Smart Investing

The Importance of Having Financial Literacy Tools to Plan for the Future

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Vivian Tu

For financial literacy month, we spoke with finance influencers on TikTok who are promoting the importance of financial wellness and why it is important for Gen Z to be financially literate.

Vivian Tu, also known as @yourrichbff on TikTok, talked about helping those in marginalized communities gain financial confidence and the importance of having the tools of financial literacy. 

Please tell us what inspired you to get started in the investing space.

I went to the University of Chicago, which is a huge feeder school for Wall Street banks. I knew I wanted a fast-paced work environment with consistent opportunities to learn, so finance - Sales and Trading in particular - became an industry I really fell in love with. I started my career as a young Equities Trader at JP Morgan and that’s where I picked up a lot of personal finance knowledge from my colleagues and mentors. 

What do you aim to achieve with your content and influence?

Finance has for so long catered to the male and pale audience. My content caters to people who I have lovingly dubbed “the leftovers”: young people, women, people of color and marginalized communities. I want to help give folks who would normally never have access to financial literacy education the knowledge they should’ve been taught in grade school. I’d love to help these communities gain confidence that they know what they’re doing and can manage their money in a responsible way that sets them up for success now and in the future.

What does being financially literate mean to you?   

Being financially literate doesn’t mean you know every finance fact, stat and rule under the sun. It means that if you have a question, or a concept within the finance space that you don’t understand, you feel confident enough to be able to search, find and comprehend the answer on your own. Basically, if you don’t understand something, do you have the ability to Google it, find credible sources, and then develop an educated opinion/understanding?

Why is it important for the next generation to be financially literate?  

So that they can’t be swindled. If you don’t understand something, it’s very easy to be taken advantage of. Having the tools of financial literacy means the next generation will be able to formulate a plan for their futures, buy homes, pay off debt, etc. without needing to rely on others.  

What makes Gen Z investors unique? 

Gen Z is a generation that has so many more concerns than previous generations. They are worried about paying off their student loans, they are concerned they’ll never be able to own a home, and when it comes to investing, they’re much more selective than, say, Gen X. They want to know that their money is aligning with their values. 

How has financial literacy impacted you throughout the trajectory of your career?

Being financially literate and financially stable has tremendously helped me throughout my career both professionally and personally. Because I had a strong understanding of my finances, I felt comfortable enough to leave a six-figure job to make a career change from Wall Street to Tech, where I did initially take a pay cut. Because I understood my cash flow in and out, I was able to break a lease when my roommate and I found we had a bug infestation, even though I had to pay a penalty. Financial literacy, more than anything, provides peace of mind.

What are some of your most popular videos and what do you think really resonated with your viewers?   

Most of my most popular videos provide an actionable tool viewers can use. Some of my top hits include how to find hidden city airfare for cheap, how to negotiate medical bills down, and how to ask for a higher salary when receiving a new job offer. 

What do Gen Z investors care about? 

Gen Z investors care most about how to juggle it all. This isn’t the “sacrifice” generation. They want to learn how to not only pay down debt and invest, but they want to learn how to go on vacation and buy designer clothes while doing so. 

About Vivian Tu:

Vivian Tu is a Wall Street veteran making Finance into FUN-ance. Starting her career trading stocks at JP Morgan, Vivian learned the personal finance basics from her colleagues and began to realize how little financial literacy is taught in schools! She didn't like how existing finance content was boring & only catered to old, rich, & male audiences so she began to create her own. Blending topics like student debt & home-buying, with anecdotes about celebs & funny stories, Vivian aims to make talking about money less taboo for the next generation of Rich BFFs!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.