Currently, many young people lack financial literacy and discipline with the rise of digital payments, leading to impulsive spending, security risks, and increased debt. Local businesses also struggle to adapt digital payment options and effective online marketing, limiting their reach to younger, tech-savvy consumers.
The rapid adoption of digital payments fuels increased spending among youth. Nearly 90% of young adults use digital payments and spend 40–48% more than cash users. Over 31% of parents caught their kids making unauthorized online purchases, causing an average surprise expense of $170 per incident.
To address this issue, Future of Business will launch a dedicated initiative for youth-led digital literacy and financial wellness campaigns that teach budgeting, safe spending, and privacy on digital platforms. This initiative will work with a wide range of stakeholders, including local businesses and social media organizations, to educate and promote smart, secure spending habits – and aim to present its findings at the UN Youth Forum 2026 organized by Economic and Social Council (ECOSOC).
