In the debut episode of In The Know: Money with Marsai Martin, acclaimed actress and executive producer Marsai Martin sits down with Suneye Rae Holmes, an economics professor at Spelman College, to resolve the most pressing question Generation Z faces when it comes to personal finance: what exactly is money?
“Money is a good that people acquire in order to get rid of it,” said Professor Holmes. “And because of that, it’s very fascinating. It’s fascinating and it’s adorable. And people’s behavior to make money can be described as healthy or unhealthy, and that is why we are very interested in money for these reasons. This thing, which I want to get as much as possible, but which I also want to spend. “
Next, Martin asks Professor Holmes about the various creative ways that Generation Z’er make money. “From carpooling to social media to sneaker flips on the Internet. Do you see this changing the way we value currencies? ”Asked Martin.
“In terms of the innovations we’re seeing in influencers and the gig industry, like ridesharing and all these new types of workforce, I don’t think they’re going to change our appreciation for money, I hope it changes the way we work estimate, ”said the economics professor.
Martin’s next question was about the idea that with credit cards, debit cards, and Apple Pay becoming increasingly popular, people still need cash at all? “How close are we to complete cashlessness?” Martin wondered.
“We are already there,” said Professor Holmes. “The future is here.” According to Holmes, even plastic cards such as debit and credit cards are beginning to become “obsolete”.
Instead, according to Holmes, biometrics, like asking Amazon Alexa to buy something or storing credit card information on a smartphone, are slowly taking over the way transactions are carried out. “This is the kind of future technology that we are already embracing,” said Professor Holmes.
Martin went on to say that she cannot imagine a society without physical money because it is so ingrained in pop culture and people love to flaunt stacks of cash as “part of their personality”.
Professor Holmes agreed, saying that people have an inherent “attachment to cash that results from many personality and perhaps sociological traits”.
“In a way, there are some things that we have to worry about in terms of the appreciation of money,” said Professor Holmes. “How we deal with it, how we deserve it, how we justify getting it and whether these means actually justify the end.”
For Gen Z, understanding personal finances begins with the most important question – what is money? first appeared on In The Know.
