Generation Z
Along this journey, Millennials ended up making their fair share of financial mistakes — but interestingly, evidence is now mounting that the next generational cohort Gen Z is already learning from their elders. Gen Z saw some of their older friends take on massive amounts of debt, while also struggling to find well-paying jobs. As a result, this new generation born and onwards is taking a much more pragmatic approach to the world of personal finance. For Generation Z, an education is often seen as an end to a financial means.
In other words, college is an opportunity to build a set of skills that will be valuable to employers, ensuring a stable career. While the Gen Z outlook on school and work is a defining factor in their attitude towards personal finance , how they save and spend money is also making a difference. As Gen Z enters the professional workforce and starts investing their savings, it will be interesting to see what comes out of this frugal and practical approach to money.
Get your mind blown on a daily basis: Given email address is already subscribed, thank you! The youngest members of the Boomer II generation in fact did not have the benefits of the Boomer I class as many of the best jobs, opportunities, housing etc. And, with that education and a growing maturity they are starting to form families with a higher level of caution and pragmatism than their parents demonstrated.
Concerns run high over avoiding broken homes, kids growing up without a parent around and financial planning. The largest cohort since the Baby Boomers, their high numbers reflect their births as that of their parent generation. Gen Y members are much more racially and ethnically diverse and they are much more segmented as an audience aided by the rapid expansion in Cable TV channels, satellite radio, the Internet, e-zines, etc. Gen Y are less brand loyal and the speed of the Internet has led the cohort to be similarly flexible and changing in its fashion, style consciousness and where and how it is communicated with.
Gen Y kids often raised in dual income or single parent families have been more involved in family purchases…everything from groceries to new cars. One in nine Gen Yers has a credit card co-signed by a parent. This highly diverse environment will make the grade schools of the next generation the most diverse ever. Higher levels of technology will make significant inroads in academics allowing for customized instruction, data mining of student histories to enable pinpoint diagnostics and remediation or accelerated achievement opportunities.
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Generation Z
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Why Gen Z is Approaching Money Differently Than Other Generations
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