Well, everyone has heard a lot about “millennials” or “Generation Y” who make up a high percentage of the workforce. Over the next few months, we’ll be sharing their differing motivators.
However, relatively little has been said about Generation Z, maybe because they are just emerging, and we are still looking at just how different they are to the previous generation.
So, let’s start with age. As a rule, Generation Z is aged between 3-23. Born in 1995 or later, in the middle of Generation X’s zenith (the Brit Pop years), they are the children of Generation X.
By 2020, their actual spend will account for 40% of consumers, but what makes them so interesting is that ’causes’ are even more important to them than they were to the previous generation. Not only does Generation Z appear to volunteer more, they want to know that the job they do is actually making a difference, saving the world at the same time.
Technology is something they are born into, this is a generation that knows tech and how to use it! Five-year-olds are filming each other and video editing their content. The internet is a part of everything they are involved with, so Generation Z doesn’t own music, they stream it.
Yet, they are more “people people”. They know body language is key and can lead to misunderstanding.
Lastly, Generation Z is more entrepreneurial to fulfil their ambitions and match their craving for individuality and autonomy, with the ability to process information fast and multi-task more than even the previous generation.
That’s where having a plan comes in. Many of this generation’s entrepreneurs are looking for investors to get their project off the ground, although having an investor could lead to a loss of control or the vision changing before their eyes. Imagine having a plan in place to give them that head start; as they step out of further education they can build something that will change the world and leave a lasting impact.
Generation X, we have a question to ask you. Why not set your children up for success and ensure that your family name is one that has a lasting legacy?
Would it be ok if you had your own tailored GL Passport to discover how? Let’s book you in!
“My goals are to travel and become a founder of an organisation to help people” – Female, aged 14[i]
Kind Regards
Andrew Stinchcomb
Lead Navigator
Certified Financial Planner™ professional
Chartered Wealth Manager™
Investors should remember that the value of investments, and the income from them, can go down as well as up. This update has been produced for information purposes only and isn’t intended to constitute financial advice; investments referred to may not be suitable for everyone.
