At a time when the world is facing unprecedented challenges such as the COVID-19 pandemic and an economically unstable environment, the younger generation remains hopeful and optimistic about their future financial prospects.
Contrary to what the older generation might think, a recent survey by Morning Consult reveals that the majority of Gen Zers, aged between 13 to 25, believe they will be at least as financially successful as their parents, if not better. This is great news, especially for young people of color, who are even more confident about their financial futures.
The Morning Consult survey found that 38% of Gen Z respondents believe they will be better off financially than their parents, while 43% expect to fare the same. Only 19% reported that they believe they will be worse off than their parents.
This is a significant finding, considering that this generation is witnessing an uncertain and unpredictable economy that has left many people feeling anxious about their financial future.
The survey also revealed that young people of color, specifically Black and Hispanic respondents, are even more optimistic about their financial future.
The study found that 46% of Black Gen Zers and 42% of Hispanic Gen Z respondents believe they will be better off financially than their parents. These results are encouraging, given that these groups have historically faced systemic barriers that have limited their economic opportunities.
Despite the challenges that Gen Zers face, including student loan debt, a highly competitive job market, and increasing living expenses, their confidence in their financial future remains high. This could be attributed to the fact that this generation is more financially savvy than previous generations, and they have access to more information and resources that can help them make better financial decisions.
In addition to their financial optimism, Gen Zers are also optimistic about their ability to create meaningful change in the world. According to a study by Echelon Insights, 7 in 10 young Americans believe that their generation can overcome obstacles such as climate change and systemic racism. This positive attitude toward the future is inspiring, and it shows that this generation is ready to take on the challenges that lie ahead.
Despite the optimism of Gen Zers, the views of older generations about the financial prospects of young people are not as positive. According to a survey last year by Pew Research, 72% of U.S. adults believe that young people will be financially worse off than their parents.
This disparity in opinion could be due to the fact that older generations are not as in touch with the realities and experiences of the younger generation.
The results of these surveys should serve as a wake-up call to businesses and organizations that cater to young people. It is essential to understand the mindset, values, and priorities of this generation to provide them with the products, services, and opportunities they need to succeed.
“Gen Zers are realistic about the state of the world, but optimistic about our ability to drive meaningful change in the future,” Anya Dua, founder of Gen Z Identity Lab, said in the report. “Change will be achieved not through business as usual – it will require new thinking, new approaches, and new energy. Gen Z is up to the task.”
