UNIVERSITY HEIGHTS, Ohio — Making sense of money can be a real struggle for a lot of people.
According to an Edward Jones survey, 46% of Cleveland residents did not learn how to manage their finances until adulthood, with nearly a quarter of them saying they did not seek financial help at all.
In fact, a recent report by Smartest Dollar shows Ohio lands near the bottom, at 44, on the list of most financially savvy states in the country.
I asked Maverick Peters why he thinks the Buckeye State gets a failing grade.
“I think maybe parents are just relying on the school to teach it, and maybe the schools don't have that in their education," said Peters.
I went behind the scenes of the 26-year-old's podcast "Money With Maverick" to see how the University Heights man is trying to empower the next generation of consumers.
His goal is to create comfort in chatting about what can often be a taboo topic.
"There are so many things in society we can't talk about, it's unfortunate money is one of them," said Peters.
Peters, a podcast producer, is doing what he can to squash the stigma surrounding money.
"So, it was kind of like a natural thing like to get behind the microphone," said Peters.
"Money With Maverick" was born from the 26-year-old's experience or lack thereof when it came to finances.
"I would have liked back in high school to learn how to, you know, manage money a little bit better. Whatever our parents didn't teach us about money, school didn’t teach us," said Peters.
Peters quickly learned he was not alone.
"Turns out though a lot of our friends were in the same boat, didn't know what to do with their money,” said Peters. “Didn't know should I buy or lease a car? Should I buy or lease my phone? What's a 401k?"
Peters admits he is no financial expert, so to help answer some of those questions the podcast hosts a wide range of guests. They range from stockbrokers to financial advisors and analysts.
“I ask them questions most people are too shy, too embarrassed to admit they don't know," said Peters.
I asked Peters what is one of the reoccurring themes he hears.
"A lot of Gen Z, Millennials are confused. There's a lot of confusion around how to make big purchases, buying a home, buying or leasing a car," said Peters.
It's the way Peters navigates each episode that helps connect him to his target audience.
"I try and come from the perspective of a total beginner. Like, let's say I know all about Fico Score, let's say I know all about a mortgage, I'm going to ask those questions like I have no idea," said Peters.
Ellen Whol, who listens in on these conversations is happy to hear younger generations have a chance to get a jump start on their financial literacy.
“I think him being 26 is key because he has these questions in his own life. People need to tune in and listen because there's so much valuable information," said Wohl.
Wohl said access to that information is something she never had.
"It's like nobody told me that,” said Wohl. “Why, why didn't I know stuff like that?"
Peters said his goal is to become a "master of money," and he is inviting as many people as he can to join him on the journey to make sure they have a pulse on their finances.
“Whether we like to admit it or not, money makes the world go round. I'm so glad I'm here because I'm helping, I think. At least based off the feedback I'm getting," said Peters.
