🤑 Gen Z is richer than previous generations at the same age

• Generation Z, born between 1997 and 2012, has significantly higher incomes and greater financial stability compared to millennials and baby boomers at the same age.
• This generation has great economic opportunities with record-low youth unemployment and strong wage growth.
• They often change jobs if they desire higher pay or better working conditions.

Generation Z is making its mark on the job market

"The first generation that will be poorer than their parents," has often been said about Generation Z. But that is not the case.

Instead, they have higher incomes and greater financial stability than millennials and baby boomers at the same age and are really making their mark on the job market, writes The Economist.

Gen Z has entered the job market under much more favorable economic circumstances than previous generations. Youth unemployment in richer countries is around 13 percent, the lowest since 1991. In countries like the UK and the USA, Gen Zers choose to study more directly career-oriented subjects such as economics and technology instead of humanities. This leads to better job opportunities.

On an average American workplace, the number of full-time working Gen Zers is on track to surpass the number of full-time working baby boomers. This generation is also taking over leadership positions. In the USA, there are now more than 6,000 corporate leaders and 1,000 politicians from Generation Z.

Wage increase and economic power

Wage growth for young people in the USA recently reached 13 percent on an annual basis, compared to 6 percent for workers between 25 and 54 years old. This "youth premium" is the highest since reliable data began to be collected. In the UK, people between 18 and 21 saw an average wage increase of a whole 15 percent last year, which exceeds wage increases among other age groups by a significant margin.

They also have a different view of work compared to previous generations. Their financial security allows them to navigate the job market with greater freedom, which includes being able to easily change jobs if they desire higher pay or better working conditions.