Here's some good news. When teens were surveyed in 2021 by the mobile banking platform Step, fully 97% of them said that financial literacy was important -- and according to some, Generation Z (those born between 1997 and 2012) are savvier about money than previous generations. Sounds good, right?

However, many young people are pessimistic about their financial prospects. According to a 2023 survey by the Teachers Insurance and Annuity Association of America (TIAA), fully 51% of young adults don't expect to do as well financially as their parents. Fortunately, many, if not most, of them are wrong. It's very reasonable to expect young people to end up surpassing their parents financially.

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Source Fool.com