A survey conducted by CNBC and Generation Lab has found that Gen Z and millennial adults are struggling to achieve the same milestones as their parents did when they entered the workforce. The survey revealed that it is harder for young adults to purchase a home, find a job, and get promoted compared to previous generations. However, there are glimmers of optimism as 40% of respondents stated that they find it easier to find economic opportunities outside of traditional employment. The nature of work has been changing even before the pandemic, with younger generations facing different challenges compared to their parents. Additionally, the survey showed that there is a perception of loyalty among younger workers, contrary to popular belief. Finally, the survey highlighted the belief among young adults that the stock market is a good place to build wealth, although there is also some distrust due to their experiences during the 2008 financial crisis and the rise of cryptocurrency as an alternative financial system.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Gen Z and millennials struggling with adult milestones | Difficulty achieving milestones compared to parents | Increase in economic opportunities outside of traditional employment | Changing nature of work and economic landscape |
| Perception of increased difficulty in finding jobs, getting promoted, buying a house | Perception of decreasing opportunities for stability | Increased focus on non-traditional employment and economic opportunities | Changing nature of work and economic landscape |
| Inflation concern negatively impacting financial well-being | Concerns about inflation affecting future financial stability | Adjusting attitudes towards inflation and economic landscape | Media narrative and economic uncertainty |
| Student loan debt not significantly delaying major life decisions | Student loan debt having less impact on life decisions | Focus on managing and minimizing debt | Financial awareness and personal decision-making |
| Majority of younger workers feel loyalty towards employers | Changing perception of loyalty among younger workers | Efforts to increase employee morale and satisfaction | Employer initiatives and workplace environment |
| Distrust in stock market among younger generations | Decrease in confidence in stock market | Rise of alternative financial systems and experiences | Financial crises and alternative investment options |
| Perception of stock market as a good place to build wealth | Continued perception of stock market as a source of wealth | Adjusted expectations and patience for long-term returns | Long-term investment mindset and market performance |