Show
Millennials vs. Gen Z: Key Differences in The WorkplaceAs the United States is facing a skills gap in most industries, it is more critical than ever for employers to fill their talent pipelines. And while executives have spent the last decade trying to understand and work in harmony with Millennials, they must now acclimate to the younger and even larger Generation Z. How is Generation Z different from Millennials? What are their greatest aspirations and concerns for the future? How are they looking for work? What do they want in a career? Get the answers right here. Who is a Millennial? And who is a member of Gen Z?You may have an idea, but let’s be 100% sure that we’re all on the same page. As you may think, defining the two generations is based entirely on dates—in this case, years. A Millennial is anyone born between 1980 and 1995. In the U.S., there are roughly 80 million Millennials. A member of Gen Z is anyone born between 1996 and the early-mid 2000s (end date can vary depending on source). In the U.S., there are approximately 90 million members of Gen Z, or “Gen Zers.” Generation Z vs Millennials: Key TakeawaysThanks to our Way to Work survey, which surveyed 1,001 Americans who are mostly currently in college or recently graduated and in their late teens to mid-20s, we know the primary differences between the two generations and how these differences might play out in the workplace. Here are three key takeaways—or differences between Millennials and Gen Z regarding work—with more to follow in our infographic.
The Infographic’s InsightsIf you’re interested in seeing more takeaways from the survey, check out our infographic, “The difference between Gen Z and Millennials.” We’ve taken the most compelling insights from the survey and made them easy to view. Using these insights, you’ll better understand both groups of workers and can start crafting talent recruitment and retention strategies for these differing generations and their preferences, building a talent pipeline your business can thrive on for years to come.  Related ArticlesCheck out the latest research on why your organization needs a diversity, equity, and inclusion policy. read more Read about this month’s top trends in the world of work. read more What Is Generation Z (Gen Z)? Gen Z is the name given to the current generation of young people by many
demographic researchers. According to the Pew Research Center, Generation Z consists of people born between 1997 and 2012. The oldest of this generation are reaching 25 years of age, with many now out of college, getting married, and starting families. They follow on the heels of the millennials (born between 1981 and 1996). As
a result of the COVID-19 pandemic, members of Gen Z face a future more uncertain than many previous generations encountered. Key Takeways
Understanding Gen ZGen Z is the most racially and ethnically diverse generation of Americans yet. According to the Pew Research Center, non-Hispanic White Gen Zers hold a very slim majority at 52%. Hispanics make up 25% of Gen Z, while Black Gen Zers make up 14%, and 6% are Asian. The remaining 5% are a different race or two or more races. The majority of Gen Z members are not immigrants: Only 6% were born outside the United States. Though past generations have taken up social issues, Gen Z are more socially minded than previous generations. According to the Annie E. Casey Foundation, Gen Zers are focused on seven key social issues: healthcare, mental health, higher education, economic security, civic engagement, race equity, and the environment. Many Gen Zers
will soon be ineligible to remain on their parents' health insurance, and they are concerned about how to pay for their own coverage. This issue is further exacerbated by the increase in the number of Gen Zers seeking mental health treatment—37%, according to the American Psychological
Association. Gen Zers also make education a priority. More than half (57%) of those ages 18 to 21 years old were enrolled at either a two- or four-year college. Gen Z members also are more likely to finish high school. Members of Gen Z are fighting for social change, racial equity, and protecting the environment in record numbers. Some have elevated their profile to
the national level, such as X (formerly Emma) González, a survivor of the 2018 Marjory Stoneman Douglas High School shooting, who helped organize the March for Our Lives movement with other survivors. According to the Pew Research Center, approximately 70% of Gen Zers think the government needs to take a more active stance in addressing problems. Gen Z vs. Millennials, Gen X, and Baby Boomers The 21st Annual Transamerica Retirement Survey of Workers looked at how Gen Z views its finances and retirement prospects compared with
millennials, Gen Xers, and
baby boomers. Key findings include:
33%The percentage of Gen Zers who consider saving for retirement to be a financial priority. Gen Z’s Financial Situation According to the Transamerica survey results, Gen Z currently has little to no financial security. Gen Z
workers are more likely to say they are just getting by to cover basic living expenses (50%) and paying off student loans (35%) than older generations. In addition, they have saved just $2,000 in emergency savings, while 30% have dipped into their retirement accounts. Also, approximately one-third of Gen Zers have reduced their day-to-day expenses due to pandemic-related financial strain. Retirement Savings Even though Gen Zers might be on shaky financial ground at the moment, they have firm plans for retirement. In fact, 70% are saving for retirement through employer-sponsored plans, such as a
401(k) or similar plan, and/or outside the workplace, per the Transamerica survey. Gen Zers also started saving for retirement at age 19, much earlier than millennials (age 25),
Gen Xers (30), and baby boomers (35). According to the survey, Gen Z members estimate that they will need $500,000 by the time they retire to feel financially secure. However, only 32% have a backup plan if retirement comes
unexpectedly. Additionally, the 2022 Investopedia Financial Literacy Survey found that younger generations are factoring cryptocurrency into their retirement plans, so understanding cryptocurrency may be extremely important for children. Financial Planning for Gen Z Because Gen Zers are just moving into the workforce, many don’t have a lot of experience with financial planning. They may know about employer-sponsored plans, but many don’t know much about investment products
outside of work, such as bank accounts (savings and money market), individual retirement accounts (IRAs), and
certificates of deposit (CDs). In fact, according to the Transamerica survey, only 9% have a “great deal” of understanding of asset-allocation
principles as they relate to retirement investing. If you belong to Gen Z, here are four steps you can take to help you start down the road to a strong financial future. $500,000The amount that Gen Zers feel they need to save for a financially secure retirement. 1. Get a comprehensive financial plan Don’t wait until you are well into your career to seek financial advice for your financial future. If you have a steady job and already are saving for retirement through an employer-sponsored plan, now is the time to seek input on how to maximize your savings. Learn about
budgeting—there are great apps for that—and work to build an
emergency fund to help you through tough times and keep you from ending up with serious credit card debt if, for example, your car breaks down. 2. Manage your debtEven for 25-year-old (so the oldest) Gen Zers, purchasing a home may still be some years away. But it's not too soon to get your finances under control, which will help you get a mortgage when the time comes. A good credit rating and a low debt level will help both your current life (hiring managers sometimes check this) and your future ability to get everything from a car loan to, eventually, a mortgage. Work to get your student debt under control and keep credit card debt at a minimum. Learn about debt-to-income (DTI) ratio—a number that will eventually help you get a mortgage (mortgage lenders want your DTI to be 43% or less to qualify for a home loan, per Chase) but that right now can help you gain control of your finances. Paying off credit cards can give your DTI a big boost, as can paying off any installment loans, such as car loans or student loans. If you’re having trouble paying down your debt, a
certified credit counselor can help you develop a plan of action. 3. Get a head start on college costsAs college tuition continues to increase, it's important to look for ways to pay for college that won't leave you drowning in debt. Though four-year colleges are considered a primary path to a college degree, there are other, more affordable options that could reduce how much you pay for college. Taking classes online, attending a community or junior college, or opting for a technical school all offer avenues to a secondary education that cost less than traditional four-year schools—or make the first part of a college education cheaper. Taking time off to work full time and save up for tuition costs is another way to pay for college. You could also apply for the Federal Work-Study program, wherein you can work part time while attending school either part or full time. Searching for scholarships and grants is another way to pay for college. Don't rely solely on your school's financial aid office to match you with possible scholarships or grants.
There are several search engines available to help locate scholarships that you may qualify for to help pay tuition and college costs. These include Fastweb, Mometrix, StudentScholarships.org, Unigo, and Scholly. 4. Get a financial picture from parentsAs you embark on adulthood and begin to take control of your own finances, talk with your parents regarding how to build a secure financial foundation. They can help answer any questions you may have about building up your savings, managing your credit card use, establishing a good credit history, and understanding employer-sponsored retirement accounts and benefits. If your parents don't have a strong financial history, search for a local banker or financial advisor you can talk with regarding your financial issues and goals. And build your financial expertise by
learning on your own. Who Belongs to Generation Z (Gen Z)?People born from 1997 to 2012 are considered to be part of Gen Z. That means that the eldest among them will reach a quarter-century of life in 2022. Do Gen Zers Tend to Be Financially Secure?Not yet. Fifty percent are making just enough to cover their basic living expenses, while 35% have student loans to pay off. One-third of them report having suffered financially due to the COVID-19 pandemic. Are Gen Zers Saving for Retirement?Gen Zers are the most retirement-conscious generation ever. A staggering 70% have some sort of retirement plan, whether employer-sponsored or self-administered. Gen Zers started saving for their retirement at age 19. Compare that to millennials (age 25), Gen Xers (age 30), and baby boomers (age 35). Gen Zers anticipate needing to save $500,000 for retirement, however, which may prove to be an underestimate given that financial experts tend to peg the number higher at as much as $2 million. The Bottom Line Gen Z’s oldest members are beginning to move into their post-education years, which brings a wealth of new financial
considerations with it. This includes planning for retirement, finding ways to pay for their college education, and setting the stage for a strong financial future, including buying a home. Having a firm financial plan in place can go a long way in helping them achieve their financial goals and
provide financial security as they get older. What is Gen Y age range?What years are millennials? Millennials, also known as Generation Y, were born between 1981 and 1996, according to Beresford Research.
What age is Millennials and Gen Z?Generational Quick Facts. What generation is Gen Z?Generation Z (or Gen Z for short), colloquially known as zoomers, is the demographic cohort succeeding Millennials and preceding Generation Alpha. Researchers and popular media use the mid to late 1990s as starting birth years and the early 2010s as ending birth years.
How old is a Zoomer?Members of Generation Z, otherwise known as “Zoomers,” were born between 1997 and 2012. So, their ages as of 2022 range anywhere from 10 to 25. They are commonly referred to as the first fully “digitally native” generation. They grew up with social media all around them and are used to living in a digital-first world.
|
What is the gen z age range
Copyright © 2024 pauex Inc.
