Financial readiness technology firm FinLocker has partnered with FirstHome IQ, a nonprofit organization that is “committed to providing the next generation of homebuyers with financial education.”
The two organizations said Tuesday that they’re focused on empowering Generation Z with the knowledge, tools and confidence needed to “break through financial barriers and make homeownership an attainable goal.”
Record-high home prices, inflation and elevated mortgage rates have made homeownership a tougher prospect for Gen Z compared to earlier generations. A recent Redfin survey found that more than 90% of Gen Z adults say that housing affordability is a key factor when deciding who to vote for in the upcoming U.S. presidential election.
Another recent study found that 58% of Gen Z feel that high rental costs hinder their ability to buy a home, while 39% struggle with the scarcity of affordable housing options. Many young adults also mistakenly believe that a 20% down payment is required to buy a home, while 30% aren’t sure how to maintain a property after purchase.
“The journey to homeownership starts long before a consumer begins shopping for a home,”
Brian Vieaux, president and COO of FinLocker, said in a statement. “Without foundational financial education, young adults often struggle to build credit, budget effectively, or save for future goals.
“This partnership with FirstHome IQ provides the essential tools and education loan officers and real estate agents need to guide first-time homebuyers on a successful path toward financial wellness and homeownership.”
The two organizations said they’ll be prioritizing understanding of credit, managing debt and setting savings goals for Gen Zers. With access to the FirstHome IQ app, young consumers will be empowered to make informed, confident decisions about their financial futures while avoiding costly mistakes along the way.
“Our collaboration with FinLocker ensures that young consumers are supported every step of the way, empowering them to achieve financial stability and success,” Kristin Messerli, executive director of FirstHome IQ, said in a statement.
FinLocker recently raised $17 million in a Series B funding round. In July, Messerli appeared on the HousingWire Daily podcast to talk about FirstHomeIQ’s latest study on “money personalities” and how these affect consumer attitudes toward homebuying.
