Generation Z vs Millennials — iGen having a Better Financial Future
Let’s be honest! How many of you can remember researching things about money at the age of 13?
I know I didn’t for sure and I didn’t even care about money. I didn’t plan to make money and I didn’t want to make money! I know it may sound strange for the iGen or Generation Z, but the millennials and of course I am talking in a general way, we are or some of us are careless.
I have many millennial friends and if I analyze them well and also myself I see that we are not so different and the thing that surprises me every day is that we are starting to adapt to the new generation. Ok, I’m close to the iGen as born in 1992 and we know that the new generation starts in 1995, but still, at 13 I couldn’t think about money and savings and so on.
So who is the generation Z? — The iGen have never known a world without high-speed Internet, smartphones, and social media. They are tech-savvy and they spend more time on social media and watching YouTube videos! We know that already because we see them, but when it comes to money they are also different! And I only think in a good way! Let’s see why and also why is the generation z having a better financial future.
First of all let’s think about a child of about 5/6 years old. Probably he already has a phone or has access to a phone that is a smartphone, of course, he already knows how to open youtube and even if he can’t read he knows how to search and write what he wants to see. More likely he is face-timing friends or parents maybe not by himself but he can’t understand why their grandmother isn’t on the screen when he calls her! The phone must be broke or something. If you try to explain, maybe he will understand or maybe not completely.
The point is: they already know how to use the phone and by the age of 13 they will be able to understand money and start searching maybe for youtube videos on how to make money as a teenager am I right? All teenagers raise their hands or leave a comment if you already searched for making money as a teenager!
Another thing that really surprises me is how the iGen always looks for deals and they can filter information in a way that seems impossible! They are almost always online and they can find any information in no time! This is a very important thing when it comes to their financial future!
Why am I saying that? Because they are able to reach financial freedom more easily thanks to the internet and of course thanks to us, the Millenials and other past generations! They see how many millennials got into debt and complain about money, complain about time, and so on and they just do things better! The iGen is more likely to turn a passion or a hobby in their job and they are not afraid to do so, they start early which gives them time to improve. I wish I have started my youtube channel when I was 20 but I didn’t, I didn’t even know anything about being on youtube. Now, 80% of the gen z is at least thinking about starting a youtube channel!
Gen Zers also aims to be more frugal and avoid debt. They are already considering retirement savings earlier than previous generations and they also think about investing and maybe creating their own business at an early age!
I don’t know how old are you now reading this article, but if your question or thoughts are … yeah you can’t start a business without money… it’s too risky… they should focus on studying and getting a degree….
You should know that iGen is Multi-tasking — much more than a few millennials are!
Gen Z can be less focused than their Millennial counterparts, in school, they will create a document on their school computer, do research on their phone or tablet, while taking notes on a notepad, then finish in front of the TV with a laptop, while face-timing a friend. You get the picture.
Gen Z can quickly and efficiently shift between work and play, with multiple distractions going on in the background…working on multiple tasks at once. Talk about multi-multi-tasking.
So yes, a teenager can start making money earlier than we did and they can also focus on studying and making blog posts or youtube videos while combining the fun and their hobbies and passions with the work!
This only means they are more entrepreneurial and desire more independent work environments. As a matter of fact, 72% of teens say they want to start a business someday According to a study done by Millennial Branding and Internships.com
Having a Plan A is just the start, you know if that fails… there are still 25 letters left on the alphabet! This is something that should motivate all of us! Even those that can’t think outside the box, those that say I can’t take the risk- iGen would say they take the chance!
They are also more likely to learn well everything because you know, there are apps that help you create anything you want, even investing in demo accounts until you can feel comfortable enough to invest for real!
All these things are only the beginning of a new era because of course there is the Generation ALPHA of people born after 2010 when the iPad launched, Instagram was created and “App” was the word of the year!
