How Gen Z is changing work and money
No.140:?13th?Apr?2023
Hi, it’s David here.
This week’s fascinating newsletter is written by Caroline Collinson-Jones, a community member and strategist who has always been ahead of the curve, always working on things that need working out.
In her piece she provides us with an A to Z on Gen Z, and her observations make it very clear that what has got us this far is not going to get us where we need to go.
As always, we are curious to hear what you think.
David Alberts?(Co-Founder and Chief Vision Officer?at BeenThereDoneThat)
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Hi, it’s Caroline?here.?
The last few years have seen a major shake up in work and money. At the leading edge of that are those coming to adulthood today, trying to build their lives in a changing context.?
The world of work has tipped on its axis. From new working models to policy changes to strikes to high profile exits like Jacinda Ardern, to a surge in conversation around burnout and mental health.
The way we view money is also changing. From the cost of living crisis and high inflation, to a growing narrative about an unfair system to the billionaire’s fall from grace. All while the very concept of money is expanding with hundreds of new financial services popping up, new kinds of assets, and new currencies emerging and collapsing.?
All of this would’ve made me lie down and give up when I was 21, and that would be a very legitimate response, but there’s a reaction brewing that feels a little more hopeful…
1. FROM STRIVING TO LIVING YOUR LIFE
The 2010s was about striving: Work from everywhere, join the creator economy, monetise your passions, love your job (and never need a break from it). It was individualistic, growth-obsessed and created the perfect conditions for burnout.?
In opposition, we saw the rise of mindfulness, a growing mental health conversation, the crumbling of the cult of the billionaire, the intensifying climate crisis and a pandemic. It’s no wonder values and priorities are shifting: Boundaries set between life and work, and the view that work is something that funds your life, not gives your whole life meaning.?
2. FROM STUPID PRODUCTIVE TO SMART LAZY?
The 2010s offered us plenty of technology that should have made life easier, but we used it to do more, not take a break. We used it to make the billionaires richer, not to reduce everyone’s workload.?
But perhaps a savvy next generation will be smarter in this next wave of AI-fuelled tools. More willing to find shortcuts because life comes first and work is being scrutinised, perhaps they’ll use it to work less and live more.?
3. FROM FOLLOWING THE SYSTEM TO DIY
If you graduated in 2009 you likely viewed the worlds of work and money as systems you had to operate within somehow even as you watched them screw you over.?
But if you’re reaching adulthood now, you’ve never known a world in which you didn’t think you could figure it out for yourself. You don’t remember a world without YouTube tutorials, and Tiktok took those down to mere seconds. You’ve come of age at a time when people are questioning the unequal systems rather than bending to them.?
If you’re 21 now you’ll grow into all of this radical change while those older than you are struggling to adapt, so you’ll take the lead. You’re going to have jobs that don’t even exist yet. So it's no wonder you’re figuring it out for yourself.?
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4. FROM SIMPLIFYING TO MULTIPLYING?
Ten years ago we were told to simplify and consolidate when it came to money. Banking was a huge hassle, interest rates were low and stable. We were served advice like “don’t start investing until you have at least 50k in your short term savings.”?
But if you’re in your early 20s now, you might have more than one income, multiple accounts, micro-investments, AI savings, new kinds of assets, new currencies to experiment with, different pockets of debt on services like Klarna. Enabled by tech that puts you at the controls; and encouraged by sign up offers and interest rates that make saving more alluring. It’s worth getting a little creative.?
Decades of gamification, accessible tech, and DIY culture mean young people are bringing a more playful and creative approach to their money, even at a time when they don’t have much of it.?
So maybe there’s hope. But none of this should stop us from acknowledging the absolute shit sandwich young people have been handed. Many are of course just deep in the struggle and will be for years to come. This is but a glimmer of a response to that pressure, currently in its infancy, and hopefully pointing towards a future with more freedom, more life and more control.
As always, we are curious to hear what you think.
Caroline Collinson-Jones?(Community Member?at BeenThereDoneThat)
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