Business America was never really a party, but if it were, it certainly seems to be waning between return-to-office requirements and rounds of layoffs. No need to tell the freshmen, or Gen Zers, that it’s not worth going to the rager as the night wanes– they’re ready to work for themselves.
According to Instagram’s year-end 2024 Trend Talk, one in three Gen Zers believe the best way to get ahead financially is through “some type of self-employment.” This shift reflects a change from the traditional American Dream of climbing the ranks in one company and buying a white-picket fenced house. Young people are becoming less sold on the dream, as the housing market becomes more difficult to weather and getting a raise often means finding a new job.
The youngest employees are usually more financially vulnerable because they’re typically making lower entry-level wages. Combined with the high cost of living, many feel strained to make ends meet. With salaries just starting to meet the rate of inflation, it’s likely that Gen Z believes working for themselves might pay off more than working for someone else.
They’re also learning from other generations who were failed by the system, as Marcie Merriman, EY Americas’ cultural insights and client strategy leader, told Fortune’s Paolo Confino.
“What they have seen, if nothing else, is companies will cut down, take steps in order to keep their success in a heartbeat,” she said. “They’ve seen it happen to their parents, they’ve seen it happen to millennials, and in the last few years, many of them have experienced it themselves.”
That leaves Gen Z with a skepticism of business in the midst of an economic recession and general financial fatigue. Many feel as if the financial game is different than it was for their parents and worry for their financial future– after all, experts say $1 million is no longer sufficient to retire comfortably.
While they’re still relatively early in their career trajectory, Gen Z is already tired of the system. A striking 98% of 18-to-24-year-olds are experiencing employee burnout, per Cigna 360’s Global Well-Being Survey 2022. They were also the most likely to report being stressed. Perhaps that’s partly because an income isn’t always enough to cover the bills nowadays, forcing young people into side hustling, even if it still doesn’t allow much discretionary income. Almost half of them have added another part-time or full-time job in addition to their main job, a Deloitte study found. And the majority (70%) of Gen Zers consider freelancing a viable alternative to a regular 9-to-5 job. » …
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