Individuals between the ages of 40 and 59, known as Gen X and younger baby boomers, experience the most stress and struggle with managing the concept of longevity, making it crucial for them to start planning for their future and seek guidance from financial advisors, according to research from Transamerica and the Massachusetts Institute of Technology AgeLab.
Canadian Millennials are struggling financially compared to previous generations, with higher levels of debt, stagnant incomes, and less disposable income, which could amplify the impact of an economic downturn, while Boomers are faring much better.
Some Gen Z managers are frustrated with their young workers, citing issues such as a lack of motivation, failure to adhere to company procedures, and a preference for personalized career development; however, experts suggest that understanding and addressing their needs and motivations could inspire Gen Z employees to excel in the workplace.
Job-hopping, often blamed on Gen Z and millennials, was actually initiated by baby boomers, who switched jobs as frequently or even more frequently than younger generations, according to the Bureau of Labor Statistics' recent report. The behavior of changing jobs frequently appears to be a common pattern among workers early in their careers, driven by a desire for meaningful work and self-actualization, rather than belonging to a specific generation.
Gen Z is more optimistic about homeownership than millennials, with a lower percentage believing it will be impossible in their lifetime, and while both generations face barriers to homeownership such as high home costs and student loan debt, Gen Z is doing a better job of saving and has a slightly higher rate of homeownership compared to millennials and Gen X at their age.
Gen Z young adults are both thrifty and willing to splurge, saving money on certain items while splurging on luxury goods, reflecting their personal values and priorities such as sustainability and pet care.
Millennials and Gen Zers are concerned about the financial impact of baby boomers, as they believe the older generations' choices have contributed to their current financial struggles, including high student debt and difficulty affording housing, while boomers hold a majority of the nation's wealth.
Many young adults, including members of Generation Z, are struggling to maintain good credit scores and are dedicating a significant portion of their disposable income to servicing their debts, which could hinder their ability to build wealth and save for retirement.
Hybrid workers, who split their time between remote and in-office work, are more likely to be highly educated, make six figures, and be millennial men.
Millennials, despite facing challenges such as student debt and the absence of traditional pensions, are actually better positioned for retirement savings compared to baby boomers, according to a study by Vanguard.
The economic backdrop faced by Gen Z, including inflation and high living costs, is expected to have a deep impact on their pay expectations and spending habits, potentially pushing prices higher. Young people in the UK have seen their inflation expectations rise significantly, driven by experiences of a cost-of-living crisis during their formative years. This could have long-lasting psychological and economic effects on Gen Z and society as a whole.
Gen Z expects to retire at age 61, younger than any other generation, but they are also concerned about saving for retirement and value work-life balance and flexible hours, according to a survey by Charles Schwab.
Many millennials are nostalgic for the financial freedom they had while working minimum wage jobs in the early 2010s, and a 32-year-old photographer explains that his current financial stress is due to increased credit card and student loan debt, despite making more money and living in a double-income household.
A new analysis from Bank of America shows that Gen Zers and millennials are increasingly taking on gig work to make ends meet, but their credit and debit spending growth is slower than that of baby boomers, indicating that young adults are facing financial constraints and have little discretionary income. This trend is attributed to wage slowdown and rising living costs for younger generations.
Many Generation Z employees struggle with older technology at work, leading to feelings of "tech shame," as they are assumed to be tech-savvy but face difficulties with tasks such as using old printers or fax machines, highlighting the need for support and understanding in bridging the generation gap in technology.
Boomers and millennials in the middle class share surprising similarities, including worries about income and cost of living, with both generations feeling the impact of inflation and experiencing financial insecurity despite income gains, according to a report from H&R Block.
