Smart Money

1. 0 Background
Globally, trading occurs when a seller and a buyer agree on a price for a product. In Nigeria, ‘trade by barter’ was used as a means of transaction among people in the precolonial era. However, money is now essential for successful trading and is limited in supply.

The prominent perceptions of money can be summarised as:

1. Money as a reward for hard labour; and
2. Money as proceeds from smart endeavours.

Gen Z’s view of money is entirely different. The difference lies in the level of manual work involved. For example, as part of the Millennial generation, I learned growing up that an individual must earn a living by committing all that is humanly possible to whatever course of life they chose. Similarly, the Bible indicates, in the Pentateuch, that labour is important for a successful life. However, Gen Zs’ beliefs about money are not consistent with the foregoing; hence, this discussion of the difference between Gen Zs’ and the Millennial generations’ perspectives on money.

2.0 Concept of Money
2.1 The Millennial generation’s understanding of money
As a teenager, I was taught that money should be earned. Having witnessed my ageing parents and elder brothers and sisters working to earn a living, I have been persuaded that work is the requirement for making money. For Nigerians, taught to work and pray for their daily bread, money would not have been conceived differently. However, Gen Z came up with the idea of Smart money, discussed below.