A CM Group consumer research effort that polled 1,000 consumers found Gen Z consumers are better educated, more practical, more ambitious and more skeptical than Millennials.
Gen Z is also the smartest and best educated generation. Having an unlimited wealth of information at our disposal has not gone to waste. In America, 57 percent of Gen Z is reported to have enrolled in a two-year or four-year college, compared to 52 percent of Millenials and 43 percent of Gen X.
Generation Z students are on track to become the most educated generation. They have higher high school graduation rates and lower dropout rates than those who came before. In 2018, 57% of 18 to 21-year olds were in college, compared with 52% of Millennials, and 43% of Gen Xers at similar ages.
As students, this generation is great at researching and finding information. They want to learn on their own terms and prefer bite-sized learning. Having grown up in the age of the internet, smart devices and social media, they're accustomed to searching topics of interest for school, DIY projects and other interests.
What are the values of Gen Z? Gen Z is known for being resourceful, independent learners who value diversity and inclusive culture and place a priority on well-being and mental health in the workplace. They are fiscally conservative with a keen focus on investing and income. Gen Z values justice and equity.
According to Finder's Consumer Confidence Index, Gen Z saves an average of $857 per month, while millennials save $294. Gen Z also has an average of $10,062 in savings compared to $7,165 for millennials.
They Are Pragmatic and Financially Minded
Financial mindedness is another core characteristic of Generation Z. Many Gen Zers grew up watching their parents take huge financial hits during the Great Recession. Having witnessed their parents' struggles, this generation is driven by pragmatism and security.
Gen Z and mental health. Regarding the stats, it's clear that Gen Z is struggling. A 2022 survey of Gen Z young adults (ages 19 through 24) found that 42% are diagnosed with a mental health condition.
The younger generation is being infantilised well into adulthood. A new survey reveals that only 55% of Gen Z and millennials plan to have children. One in four of those surveyed, aged between 18 and 34, has ruled out parenthood entirely, with the most common reason cited being “wanting time for themselves”.
In particular, Gen Z trusts influencers more than ever before due to their relatability and unbiased opinions. Influencers often engage with their followers in various ways, from hosting meet-ups to live streaming their daily lives on social media platforms.
A recent report from Barnes & Noble College shows that Gen Z predominantly learns by doing and prefers active learning environments. Theirs is a generation that thrives when given a challenging, fully-immersive educational experience in which they can work through problems and really test their knowledge.
Gen Z moms feel less confident.
They put more emphasis on being the "perfect mom" compared to Millennials, and they strive to reach more parenting ideals, from keeping kids busy to owning the scheduling for the entire family.
Gen Z most closely mirrors millennials on key social and political issues, but without much of the optimism; More US Gen Zers than any other generation (68%) feel the US is headed in the wrong direction, and fewer Gen Zers than any other generation (32%) feel the country is headed in the right direction.
Gen Z (42%) is about twice as likely as Americans over 25 (23%) to battle depression and feelings of hopelessness.
Despite stereotypes endorsed by older generations, millennials are one of the hardest working generations. Over a quarter of them work 2 or more jobs. The number of weekly working hours is also astonishing for this generation, with 73% working more than 40 hours per week, and almost 25% working more than 50 hours.
Millennials (and the kids born after them) are currently being called the “unhealthiest generation” in human history—facing diagnoses, mysterious illnesses and conditions that our ancestors or their parents never faced.
Gen Z also faces an unprecedented behavioral health crisis: US Gen Zers surveyed by McKinsey report the least positive outlook and the highest prevalence of mental illness of any generation, and European respondents report struggling with self-stigma.
Gen Z and the Loneliness Epidemic
Business Insider's research further reveals that 60% of Gen Z has felt the grip of loneliness within the past year. Additionally, an alarming 30% of young people confess they are unsure how to make new friends (Vice, 2022), heightening their feelings of isolation.
Gen Z workers are well-versed in technology, but not fluent in softer skills such as in-person communication and interpersonal dynamics, so companies will need to adjust how they train these younger workers.
The biggest mental health issue Gen Z deals with is anxiety. Nine out of ten Gen Z with diagnosed mental health conditions struggle with anxiety, and nearly eight out of ten (78%) are battling depression. Other mental health conditions the generation faces are ADHD (27%), PTSD (20%), and OCD (17%).
Results from a recent Australian National Youth Mental Health Survey taken in 2020 -2021 showed Gen Zer's are reporting the highest rates of anxiety, depression, trauma, stress, loneliness, unemployment, housing stress, educational disruption, eating disorders, substance abuse, and social anxiety, in history.
According to the Cigna study, 39% say worries about money are a major cause of stress. In addition, according to a study by DailyPay and Harris Poll, 48% say they are unable to move out of their parents' homes due to financial challenges, and 33% are concerned inflation will make it tough for them to buy a home.
According to Forbes, they are the “most extroverted generation.”
Members of the Gen Z years were born between 1997 and 2012. So as of 2023, the Gen Z age range is anywhere from 11 to 26. They are commonly referred to as the first fully “digitally native” generation. They grew up with social media and smartphones—they're used to living in a digital-first world.
That is why the generations today each span 15 years with Generation Y (Millennials) born from 1980 to 1994; Generation Z from 1995 to 2009 and Generation Alpha from 2010 to 2024. And so it follows that Generation Beta will be born from 2025 to 2039.