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.
Anxiety and depression: Gen Z experiences high rates of anxiety and depression due to academic pressures, social media comparisons, economic uncertainty, and other stressors. Encourage open conversations: Create a safe and non-judgmental space for Gen Z individuals to express their feelings and concerns.
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.
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.
Many Gen Z respondents reported experiencing stress, sadness, anger, and frustration due to climate change and its related disasters. More than 50 percent of total respondents expressed fear and anxiety about the future, with Gen Z demonstrating greater concern than other generations.
Gen Z's social media habits are making them anxious, too
Social media compounds it all. While there are many benefits to social media, it's a double-edged sword because it can create pressure, insecurity and judgement. It's no surprise Zoomers feel pressure to have a picture-perfect image and life.
For Gen Zs who spent a lot of time in lockdowns (as most people did), they've missed the opportunity to socialise and get comfortable with meeting people and making new friends. Social media use is high for Gen Zs, and rose during the socially-isolated periods, because it was the only way to stay connected.
It's little wonder why: Gen Z are more likely than other generations to report that the pay they receive for their work does not afford them a good quality of life (26% compared to 20%), and 77% of them are in search of a new job (nearly double the rate of other respondents), per a McKinsey & Company report.
Here's what companies can do about it. In a survey by the Alexandria, Virginia-based nonprofit, 47% of Gen Z workers reported experiencing stress related to their job at least once per week, compared to 27% of Baby Boomers.
But Gen Zers are different from older generations, because they are the first consumers to have grown up wholly in the digital era. They're tech-savvy and mobile-first—and they have high standards for how they spend their time online.
Managers said they struggle with Generation Z workers for other reasons: Lack of motivation. Lack of productivity. Poor communication skills. Short attention span.
One of the most common stereotypes surrounding Gen Z is their 'troubling obsession' with technology. While it's true that they are digital natives who have grown up with the internet and smartphones, you could argue that this is a tech evolution rather than a generational obsession.
“What Gen Z wants is to do meaningful work with a sense of autonomy and flexibility and work-life balance and work with people who work collaboratively,” said Julie Lee, director of technology and mental health at Harvard Alumni for Mental Health, and an expert on Gen Z health and employment.
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.
But they're also stressed out about things like politics, the environment, violence and work issues. Nearly 90 percent of Z's say they don't feel set up for success and 75 percent of them believe they are at a disadvantage compared to the older generations.
The average age of onset for major depressive disorder is between 35 and 40 years of age. Onset in early adulthood may be linked with more depressive episodes, a longer duration of illness, and therefore a more difficult clinical course.
Gen Z workers, aged between 18 and 26, make up about 35% of those wanting to quit, while millennials (aged 27 to 42) are another 31%. The common reason cited by 44% of the workers considering quitting their jobs is overwork.
Compared to the 70-year life expectancy of baby boomers and the 85-year life expectancy of Gen X, Gen Z is predicted to have a life expectancy of over 100 years.
One-third (32%) of Gen Z respondents say they are the hardest-working generation ever, with Millennials ranked as the second-hardest working generation at 25%. More than half (56%) say the Silent Generation is the least hardworking generation of all time.
In fact, Stillman's consulting firm found that 84% of Gen-Z prefers in-person communication over text or email. But most importantly, Stillman points out that Gen-Z equates Zoom and other video chats to face-to-face conversation.
Social media and technology use are major contributors to Gen Z depression. While technology has many advantages, it can also be a source of anxiety and stress. Excessive social media use has been linked to feelings of loneliness, low self-esteem, and depression, according to research.
Members of Generation Z report higher rates of depression and a number of other mental health conditions than do generations before them. At the same time, they are more likely than previous generations to report these problems, positioning those who seek help in a place to receive it.
It's no secret that every single generation has endured horrible trauma of one variety or another. But Generation Z is likely the most aware of (and most openly vocal about) the concept of trauma, its lasting mental health aspects, and mental health conditions in general.
That perhaps has to do with the fact that the youngest generation in the workforce have only just entered it and are therefore more likely to hold entry-level positions. Mental health aspects may also be at play. According to the Mental Health Million Project, Gen Z has the lowest rates of overall mental wellness.