WEBVTT - Lab 040: Money Moves 0:00:00.160 --> 0:00:02.800 Now, I know last week we told everybody about all 0:00:02.840 --> 0:00:04.320 the issues with the supply chain. 0:00:04.360 --> 0:00:04.560 TT. 0:00:04.920 --> 0:00:07.840 Yeah, we told y'all. Okay, y'all are ordering too much stuff. 0:00:07.920 --> 0:00:10.920 Maybe don't order so much stuff, maybe don't buy anything 0:00:10.960 --> 0:00:12.280 at all, shop local. 0:00:12.480 --> 0:00:14.680 But y'all are showing me your Christmas wishless and so 0:00:15.000 --> 0:00:16.360 I know you're still buying things. 0:00:16.480 --> 0:00:19.200 Y'all are definitely still buying things because I saw some 0:00:19.239 --> 0:00:21.880 of y'all standing in line for the Black Friday shopping. 0:00:22.160 --> 0:00:23.919 I'm not gonna name any names, and we saw you 0:00:23.960 --> 0:00:27.760 on Instagram. We saw and we're not judging. But the 0:00:27.840 --> 0:00:30.680 landscape has really changed over the past couple of months. 0:00:30.760 --> 0:00:32.320 When we go back and think about it, there's some 0:00:32.360 --> 0:00:34.200 new players in the games when it comes to buying gifts. 0:00:34.200 --> 0:00:34.400 Now. 0:00:34.600 --> 0:00:36.760 Yeah, a lot of these apps are popping up that 0:00:36.840 --> 0:00:39.120 make shopping very very easy. 0:00:39.360 --> 0:00:41.840 And we're ready to talk all about it. I'm TT 0:00:42.280 --> 0:00:43.680 and I'm Zachiah. 0:00:43.200 --> 0:00:44.080 And from Spotify. 0:00:44.280 --> 0:01:06.039 This is Dope Labs. 0:01:10.400 --> 0:01:14.040 Welcome to Dope Labs, a weekly podcast that mixes hardcore science, 0:01:14.160 --> 0:01:16.560 pop culture, and a healthy dose of friendship. 0:01:16.840 --> 0:01:21.880 This week, we're talking all about Mulah money. Specifically, we're 0:01:21.880 --> 0:01:25.840 interested in learning more about the financial technology or fintech 0:01:26.040 --> 0:01:29.240 that's available to help keep your finances in check. 0:01:29.600 --> 0:01:30.440 You know, one thing. 0:01:30.360 --> 0:01:33.200 We don't really think about that much is how sometimes 0:01:33.280 --> 0:01:37.800 it costs money to spend money. The most classic example 0:01:37.840 --> 0:01:40.920 of this is interest, where you pay an extra fee 0:01:40.920 --> 0:01:43.360 in order to borrow money that you don't have yet. 0:01:43.480 --> 0:01:45.000 The banks have been around a long time and they 0:01:45.000 --> 0:01:49.600 have been scamming us between subprime mortgage crisis, big bank bailouts, 0:01:49.680 --> 0:01:50.920 YadA YadA YadA. 0:01:50.680 --> 0:01:52.280 Biggest scam otters of all time. 0:01:52.480 --> 0:01:54.880 So we're really interested in how science and technology are 0:01:54.920 --> 0:01:57.680 shaking up the landscape and finance. How are we getting 0:01:57.720 --> 0:02:01.440 new online financial tools which are referred to as fintech 0:02:01.520 --> 0:02:04.640 or financial technology, and how are those things making finance 0:02:04.720 --> 0:02:07.080 more accessible for people who want to get their money 0:02:07.120 --> 0:02:08.200 matters in shape. 0:02:08.280 --> 0:02:09.560 So let's get into the recitation. 0:02:11.960 --> 0:02:14.520 So what do we know and what do we want 0:02:14.600 --> 0:02:14.960 to know. 0:02:15.280 --> 0:02:17.280 I know that there's a lot of fintech apps out there, 0:02:17.480 --> 0:02:23.400 so things like zell, Kwarna, after pay, Robinhood, Venmo, cash app, 0:02:23.440 --> 0:02:25.360 and we use it so much as now incorporated like 0:02:25.400 --> 0:02:28.720 into you know the zeitgeist in rap songs and cash 0:02:28.720 --> 0:02:33.639 app me Baby exactly. People are using it in everyday conversation, 0:02:33.960 --> 0:02:35.359 and a lot of people have their cash app in 0:02:35.400 --> 0:02:38.000 their bios now so that brandom people could just cash 0:02:38.000 --> 0:02:38.320 app them. 0:02:38.480 --> 0:02:40.640 You know, why not if you can get paid. Hey, 0:02:40.800 --> 0:02:41.600 do what you gotta do. 0:02:41.880 --> 0:02:43.919 We talked a little bit about some of those types 0:02:43.919 --> 0:02:47.400 of apps in LAP twenty one our fintech episode called 0:02:47.480 --> 0:02:48.240 New Bank Account. 0:02:48.240 --> 0:02:49.080 Who this right? 0:02:49.120 --> 0:02:51.520 So if you haven't heard that episode, press pause right 0:02:51.560 --> 0:02:53.320 now and go check it out, because we really cover 0:02:53.400 --> 0:02:53.679 a lot. 0:02:53.840 --> 0:02:54.519 Yeah, We'll wait. 0:02:55.400 --> 0:02:56.240 What else do we know? 0:02:56.440 --> 0:02:56.600 Well? 0:02:56.639 --> 0:02:59.240 I think we know that fintech apps use data science 0:02:59.280 --> 0:03:02.600 and algorithm to provide a lot of different services. 0:03:02.800 --> 0:03:04.720 And we also know there's been a huge shift in 0:03:04.760 --> 0:03:08.200 this past decade towards using online financial services and products 0:03:08.240 --> 0:03:10.600 in general. Remember when you were afraid to put in 0:03:10.600 --> 0:03:12.040 your credit card info on the web? 0:03:12.760 --> 0:03:15.760 My mom still is, But I think generally most people 0:03:15.800 --> 0:03:18.560 feel okay with putting their card information in on the 0:03:18.600 --> 0:03:20.760 internet so that they can purchase whatever they want to purchase. 0:03:20.960 --> 0:03:23.840 Yes, I think we also know that people need help 0:03:23.880 --> 0:03:27.000 and access to tools when it comes to managing their finances. 0:03:27.160 --> 0:03:30.720 There's a wage crisis. Wages have remained pretty much unchanged 0:03:30.720 --> 0:03:31.840 when you consider. 0:03:31.560 --> 0:03:32.560 The rate of inflation. 0:03:33.120 --> 0:03:36.320 So people already aren't starting out with receiving a lot 0:03:36.320 --> 0:03:37.800 of coins, so you're at least going to want to 0:03:37.800 --> 0:03:39.760 be able to make the best decisions you can with 0:03:39.840 --> 0:03:40.480 the money. 0:03:40.200 --> 0:03:40.840 You do have. 0:03:41.320 --> 0:03:43.480 Okay, so what do we want to know? I think 0:03:43.560 --> 0:03:45.800 I want to know about the state of finance today. 0:03:46.080 --> 0:03:48.520 It feels like the market and everything I see about 0:03:48.520 --> 0:03:51.200 the economy is just going up, up, up up, and 0:03:51.440 --> 0:03:53.400 at some point we're going to fall right And it 0:03:53.440 --> 0:03:55.960 may not be like the great economic housing collapse that 0:03:56.000 --> 0:03:58.040 we saw in two thousand and seven to two thousand 0:03:58.040 --> 0:04:00.000 and eight, but it does feel like we went through 0:04:00.200 --> 0:04:04.040 something pretty economically significant twenty twenty In twenty twenty one. 0:04:04.280 --> 0:04:05.960 Yeah, when I think back to some of the labs 0:04:05.960 --> 0:04:07.640 that we've done in the past, where we're talking about 0:04:07.680 --> 0:04:11.560 housing and food and everything like that, I mean money 0:04:11.560 --> 0:04:15.400 touches all of that feel like touches everything. Yes, I 0:04:15.400 --> 0:04:18.839 think something that I'm interested in knowing about is how 0:04:18.960 --> 0:04:22.880 they're using science and technology to create these fintech apps. 0:04:23.080 --> 0:04:25.480 Yeah, I want to know who's using this new technology 0:04:25.600 --> 0:04:29.560 and in which situations are fintech interventions most useful. 0:04:30.040 --> 0:04:31.159 That's a really good question. 0:04:31.520 --> 0:04:35.520 We know that there are barriers because of socioeconomic factors 0:04:35.680 --> 0:04:38.039 when it comes to finances. But what are some of 0:04:38.080 --> 0:04:40.280 the barriers to access with fintech. 0:04:40.480 --> 0:04:42.240 I think we're ready to jump into the dissection. 0:04:42.440 --> 0:04:43.720 I can't wait, let's do it. 0:04:53.120 --> 0:04:55.520 Our guest for today's lab is Natalia Brazenski. 0:04:55.560 --> 0:04:57.120 My name is Natalia Brazenski. 0:04:57.440 --> 0:05:01.719 I'm kind of strategy for the US for Klarna is 0:05:01.760 --> 0:05:04.520 a Sweden based shopping app you can use to buy 0:05:04.560 --> 0:05:07.719 things upfront and then pay for them later in smaller 0:05:07.760 --> 0:05:10.320 increments over time. You might have heard of the term 0:05:10.480 --> 0:05:13.800 buy now, pay later. Well, that's essentially what Klarna's for. 0:05:14.200 --> 0:05:17.599 It comes in really handy for big ticket purchases like furniture, 0:05:17.920 --> 0:05:20.520 a peloton that you might not be able to afford 0:05:20.600 --> 0:05:23.800 all at once, and unlike a credit card, it doesn't 0:05:23.839 --> 0:05:28.440 charge you interest. Similar platforms are like Affirm and after Pay. 0:05:28.520 --> 0:05:31.040 This is really great because the buy now, pay later 0:05:31.120 --> 0:05:33.599 feature lets you pay for something. Let's say I want 0:05:33.600 --> 0:05:36.679 to get a four hundred dollars chair. 0:05:37.040 --> 0:05:38.359 This is an expensive chair. 0:05:38.520 --> 0:05:41.719 It is expensive. Just go with the example. I'm sure 0:05:41.720 --> 0:05:42.560 it's very comfy. 0:05:42.800 --> 0:05:45.960 Clara lets you divide the cost into four equal payments. 0:05:46.240 --> 0:05:49.120 So now you're making for one hundred dollar payments over time, 0:05:49.279 --> 0:05:51.560 maybe after you get another paycheck, and you can afford 0:05:51.600 --> 0:05:53.880 to make that next payment instead of four hundred dollars 0:05:53.960 --> 0:05:56.760 up front. So it's really cool. It's like providing access. 0:05:56.800 --> 0:05:58.640 So if you couldn't have afforded that before, you maybe 0:05:58.680 --> 0:06:00.520 would have had to use a credit card pay interest 0:06:00.560 --> 0:06:03.479 on it. Now you can not have a ding on 0:06:03.520 --> 0:06:05.200 your credit score while you're trying to move and do 0:06:05.279 --> 0:06:07.640 whatever else, which has probably already been digging up your 0:06:07.640 --> 0:06:10.000 credit score, and you can still get the things that 0:06:10.040 --> 0:06:10.400 you need. 0:06:10.560 --> 0:06:12.840 That's perfect, like set it and forget it. Yes, it's 0:06:12.880 --> 0:06:15.960 great for folks who want to think less about everything else. 0:06:16.080 --> 0:06:19.520 And that piece about access Natalia really helped us kind 0:06:19.520 --> 0:06:21.880 of zoom in on that, and she says a lot 0:06:21.880 --> 0:06:24.279 of what she does with Kwana is informed by growing 0:06:24.360 --> 0:06:26.720 up with immigrant parents on the South Side of Chicago. 0:06:26.920 --> 0:06:29.920 I grew up with communities, including my own home, very 0:06:30.000 --> 0:06:32.880 much in debt, not speaking the language and also not 0:06:32.880 --> 0:06:36.120 speaking the financial language. And I saw that all around 0:06:36.200 --> 0:06:39.800 me there's a payday loan and a loan institution on every. 0:06:39.600 --> 0:06:42.159 Block where I grew up. I often joke, you know, 0:06:42.240 --> 0:06:43.160 I could be a billionaire. 0:06:43.240 --> 0:06:45.040 I'm not, but I could be, and I would still 0:06:45.080 --> 0:06:46.919 have that fear of being. 0:06:46.760 --> 0:06:48.680 Broke the next day, because it's just like what you 0:06:48.720 --> 0:06:49.320 grow up in. 0:06:49.680 --> 0:06:52.560 Natalia's worldview and a huge driver for her work is 0:06:52.600 --> 0:06:55.560 definitely her upbringing, not just where she grew up, but 0:06:55.640 --> 0:06:58.799 also the influence of women in her household, her mom, 0:06:58.880 --> 0:07:01.599 who had a full time job, and her grandmother who 0:07:01.720 --> 0:07:03.080 also worked outside the home. 0:07:03.360 --> 0:07:06.560 I saw, you know, raised by a working mom, female 0:07:06.800 --> 0:07:10.080 breadwarners in my home, grandmother and mother, and they lifted 0:07:10.080 --> 0:07:15.440 themselves out by understanding money. My mom got her MBAMCPA 0:07:15.520 --> 0:07:17.560 when I was ten. I remember going to a graduation 0:07:17.840 --> 0:07:22.400 from night school and being entrepreneurs. 0:07:25.560 --> 0:07:29.280 So thinking about what we already know about income, inequality, 0:07:29.600 --> 0:07:31.840 access to credit. One of the things we wanted to 0:07:31.880 --> 0:07:35.760 know was who uses Klarna? What are the user demographics? Well, 0:07:35.800 --> 0:07:38.400 one thing we know is that Clarna is global. Yes, 0:07:38.440 --> 0:07:40.360 we use Clara here in the US, but it was 0:07:40.400 --> 0:07:42.720 adopted by other European countries first. 0:07:42.880 --> 0:07:43.840 Before Klarna. 0:07:44.040 --> 0:07:46.640 I spent you know, ten eleven years or almost my 0:07:46.800 --> 0:07:51.360 entire adult life focusing on Sweden and Scandinavia and those 0:07:51.480 --> 0:07:54.360 values because they really looked at tech in a very 0:07:54.360 --> 0:07:57.960 different way. It was all about transparency and access. 0:07:58.400 --> 0:08:02.560 Natalia also pointed out another big difference between the US 0:08:02.600 --> 0:08:04.280 and Europe when it comes to spending. 0:08:04.680 --> 0:08:05.840 It's credit cards. 0:08:06.040 --> 0:08:10.480 I was a student studying abroad in Copenhagen, Denmark, and 0:08:10.760 --> 0:08:14.360 like many of US Americans, we landed this city with 0:08:14.480 --> 0:08:16.720 a bunch of credit cards. 0:08:16.440 --> 0:08:19.360 And I go in to buy something and they're just like, 0:08:20.720 --> 0:08:22.840 we don't take credit cards. 0:08:23.280 --> 0:08:24.120 We do dubit. 0:08:24.160 --> 0:08:27.200 And I'm like, what or out of debt? And they said, yes, 0:08:27.280 --> 0:08:29.440 in Denmark, we only spend what we have. 0:08:29.840 --> 0:08:33.160 And that definitely isn't the attitude in the US. You know, 0:08:33.200 --> 0:08:35.120 in the United States, more than one hundred and ninety 0:08:35.160 --> 0:08:38.319 one million people have credit cards, and the average cardholder 0:08:38.400 --> 0:08:43.000 has at least two cards two point seven to be exact. Interestingly, 0:08:43.040 --> 0:08:46.480 the average American household has over five thousand dollars of 0:08:46.559 --> 0:08:50.200 credit card debt. So we're definitely not a only spend 0:08:50.280 --> 0:08:51.920 what we have kind of country. 0:08:52.000 --> 0:08:54.360 All of these numbers are so shocking to me. 0:08:54.600 --> 0:08:56.680 I didn't have any idea that that was the state 0:08:56.720 --> 0:08:59.360 of Americans until you literally just said it. 0:08:59.440 --> 0:09:02.000 That doesn't even include folks who are under banked or 0:09:02.040 --> 0:09:04.959 not banked at all, who are using alternative loan sources 0:09:04.960 --> 0:09:07.480 that can't get credit cards, and are using like payday 0:09:07.720 --> 0:09:11.880 centers like Natalia was talking about, or getting other types 0:09:11.920 --> 0:09:14.839 of loans, or pawn shops even you know, to. 0:09:15.160 --> 0:09:18.040 Liquidate cash for gold and things like that. 0:09:18.760 --> 0:09:21.199 So if we start considering all of that, I think 0:09:21.240 --> 0:09:23.440 you can understand why the United States is a good 0:09:23.480 --> 0:09:26.240 market for the buy now, pay later system. 0:09:26.320 --> 0:09:29.200 But do you remember when we were kids, Like now 0:09:29.280 --> 0:09:31.559 we're saying things like, oh, it's just buy now, pay later, 0:09:31.880 --> 0:09:34.560 But when we were young, it was called lay away, 0:09:34.800 --> 0:09:38.360 lay away, baby, and you did not want to be 0:09:38.400 --> 0:09:40.760 putting your stuff on lay away. If anybody found out, 0:09:40.960 --> 0:09:43.200 everybody was gonna be talking about you, and not in 0:09:43.240 --> 0:09:43.760 a good way. 0:09:43.880 --> 0:09:46.560 I remember lay away, but I think it's in now 0:09:46.760 --> 0:09:49.400 and it's got another perk. We can lay it away 0:09:49.440 --> 0:09:50.440 and wear it right away. 0:09:52.760 --> 0:09:52.880 Right. 0:09:53.080 --> 0:09:55.720 And that's one of the great things about technology, right, 0:09:55.920 --> 0:09:57.880 is not will you ever come back and finish making 0:09:57.920 --> 0:10:00.640 these payments? Because we can track you digitally, so we 0:10:00.679 --> 0:10:03.120 can understand why it's becoming so popular in the United States. 0:10:03.160 --> 0:10:05.520 And in twenty twenty one, more than forty five million 0:10:05.520 --> 0:10:08.600 people will use buy now, pay later services. That's an 0:10:08.679 --> 0:10:11.839 increase of eighty point two percent over the usage in 0:10:11.880 --> 0:10:12.520 twenty twenty. 0:10:12.559 --> 0:10:17.199 And unsurprisingly, it's been young people that have been driving 0:10:17.280 --> 0:10:20.920 this shift to buy now, pay later. Almost seventy five 0:10:21.000 --> 0:10:23.920 percent of buy now pay later users in the US 0:10:24.080 --> 0:10:25.800 are Gen Z or millennials. 0:10:26.040 --> 0:10:28.240 And it makes sense, you know, this type of financial 0:10:28.240 --> 0:10:31.360 model gains a lot of traction because it offers flexibility 0:10:31.400 --> 0:10:35.080 and autonomy to purchasers. It's also good for small businesses 0:10:35.160 --> 0:10:37.480 that won't have to deal with credit card fees, which 0:10:37.520 --> 0:10:41.000 will significantly drop, you know what they get to take home, 0:10:41.160 --> 0:10:43.439 and it opens up the market for people who they 0:10:43.480 --> 0:10:46.040 may want to sell to but can't afford it upfront too. 0:10:46.360 --> 0:10:50.160 We act Natalia, what the greatest misconceptions are right now 0:10:50.200 --> 0:10:52.160 about people who use Klarna. 0:10:52.520 --> 0:10:56.360 I think the greatest misconception is like we are getting 0:10:56.440 --> 0:10:57.600 young people in debt. 0:10:58.040 --> 0:10:59.959 It comes from both sides of political structure. 0:11:00.080 --> 0:11:02.439 You know, some people say their services to buy more 0:11:02.480 --> 0:11:06.000 fast fashion from China and like put twelve year olds 0:11:06.000 --> 0:11:10.240 in debt. I mean it's just a lack of education actually, 0:11:10.240 --> 0:11:14.760 because we see that our users are actually college educated 0:11:14.840 --> 0:11:18.600 or more. They're looking for interesting budget tools. They're actually 0:11:18.679 --> 0:11:22.920 really innovative. Often like professional women just entering the workforce 0:11:23.040 --> 0:11:27.280 who are not satisfied with the with the tools out 0:11:27.320 --> 0:11:28.079 there right now. 0:11:28.320 --> 0:11:30.920 So the folks you think are using Klara are not 0:11:31.160 --> 0:11:32.800 the folks that are using Klarana the. 0:11:32.679 --> 0:11:34.000 Most and low key. 0:11:34.360 --> 0:11:37.040 Sounds pretty smart to use something that gives me greater 0:11:37.120 --> 0:11:39.080 flexibility and autonomy. 0:11:38.640 --> 0:11:41.600 With no interest. It sounds like a genius option. 0:11:41.840 --> 0:11:44.480 But I'm really interested, you know. Like we said, there 0:11:44.480 --> 0:11:48.640 were some yes, negative connotations around by now pay later, 0:11:48.840 --> 0:11:51.079 or the old school version of it, which was layaway. 0:11:51.240 --> 0:11:54.400 But what's causing the shift Is it that everybody's just 0:11:54.440 --> 0:11:57.000 spreading word of mouth. Hey affirm, Klarna and all these 0:11:57.040 --> 0:11:58.040 other apps will work for me. 0:11:58.120 --> 0:11:59.080 You should use them too. 0:11:59.240 --> 0:12:02.199 Natalia says, is that while the pandemic has definitely played 0:12:02.200 --> 0:12:06.040 a role in changing spending habits, it's also about generational 0:12:06.160 --> 0:12:07.920 change catching up our generation. 0:12:08.559 --> 0:12:11.079 We came to the workforce in our financial crisis, in 0:12:11.120 --> 0:12:14.320 a banking crisis. Basically, you've been chaos since the last 0:12:14.320 --> 0:12:17.360 ten years, like our adulthood has been so chaotic, so 0:12:17.440 --> 0:12:19.720 people want to take control of that, and money is 0:12:19.760 --> 0:12:20.760 the number one way. 0:12:21.000 --> 0:12:22.880 I think she's right, First you get the money, then 0:12:22.880 --> 0:12:24.079 you get the power, that's what they say. 0:12:24.160 --> 0:12:26.560 Then you get the power, then you get the respect. 0:12:26.679 --> 0:12:31.960 That's right, little t T. Let's take a break and 0:12:32.000 --> 0:12:34.480 when we come back, we're going to talk about what 0:12:34.520 --> 0:12:37.520 it means to be financially healthy and how wider access 0:12:37.559 --> 0:12:58.640 to fintech can actually help. Before we dive back into 0:12:58.640 --> 0:13:01.800 the dissection, ZE talk about what we've got come in. 0:13:01.800 --> 0:13:02.840 In next week's lab. 0:13:02.840 --> 0:13:05.240 We're talking all about birth control. Now, this is something 0:13:05.280 --> 0:13:07.679 that affects all of us, not just half the population. 0:13:07.880 --> 0:13:10.960 We're covering how birth control basically hasn't been changed since 0:13:10.960 --> 0:13:14.480 the sixties, and some of the new potential with personalized medicine. 0:13:14.520 --> 0:13:18.439 Okay, let's give back to fintech. We're talking to Natalia Brazinski, 0:13:18.520 --> 0:13:21.199 the head of strategy in the US for Klarna. 0:13:21.240 --> 0:13:23.960 I think I read a stat that said only thirty 0:13:24.000 --> 0:13:27.960 percent of the US population was considered financially healthy. 0:13:28.040 --> 0:13:31.200 That's crazy. So three out of ten people are financially healthy. 0:13:31.440 --> 0:13:34.040 Yeah, and so when we consider that, TT, we got 0:13:34.040 --> 0:13:36.520 to figure out how do we bridge some of these gaps. 0:13:36.720 --> 0:13:39.480 You take that thirty percent of people being financially healthy, 0:13:39.720 --> 0:13:42.840 you combine that with what we already know about income inequality. 0:13:43.080 --> 0:13:45.280 You combine that with what we know about the things 0:13:45.280 --> 0:13:48.560 that are systemically disenfranchising folks from access to credit and 0:13:48.600 --> 0:13:52.280 access to housing. We need solutions, and that's where fintech 0:13:52.320 --> 0:13:53.520 could maybe play a role. 0:13:53.760 --> 0:13:58.120 That is crazy, But what does it really mean to 0:13:58.160 --> 0:13:59.360 be financially healthy. 0:13:59.480 --> 0:14:02.640 Let's take a definition from a twenty twenty study from 0:14:02.679 --> 0:14:06.080 the Urban Institute. They consider someone to be financially healthy 0:14:06.280 --> 0:14:09.800 when their daily financial systems enable them to be resilient 0:14:10.200 --> 0:14:13.679 and pursue opportunities. So this is like having the ability 0:14:13.720 --> 0:14:18.040 to spend safe, borrow, and plan effectively. What they found 0:14:18.080 --> 0:14:20.960 in that study was that in general, financially healthy people 0:14:21.200 --> 0:14:24.200 spend less than their income. They pay their bills on time, 0:14:24.360 --> 0:14:26.960 they plan ahead financially for you know, big purchases and 0:14:27.000 --> 0:14:29.720 things like that, and they have sufficient liquid and long 0:14:29.800 --> 0:14:33.520 term savings and manageable debt, a good credit score, and 0:14:33.600 --> 0:14:36.880 appropriate insurance like what all the boomers think everybody else 0:14:36.920 --> 0:14:39.480 should have as soon as they hit you know, twenty one. 0:14:39.720 --> 0:14:41.680 Right, So you got to make sure that your finances 0:14:41.720 --> 0:14:45.080 are eating their vegetables and drinking enough water and all 0:14:45.120 --> 0:14:47.360 the working out doing push ups and sit ups and 0:14:47.440 --> 0:14:50.960 make sure it can handle everything that's coming at it. 0:14:50.960 --> 0:14:53.400 It's like, oh, you want to purchase a car, I'm ready. 0:14:53.520 --> 0:14:54.520 That's a lot though. 0:14:54.680 --> 0:14:55.200 It's a lot. 0:14:55.320 --> 0:14:57.320 I mean, when I think about my own personal health, 0:14:57.440 --> 0:15:00.640 it is exhausting, and having to think about all these 0:15:00.640 --> 0:15:03.840 little things that contribute to financial health, I'm just like, 0:15:03.920 --> 0:15:05.560 that's a lot to consider. 0:15:05.440 --> 0:15:08.200 And knowing the current state of the economy, that requires 0:15:08.240 --> 0:15:10.880 a lot of cars to line up in your favor. Absolutely, 0:15:11.040 --> 0:15:13.400 And so when we think about that, leverage and fintech 0:15:13.600 --> 0:15:15.960 is a crucial part of helping some people become really 0:15:16.000 --> 0:15:16.840 financially healthy. 0:15:16.880 --> 0:15:19.080 We're not going to beat people over the head with 0:15:19.680 --> 0:15:21.840 you know, we know how to do things and this 0:15:21.880 --> 0:15:24.040 is how you should act responsibly. But I think if 0:15:24.080 --> 0:15:27.240 you give people the tools and the awareness and the education, 0:15:27.400 --> 0:15:28.280 then then you make. 0:15:28.120 --> 0:15:29.040 Your own decisions. 0:15:29.240 --> 0:15:33.280 And because of COVID, well really because of the recession, it. 0:15:33.240 --> 0:15:35.600 Really kind of feels like maybe because of society. 0:15:35.280 --> 0:15:38.760 And really because of just life in general, the universe 0:15:39.080 --> 0:15:43.040 existing breathing. When you take all of that, When you 0:15:43.080 --> 0:15:46.560 take all of that, younger generations are especially vulnerable when 0:15:46.600 --> 0:15:48.480 it comes to access and education. 0:15:48.920 --> 0:15:51.040 I think we're gonna have a gen Z, you know. 0:15:51.160 --> 0:15:56.040 Unfortunately that is less equal, less access, like unless we 0:15:56.200 --> 0:15:59.320 make up that lost time of like now you know, 0:15:59.720 --> 0:16:01.880 two years of physical school, but like probably four to 0:16:02.000 --> 0:16:06.440 five years really, and we really need these tech platforms, 0:16:06.480 --> 0:16:08.640 Like everybody's got to be doing as much as they 0:16:08.680 --> 0:16:12.040 can to drive education and awareness and change and access 0:16:12.200 --> 0:16:13.720 because it's gonna be tough. 0:16:13.800 --> 0:16:13.960 You know. 0:16:14.000 --> 0:16:15.920 I hadn't really thought about the idea of there being 0:16:16.200 --> 0:16:20.040 less equity among gen Zers, you know, or them having 0:16:20.120 --> 0:16:21.520 less access either. 0:16:21.440 --> 0:16:24.720 Really less anything. It feels like the world is conforming 0:16:24.760 --> 0:16:27.480 to what gen Z wants. But Natalia brought up a 0:16:27.480 --> 0:16:27.960 good point. 0:16:28.120 --> 0:16:31.320 So if we're considering less access, even though we think 0:16:31.360 --> 0:16:34.360 of gen Z as this like connected generation, because they're 0:16:34.400 --> 0:16:38.000 always finding, you know, new ways to exchange ideas and information. 0:16:38.120 --> 0:16:40.480 Think TikTok they coming up with all the crazy dances. 0:16:40.560 --> 0:16:43.240 We had AOL instant messenger and we weren't sharing anything 0:16:43.280 --> 0:16:44.080 of significance. 0:16:44.200 --> 0:16:47.560 Okay, no, we were just talking about age, sex locations. 0:16:49.240 --> 0:16:51.680 And I think the thing to remember is that there 0:16:51.800 --> 0:16:55.440 are these disparities as far as who's connected to the web, 0:16:55.480 --> 0:16:58.320 who's not, who has high speed internet access who doesn't. 0:16:58.560 --> 0:17:01.200 And even if you do have a con that alone 0:17:01.200 --> 0:17:02.680 doesn't set you up for success. 0:17:02.920 --> 0:17:05.360 Right when it comes to financial health, it's really important 0:17:05.359 --> 0:17:08.600 to give everyone the tools and access to set goals 0:17:08.680 --> 0:17:10.320 and take control of their own money. 0:17:10.400 --> 0:17:13.480 And even when we think younger generations, older generations too. 0:17:14.040 --> 0:17:16.040 Even if you have all of those things, do you 0:17:16.119 --> 0:17:19.800 have the skills to navigate and know how to use 0:17:19.840 --> 0:17:21.879 the app store and what to download? And are you 0:17:21.880 --> 0:17:23.879 downloading the right apps? Is it safe or are you 0:17:23.880 --> 0:17:27.040 making yourself susceptible to ransomware or whatever. What it comes 0:17:27.080 --> 0:17:30.439 down to is meeting people where they are, and money 0:17:30.800 --> 0:17:36.000 is only one of the messy, complicated factors in human relationships, 0:17:36.280 --> 0:17:39.040 especially driven by the chaos of the past couple of years. 0:17:39.119 --> 0:17:42.600 We see this in disaster relief. Oh yes, you know 0:17:42.640 --> 0:17:44.560 when you think about when something happens, do you know 0:17:44.600 --> 0:17:47.119 how many people are financially healthy enough to stop what 0:17:47.240 --> 0:17:50.000 they're doing, pack up their whole life, and have a 0:17:50.000 --> 0:17:51.040 place that they can go to. 0:17:51.200 --> 0:17:53.639 I was literally just talking about this last night. Like 0:17:53.720 --> 0:17:55.960 every time a hurricane comes and hits a part of 0:17:55.960 --> 0:17:58.199 the United States, people are like, why'd you stay? Like, 0:17:58.320 --> 0:17:59.880 just get out of there. I'm like, first of all, 0:18:00.119 --> 0:18:02.160 some of these people, this is the only home they've 0:18:02.200 --> 0:18:05.280 ever known, and they need to try and protect it 0:18:05.320 --> 0:18:09.040 because if they have to rebuild or purchase a new home, 0:18:09.160 --> 0:18:11.240 it's not happening. They don't have the funds to be 0:18:11.280 --> 0:18:13.119 able to do that. A lot of people they have 0:18:13.240 --> 0:18:15.720 generations of family who have all lived in the same place, 0:18:16.000 --> 0:18:19.240 so they don't even have the option of going to 0:18:19.320 --> 0:18:21.960 family that's elsewhere. All of their family is right there, 0:18:22.000 --> 0:18:23.840 so they don't have a place they can go and 0:18:23.880 --> 0:18:26.720 then go to a hotel. Not everyone can afford that. 0:18:26.880 --> 0:18:28.879 Not everyone has a car to be able to say, oh, 0:18:28.880 --> 0:18:31.560 I'm just gonna hop in my car and drive somewhere else. 0:18:31.680 --> 0:18:35.000 Like, there's a lot of barriers in place. Money in a. 0:18:34.960 --> 0:18:38.399 Capitalistic society is the ruler of all things. Yes, And 0:18:38.520 --> 0:18:41.320 so as much as we want to tell ourselves like, oh, 0:18:41.440 --> 0:18:43.880 money doesn't rule my life, I do things that make 0:18:43.920 --> 0:18:45.959 me happy that da da da da da dah, no, Like, 0:18:46.160 --> 0:18:52.200