{"id":80134,"date":"2023-10-09T08:39:22","date_gmt":"2023-10-09T13:39:22","guid":{"rendered":"https:\/\/www.stress.org\/?p=80134"},"modified":"2024-04-06T04:02:05","modified_gmt":"2024-04-06T04:02:05","slug":"gen-z-faces-financial-challenges-stress-anxiety-and-an-uncertain-future","status":"publish","type":"news","link":"https:\/\/www.stress.org\/news\/gen-z-faces-financial-challenges-stress-anxiety-and-an-uncertain-future\/","title":{"rendered":"Gen-Z Faces Financial Challenges, Stress, Anxiety And An Uncertain Future"},"content":{"rendered":"

\"\"Gen-Z feels substantial anxiety and stress about jobs, long-term financial stability, and major life steps, such as buying a home and starting a family. The current economy and job market are primary sources of uncertainty for this generation, according to EY\u2019s 2023 Gen-Z Segmentation Study<\/a>.<\/p>\n

Seeing the wave of massive layoffs in late 2022 through the first half of 2023 has created feelings of distrust toward employers and job insecurity. Consequently, the EY data revealed that Gen-Z\u2019s anxiety levels are at an all-time high.<\/p>\n

The study captured insights from more than 1,500 participants across the United States born between roughly 1997 and 2007\u2014aged 16 to 26 years old\u2014to track Gen-Z\u2019s personal and professional interests and their outlook on mental health, trust, technology, career and lifestyle ambitions.<\/p>\n

Marcie Merriman<\/a>, EY Americas cultural insights and customer strategy leader, said about the survey, \u201cRight now, Gen-Z is particularly important as the newest generation of consumers, employees and citizens that will dramatically impact businesses today and into the future.\u201d Merriman added that EY\u2019s research found that mental health is an ongoing challenge for this cohort.<\/p>\n

They will ultimately comprise a large component of the workforce. Elder Zoomers will soon age out of their parent\u2019s health plans and need to assume the high costs of insurance\u2014not to mention the additional expenses of renting an apartment, paying back tuition loans and life\u2019s necessities.<\/p>\n

Key Findings<\/h2>\n

According to the report, over 50% of Gen-Zers said they are \u201cextremely worried about not having enough money.\u201d In light of the economic turmoil, fears of a recession, the ascension of artificial intelligence and corporate downsizings, making a living is a top priority for these young adults.<\/p>\n

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This group is also stressed about making poor financial decisions with their hard-earned money. Many people got burned chasing meme stocks, SPACs, NFTs and cryptocurrencies during the big bubble pandemic overexuberance. Nearly 70% of the respondents self-reported that their financial situation was not looking good.<\/p>\n

Gen-Zers are juggling several gigs and jobs. Around 65% worked part-time or full-time jobs last year, while 56% earned money from freelance or \u201cside hustle\u201d work. Thirty-nine percent of Gen-Z earned money working both a job and a side hustle.<\/p>\n

Anxiety Around Communication<\/h2>\n

After a few years of working remotely, companies are pushing people to return to the office. There is a discomfort segueing from being stuck at home during the pandemic and needing to navigate corporate etiquette.<\/p>\n

According to Tara Salinas, a professor of business ethics at the University of San Diego, Gen-Z\u2019s native digital skills may have\u00a0come at the cost<\/a>\u00a0of in-person communication and interpersonal relationships. \u201cGen-Z are digital natives and they\u2019ve always communicated online, so their interpersonal skills\u2014or soft skills\u2014have suffered,\u201d said Salinas.<\/p>\n

Data from a 2023 report by Miro on\u00a0asynchronous work<\/a>\u00a0reveals that many\u00a0Gen-Z workers<\/a>\u00a0find it challenging to communicate effectively in the workplace. They have difficulty asking for help and struggle to navigate collaborative processes with their colleagues.<\/p>\n

In A Separate McKinsey Study<\/h2>\n

A study by McKinsey last year found that Gen-Z faces an\u00a0unprecedented behavioral health crisis<\/a>. Zoomers in America reported the least positive outlook and the highest level of mental illness of any generation.<\/p>\n

This cohort is going through what looks like a\u00a0decline in economic opportunities<\/a>. Saving for retirement seems out of reach and will become even harder. Almost 60% of Gen-Zers say their basic needs are not being met.<\/p>\n

They\u2019re plagued with concerns about finding stable, well-paying jobs. Without a secure position comes uncertainty and discomfort. Understandably, there\u2019s a lament that they won\u2019t be able to have the American dream of buying a home, starting a family and doing better than their parents. This cohort is also anxious over the anchor of student debt, high inflation causing the prices of nearly everything to rise and the difficulty of earning enough money to save for the future.<\/p>\n

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Photo by Andrea Piacquadio<\/a><\/p>\n

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