46% of Gen Z (those born between 1997 and 2012) find themselves in financial stress when they admit their salary is barely enough to get through the day.
Making money is becoming more difficult for young people, especially after two years of the pandemic. The audit firm Deloitte has just released a study of 14,808 Gen Z people across 46 countries, showing that the biggest problem young people face is financial instability, especially in times of high inflation.
When asked about the financial worries that bother them the most, 29% of Gen Z mentioned the cost of living, 46% said their salary is just enough to live on, and 25% said they don’t worry about money every month. .
These people also admit that there is not much hope for a good labor market. 72% of respondents see a widening gap between rich and poor in the country they live in.
But how does Gen Z handle financial instability?
Deloitte recognizes low wages as the top reason why young people have left their jobs in the past two years. 15% of people surveyed had to move to a place with a lower standard of living; 33% apply to work online to cut spending.
In addition, 43% of young people are looking for a new job, or combine part-time work in addition to their main job. Also according to the report, part-time jobs are not only a source of income, but also a means for Gen Z to demonstrate their entrepreneurial spirit.
Regarding the main job, young employees expressed their desire to be promoted soon, in order to increase their salary. In which, 49% of people hope to be fostered by their superiors for leadership and management skills.
Also according to Deloitte’s data, 40% of young people will quit their jobs after two years of working; 35% of them confirmed that they are still on leave even though they have not found a replacement job. Deloitte’s 2021 survey also shows that 25% of Gen Y people also intend to quit after a year of working.
But unlike Deloitte, the survey of the iCIMS human resource management software system gave the opposite result. 91% of graduates graduating from school in 2020-2021 want to find a stable job and 70% of them want to stay with a company for a long time. The research team also makes an argument: Gen Z chooses a work environment carefully but still wants financial stability.
Both concerned about social and environmental issues, and worried about the salary needed to pay for living expenses, many young people are considered as the “pragmatic idealistic” generation.
This means, Gen Z is starting to choose jobs that make them a lot of money. But in terms of idealism, the chosen job must have a world-changing role. And if they look for a job for money, it means they can’t stick around for a long time.
Sometimes, we see Gen Z as different from the rest of the generations. But when it comes to the difficulties of balancing material and spiritual life, they are like the senior generations. Those who are forced to make efforts to stand firmly on the path of life on their own two feet. But above all, before starting a new working environment, Gen Z should clearly define their goals and desires.
Minh Phuong (According to Forbes)
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