This conceptual study examines the many elements that affect financial literacy among Generation Z, or "Zoomers," focussing on socioeconomic position, cognitive aptitude, financial legacy, and parental influence. It also highlights the growing impact of social media and peer pressure. Recent research shows that modern factors are rapidly affecting financial behaviours, notwithstanding socio-economic context's significant impact on financial literacy. Social media provides financial knowledge, but it can also spread disinformation that misleads young individuals. Peer pressure can encourage good financial habits and bad spending to maintain social status. To address these dynamics, the study highlights specialised financial education initiatives that teach Zoomers critical thinking skills to safely handle digital banking. By promoting sensible financial conduct and constructive social media use, stakeholders may increase financial literacy and economic stability. These findings emphasise the importance of financial literacy in enabling sustainable economic growth and informed decision-making and encourage continuous investment in digital finance-specific financial education. Policymakers and educators should incorporate these findings into educational initiatives and policies to promote economic empowerment and financial literacy. Future research should focus on digital finance's shifting dynamics and its effects on different demographics to better understand and solve Zoomers' unique challenges.