As a new generation of Americans begins to move toward adulthood, there is a growing interest in their behaviors and lifestyle choices. How will this new Generation Z, or “post-Millennials” (those born in the mid-1990s to about 2025) influence and shape the United States workforce? Even though the jury is still out and will be until the youngest reach working age, there is much speculation based on the following observations.
They are the first generation to be surrounded by technology from birth are totally comfortable with technology and social media. This may lead to a large portion of Generation Z incorporating technology into their jobs.
Gen Z will continue to grow more global in their thinking, interactions, and relatability.
The largest racially and ethnically diverse population
(And less likely to be foreign-born). According to the United States Census Bureau, Gen Z accounts for 61 million people in the U.S., currently making up 22% of the American population.
Experienced the Great Recession
Living through global uncertainty greatly influenced their outlook on life. They have been reported as having less faith in the “American Dream.” Due to economic insecurity during their upbringing, members of this generation report anxiety and over half are uncertain about achieving a higher standard of living than their parents. This is significantly lower than previous generations.
Easy Access to Information
Most cannot remember life without a smartphone in their hand. The internet has provided all types of information that influence their opinion about employment and life.
Generation Z desires more independent work environments, and according to a study done by Millennial Branding and Internships.com, 72% of high school students want to start their own business someday.
Smart with money
12% are already saving for retirement. A significant 21% of this generation of people ages 14 to 21 had a savings account before the age of ten! Generation Z is already thinking about their own financial future.
Top priorities when entering the workforce are personal success, job security, and work-life balance. Followed by independence, creativity, and commitment to a cause.
Compared to the Millennials, who were privy to boom times and relative peace of the 1990s until their world turned ominous by the September 11 attacks and two economic crashes in 2000 and 2008. They suffered a loss of innocence, however, Gen Z had a different overall experience. By contrast, they grew up knowing the aftermath of these tragedies and uncertainties first hand making them adverse to risk and much more practical human beings, looking for security and independence.
No Individual should assume that any information presented or made available on or through this website should be construed as personalized financial planning or investment advice. Personalized financial planning and investment advice can only be rendered after engagement of the firm for services, execution of the required documentation, and receipt of required disclosures. Please contact the firm for further information.
“Ranking and/or recognition by unaffiliated ratings services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if the firm is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of the firm by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information voluntarily submitted, prepared and submitted by the recognized adviser.”
“Zuraw Financial Advisors, LLC (“Zuraw”) does not recommend and/or endorse advertising linked to Zuraw’s website or blog posts (WomenMoneyandDivorce.com or ChicksChatandChange.com). Nor does Zuraw make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to the Zuraw website or incorporated herein and takes no responsibility, therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Zuraw may receive compensation from third parties to advertise on the firm’s website and blogs. Zuraw does not share client’s personal information with any third parties, either affiliated or non-affiliated with Zuraw.”