Many Millennial and Generation Z (Gen Z) employees feel unable to plan financially, leaving them feeling pessimistic about the future. Deloitte's 2023 Gen Z and Millennial Survey found that workers are trying to relieve financial pressures by taking side jobs, the report says, on the rise from last year's survey.
More than one in two Gen Zers (53 percent) and 50 percent of millennials have some kind of side hustle, such as freelancing or gig work, according to a recent Bankrate survey. That's higher than the 40 percent of Gen Xers (ages 43-58) and the 24 percent of baby boomers (ages 59-77) with a side hustle.
The main reasons Gen Zers and millennials are considering switching jobs haven't changed, with higher compensation, improved work-life balance, opportunities for career growth and flexible work arrangements all ranking as top priorities, per LinkedIn's research.
Since starting, 89% of Gen Zers who use cash stuffing have been able to funnel more money into savings. Another 70% say they've been able to lower their monthly spending, the survey said.
Each generation handles money in a different way. Afterall, people have grown up in different eras, they place value on different commodities, and some are busy saving for retirement while some are squirreling away their pennies in order to see the world one day.
The average salary that young adults said would make them feel as if they've finally “made it” is $121,553 per year, with Gen Z aiming slightly higher and pining for $124,494 and millennials earmarking $120,902.
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.
Aligned with the job satisfaction insights, Gen Zs also proved to be the generation most likely to quit their job if they are unhappy with their workplace, the report found.
According to a recent survey of 1,300 managers, three out of four agree that Gen Z is harder to work with than other generations — so much so that 65% of employers said they have to fire them more often.
Nearly 3 in 4 Gen Zers say they would rather have a better quality of life than extra money in the bank. In fact, experiences matter more than money to Gen Z, as 66% say they are only interested in finances as a means to support their current interests.
According to a study from Credit Karma, Generation Z, which is defined as people born between 1997 and 2012, accumulated a higher percentage of debt at the end of 2022. The study shows that Generation Z had, on average, $15,796 of debt between March and May of 2022.
Compared to previous generations, Gen-Z is more likely to donate to nonprofit causes outside of their local community. According to Changing Our World, Inc., both Gen-Zers and Millennials are more likely to donate money to causes beyond their community, such as fighting hunger and disaster relief.
For generation Z, 73 percent of respondents said they weren't currently dating or looking for a relationship because they had more important priorities at the moment. The survey showed a generational gap in the different reasons why Americans are content with being single.
Part-time or summer jobs: Many Gen-Z kids work part-time or summer jobs at stores, restaurants, or other businesses in their community. These jobs can provide a steady source of income and can also be a good way to gain work experience and develop new skills.
Aged between eight and 23 years old, generation Z or the post-millennial generation will take the lead in a few decades.
Gen Z (42%) is about twice as likely as Americans over 25 (23%) to battle depression and feelings of hopelessness.
Gen Zers point to many reasons they are turning their backs on cars: anxiety, finances, environmental concern. Many members of Gen Z say they haven't gotten licensed because they're afraid of getting into accidents — or of driving itself.
Over 50 million workers said goodbye last year, and it's a trend that's shown no signs of slowing, based on the latest months' data. The Great Resignation was increasingly dominated by Gen Z.
The younger generation has powered through a lot of upheaval in their short lives but it's taken a toll on their mental health. A new survey finds that an astounding 42 percent of those born between 1990 and 2010 – Gen Z – have been diagnosed with a mental health condition.
Among the things Generation Z cares about, racial and gender equality are at the top of the list. Gen Z is also concerned about climate change and the potential impacts their generation will have to deal with in the years to come.
The survey found more Gen Zers reporting that they have been diagnosed with an anxiety disorder or depression. 18% of Gen Z reported an anxiety disorder diagnosis, and 23% reported they had been diagnosed with depression.
Unlike previous generations, Gen Z has little to no memory of a world without the internet, smartphones, and social media. Technology is a substantial part of their life. Being continually connected can also result in self-esteem issues and feeling pressure to conform.
They see themselves as extremely hardworking and enjoy a well balanced work and personal life. Gen Z employees value mental health and work precariously to ensure peace of mind. and retain Gen Z talent, companies must be receptive towards their needs and be more forward thinking in their approach.
In terms of being parents, Gen Zers tend to view parenthood as identity-improving, and a role which enhances their lives. They are very child-focused, and want to be heavily involved in their children's lives.