Brooklyn is where we're building what's next - a deeper partnership with a growth mindset. Our ongoing expansion here is about giving our people room to grow, attracting diverse talent, and delivering for our customers and communities. We're working shoulder-to-shoulder with local leaders and organizations to bring capital, skills, and resources where they're needed most - so the momentum in Brooklyn translates into shared prosperity.
Recently released data from the FINRA Investor Education Foundation (1) shows that about 25% of U.S. adults surveyed say they use recommendations from social media influencers when making investment decisions. Among people aged 35 and younger, the share jumps to 61%. Even more concerning: 57% of people with less than two years of investing experience reported relying on social media for financial guidance.
Five years later, that decline has reached a clear low point. Only 20 percent of Millennials and Gen Z say they trust mortgage professionals to help them make informed decisions. The knowledge gap remains significant, but in an age when information is everywhere, knowledge is no longer the only barrier. The deeper challenge is a lack of trust, and trust cannot be automated or outsourced. It has to be built in community.
Billionaire Mark Cuban has long championed the idea that kids should start saving early to secure their futures. Drawing from his own childhood in Pittsburgh, where he sold garbage bags door-to-door to fund small dreams like new basketball shoes, Cuban stresses hands-on financial lessons. In interviews, he advises parents to open savings accounts for children and encourage them to build that first pot of money.
My parents were never upfront with me about financial matters and basically left me flat footed when it came to learning to be an adult. I never wanted that for my son and have been frank about covering the costs of college and his car when he graduates. He has been working since he was 14 and saving half his paycheck. He also is taking dual credit and AP classes. He will essentially start college off as a junior if he plays his cards right.
It's never too early to start having a conversation with your kids - whether they're in elementary school, high school or college - about smart ways to navigate finances. Starting the conversation earlier will help create healthy money habits as they grow, ultimately benefiting their financial future. To help you get started, here are tips that make it easier for kids of all ages to learn how to save, budget and begin managing their finances more independently:
Research shows many parents fail to educate children about managing money, particularly daughters. This has resulted in low financial literacy rates among women, especially Gen Z.
