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Gen Z, Armed With Knowledge, Confronting Financial Fears

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Gen Z

Just as optimistic and perhaps a little more cautious than their millennial older siblings, Gen Z has grown up fast. By 2020, this demographic will make up 40% of consumers, but their spending habits are unlike any other generation. Indeed, many of their collective traits and attitudes are decidedly different from Gen X and even millennials, as Gen Z strives for personal sustainability, financial responsibility, and career stability.

Gen Z Is Ready To Face The World

At 13 years old, many Gen Zers are already planning for their financial future and independence; 89% of them say that planning for this financial future makes them feel empowered. Beginning this mindfulness at such a young age allows them to effectively plan for their future, long before they even enter college. In 2017, we saw the first graduating class of Gen Z, 88% of graduates expressing chose their major based on job availability. Watching their Gen X parents go through the Great Recession, developing skills for a reliable income is essential to their big plans. Growth in majors like medicine, healthcare, and sciences is reflected in this goal of income stability – something that Gen Zers particularly take into consideration.

They Are Weighing Their Options

Many Gen Zers think that college isn’t the only path to a good education, but they still believe that it’s a means to a financial end. During these college years, Gen Z intends to spend as little and save as much money as possible. Up to 40% of millennials have overspent or even gone into debt just to keep up with their social lives, and this is something Gen Z simply cannot really too. For Gen Zers, 66% plan to attend in-state universities to say on tuition, 19% plan on living at home during the duration of their education, and 39% are considering community college over a university. Furthermore, their reluctance to take out student loans sets them apart from earlier generations in particular. Across the board, sentiments towards student loans and debt have dropped, as percentages of those planning on taking out loans decrease from 21% in 2016 to just 11% in 2017.

They See The Bigger Picture

After college, their work ethic continues into professional careers. Willing to work hard for their stable income goals, Gen Z strives to make themselves known as valuable and reliable team members. Among recent Gen Z grads, 78% have already completed an internship or apprenticeship, 75% are willing to relocate to another state for a job offer, and 58% say they are willing to work nights and weekends when necessary. Not content with just one source of income, 77% of Gen Zers already earn extra money through freelance work or part-time jobs and 35% of Gen Z students say they already own their own business are the plan to in the future.

Pretty soon, Gen Z will make up one of the largest consumer demographics in the world. Already with a spending power of up to $143 billion behind them, it’s unlikely this generation will swipe their cards for just anything. This infographic details inside the minds of Gen Z, mistakes they have learned from, and what lessons even older generations can take from this unique, yet young, generation.

GenZ

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019. Follow Brian Wallace on LinkedIn as well as Twitter.

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