Gen Z Making money: From Social Media Influencers to Gig Economy

They’re the most diverse, savvy, well-educated and socially responsible generation, and are expected to inherit trillions during the upcoming Great Wealth Transfer. So how are Gen Zs making money and what can we expect them to do with it?

The newest generation in town is already making big bucks, rapidly adapting to the changing times and forcing the financial services industry to fit their priorities and characteristics. So much so, that the internet is already filled with articles such as “5 money lessons millennials can learn from Gen Z”, explaining how those who were born after 1995 are improving the ways in which they make a profit.

These include placing a strong emphasis on savings: 57% of Gen Z said they would rather save their money than spend it immediately, according to a study by Earnst and Young. And while this is also true for Millenials, often considered to be cautious and intentional with their money having entered the job market during the Great Recession, there’s much more awareness to finances coming from the Gen Zs: “Having learned from the millennials’ experiences, Gen Z may be better prepared (or resigned) to handle many of the same challenges… members of Gen Z are likely to be more proactive in addressing their debt, creating a real need for expert advice focused on debt management,” a marketwatch op-ed states.

They’re also considered good negotiators, as they try to do their research, compare prices and negotiate, and prioritize a better balance of their financial securities with personal fulfillment. To that end, travel and leisure are an important part of the work-life balance (presumably this lifestyle will return after the world sees an end to the global COVID-19 pandemic) as is sharing these experiences.

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