refers more broadly to the Arabica species. But what makes Kona Kona, much like champagne and bourbon, is where it is grown. For a coffee to be considered Kona, it must be cultivated on the slopes of Hualalai and Mauna Loa in the North and South Kona Districts of the Big Island of Hawaii. Theoretically, there could be Typica Kona, Red Bourbon Kona, even Gesha Kona.

The first recorded coffee plant to find its way to Hawaii, per SF Gate, arrived in 1817 via Francisco de Paula Marn, a Spanish friend of King Kamehameha who acted as an informal adviser, who also introduced grapes and pineapples to the island. It wasnt until eight years later, when Chief Boki of Oahu imported plants from Brazil, that coffee cultivation took root in Hawaii. Around the same time, the Second Great Awakening, a Christian revival movement in America, was taking place, sending many missionaries to the islands. Per SF Gate, coffee was used as a tool to destabilize Hawaiian power structures:

Samuel Ruggles was one of those first missionaries, and when he was transferred from the Hilo Station to the Kona region, he brought some coffee trees with him. Ruggles had an agenda, of course: coffee cultivation would make the missions more financially viable while also weaning converted Hawaiians away from their traditional power structures. Merchants and missionaries persuaded chiefs to legalize private property in the 1830s, allowing them to begin buying up land and amassing economic power.

Over the next few decades, coffee-growing would be boom or bust. Coffee was a popular crop in the mid-1830s, when it could be easily sold to folks in California during the Gold Rush, but then declined significantly two decades later when sugar became more profitable.

Ironically, though, it was the sugar crops that kept coffee alive in Hawaii. Landowners would bring over Japanese and Filipino laborers to work their sugar plantations; the work was grueling and in brutal conditions, so once the laborers contracts expired, they switched crops, to coffee. They would then lease a 5-to-10-acre plot of land where they would grow coffee, allowing them some financial independence and the ability to put down roots.

It wasnt until the 1980s that Kona became known as a high-end coffee. Per the Kona Historical Societys Kuulani Auld, the farmers made the push to brand their coffees as Kona and distinguish it as a gourmet product to be sought-after. That impression remains today, with 100% Kona coffee fetching upwards of $50 per bag, on a par with Gesha and other rare coffee varieties. More than just a marketing strategy, though, modern Kona runs the gamut of quality, from commodity all the way up to specialty grade.

Unlike most other coffees, Kona has its own specified grading and designation system. Per Kona Coffee Farmers, Kona is broken down into Type I or Type II, containing two seeds per cherry or one (also known as a peaberry), respectively. From there they receive a quality grade, with the rating for Type I going from high to low: Extra Fancy, Fancy, Number 1, Select, and Prime. Type II has a similar system but does not include Extra Fancy or Fancy.

From there, the coffee can be sold as either 100% Kona or as a Kona Blend, which Hawaiian regulations require at least 10% of the coffee to meet the Kona criteria. The Kona Blend is a point of contention for many growers in Hawaii. The Kona Coffee Farmers Association website states bluntly, If youre looking for real Kona coffee this is a label to avoid!!!

Modern day Kona, along with other Hawaiian-grown coffees, is facing additional challenges from pests and disease. The coffee borer beetle, which destroys crops by laying its eggs inside ripe coffee cherries, has been found in Kona going back to 2010, with the problem spreading to coffee farms across Hawaii. Additionally, coffee leaf rust has also been found in Kona, where the climate makes it particularly susceptible to the fungus.

To learn more, visit Hawaii Coffee Association,Pacific Coffee Research,andKona Coffee Cultural Festival. Listen to the Sprudge Podcast Networks A Better Table episode featuringMadeleine Longoria Garcia,a co-owner ofPacific Coffee Research.

Zac Cadwaladeris the managing editor at Sprudge Media Network and a staff writer based in Dallas.Read more Zac Cadwaladeron Sprudge.

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What Is Kona Coffee And How Did It Come To Hawaii? - Sprudge

When Jack Duffley was only 18, he started investing the few hundred dollars he was earning from a summer internship into a retirement account.

Now 24, Mr Duffley, who lives in Chicago, Illinois, says he began to learn about investing from a colleague in the companys financial planning department, who spoke to his cohort of interns about how much money they would need to comfortably retire.

Today, he owns two properties a condominium in Chicago and a home in Indianapolis and intends to buy another property to add to his portfolio this summer. He also has invested a significant amount in gold and commodity-based stocks.

He allocates about 5 per cent of his portfolio towards speculative bets with high-risk rewards, such as cryptocurrencies. Mr Duffley also keeps some cash in an easily accessible account and has the ability to draw more from debt.

My primary goal is to build passive income of $30,000 a year, Mr Duffley tells The National.

Creating that layer of financial flexibility for myself and my family is a top priority. Thus, a large portion of my future income will continue to go into cash-flowing real estate.

Numbering about 2.5 billion, people born between 1996 and 2016 called Gen Zers or zoomers will be the most disruptive generation ever in terms of spending power, Bank of America said in its Gen Z to the world: watch out, here we come report.

Their income is expected to rise five-fold from $7 trillion today to $33tn by 2030 as they enter the workplace, accounting for more than a quarter of global income, before surpassing the income of millennials by 2031, the bank said.

My primary goal is to build a $30,000 per year passive income

Jack Duffley, Gen Z

After graduating from law school in December, Mr Duffley has been working part-time as a law clerk writing blogs for law firms. He will start full-time as a property associate on June 1 after he is officially sworn in as an attorney.

My first focus is real estate investing, followed by stocks. Both are with an emphasis on the long term. The majority of my portfolio is made up of proven assets providing consistent cash flow, such as stocks from strong businesses and real estate, says Mr Duffley, whose wife is studying at university and earns a part-time income.

When she graduates in a year, the couple will be able to enjoy the power of dual incomes and pursue their financial goals together, he says.

Mr Duffley learnt more about investing primarily from books, podcasts and YouTube videos. He has also been running a YouTube channel over the past 18 months to document his investing journey and lessons learnt along the way.

In the first of our fortnightly series on financial management for different generations, we spoke to financial experts who listed their top tips on how Gen Z can manage their money wisely.

Zoomers need to understand their cash flow and work out a budget.

When they are young, most people focus on what they are going to spend [holidays, social and entertainment] and then save some of what is left over, if any, says James Spence, the Abu Dhabi-based vice president of financial adviser Globaleye.

That is a sure way not to achieve a sound financial future. So, flip it around, work out exactly what you need to be saving to get to your goals, then make sure you pay yourself first. Save what you need to save for your future, pay your bills and after that, spend the rest.

It is important for zoomers to create an emergency fund that covers at least three months of living expenses to help them overcome a worst-case financial scenario and prevent them from going into debt.

A medical crisis or car breaking down can easily leave you in a vulnerable position. If the fund is unspent, you may eventually save enough for a deposit or that year abroad you wanted to do [while keeping that three-month buffer], says Sophia Bhatti, partner at Hoxton Capital Management, a financial advisory in the UAE.

Despite interest rates being at record lows, Ms Bhatti says it is important to keep your emergency fund in a savings account for easy access.

Many people tend to put off savings to a later stage in life. However, they miss out on the effect of compound interest on their investment over time. Compound interest is the interest you earn on interest.

Putting away $1,000 when you are 18 and leaving it for 40 years could give you four months worth of income when you retire, says Mr Spence.

Although retirement may seem light years away for zoomers, the sooner they begin to save and invest, the more time their money has to grow, says Ms Bhatti.

Putting away $1,000 when you are 18 and leaving it for 40 years could give you four months worth of income when you retire

James Spence, vice president, Globaleye

Inflation is the biggest risk to a retirement fund, according to Aadil Kadri, vice-president of sales at insurance broker Continental Group. Investing early in a market-linked retirement product helps you accumulate inflation-adjusted returns, he says.

Zoomers should take advantage of their age and health to avail of high insurance cover at the lowest possible premium, says Mr Kadri.

Life insurance and critical illness insurance come to your rescue financially in case of unforeseen circumstances, he says.

Gen Z need to ask themselves some tough questions such as what if they fall sick or are involved in an accident and are unable to earn, says Mr Spence.

"If you prepare for the worst and have a plan, should it happen then you do not have to worry about the 'what ifs'," he says.

You can protect your future income and lifestyle through insurance. Many people postpone the protection planning until they are between 35 and 40 years old or even until their 50s. The earlier you get your insurance, the cheaper it will be.

Financial experts also recommend that they take out medical insurance to cover day-to-day medical needs and emergencies.

Medical costs are increasing and it is always a wise decision to have health insurance either by way of employee benefits or buying it personally, says Mr Kadri.

Zoomers must identify one to three large financial goals they plan to achieve each year and then create micro-goals that will help them achieve this, says Ms Bhatti.

Set a realistic time frame and try not to deviate. I would also make note of any [but not limited to] direct debits, insurance renewals and paydays in your financial calendar, she says.

This will help with budgeting and planning for the future and also provide them with a useful resource that encourages financial independence, she says.

Identify one to three large financial goals you plan to achieve each year and then create micro-goals that will help you achieve this

Sophia Bhatti, partner, Hoxton Capital Management

Nobody knows what lies ahead and what is going to be the next trend in the markets, according to Mr Spence.

So have a diversified portfolio that is global. Some places will do better than others, some industries will do better than others. What is popular today maybe obsolete tomorrow, so diversify across the planet, he tells The National.

As zoomers enter the workplace and become financially independent, their living costs will inevitably increase. They can make use of comparison websites to help manage their expenditures.

Utility bills [electricity, gas and broadband], insurance [car, home and pet], phone contracts, interest rates, investment platforms and plane tickets are just some of things comparison sites can compare for you. A little bit of research will go a long way, says Ms Bhatti.

She also recommends that young adults take advantage of an abundance of online financial planning resources that are free to use and easily accessible.

Whether it is making an initial investment, managing student debt or taking out your first mortgage, make yourself as knowledgeable as possible using online resources.

At some point in the future, zoomers are likely to inherit wealth from their family. Depending on their home country, family wealth may or may not be subject to inheritance tax, says Mr Spence. However, more and more countries are starting to tax wealth upon death.

You might find yourself in a situation where you would need to pay a substantial tax bill before you get any access to your inherited wealth. You should speak to your family to check if they have any provisions to cover their inheritance tax liability, he says.

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Generation Z: eight tips to put you on the path to financial success - The National