EY: Financial independence is paramount for Gen Z

Business Forum
Financial independence is a nearly universal aspiration for 87% of Gen Z, yet wealth accumulation is not the primary driver of success, finds a new global survey EY and Young China Group.

The survey, which gathered insights from over 10,000 individuals aged 18-34 across 10 countries, highlights that relationships, health, and financial stability are paramount for this demographic.

Over half (51%) of respondents consider their mental and physical health as the main measure of future success, outranking wealth (42%) and even family relationships (45%) in most countries. 

This generation, the first to grow up fully immersed in the internet and social media era, exhibits a profound shift in how they approach life's milestones. Despite 86% identifying as adults, 60% still reside with parents or caregivers.

“We are at a moment where we find great generational diversity in the labor market: currently, five generations coexist and collaborate globally, with Generation Z representing about one-third and on the rise," says Claudia Sofianu, Partner, People Advisory Services, EY Romania. 

"The traits, aspirations, values, and life principles of representatives of this generation will increasingly influence organizational cultures, leadership profiles and styles, as well as ways of working."

The study also notes Gen Z's unique relationship with technology. While 99% own a smartphone and 94% use social media daily, nearly half (44%) express a desire to reduce their social media time, and one-third (33%) report feeling anxious or depressed. 

With the rapid integration of AI into every aspect of life, the study shows that young people's excitement for technology is being put to the test. While nearly half (45%) of respondents say they are excited to try new tech, attitudes vary significantly across different regions, often oscillating between enthusiasm and apathy. 

Emerging economies like Saudi Arabia (39%) and India (30%) are more inclined to embrace tech, while saturated markets like Japan (17%) and South Korea (17%) show greater caution.

RECOMMENDED
RECOMMENDED FROM THE HOME PAGE
Electrica secures grid permits for 700 MWh of storage
Energy

Electrica secures grid permits for 700 MWh of storage

Energy company Electrica informs investors and the capital market that it has obtained the technical grid connection permits (ATR) for 17 new battery energy storage projects (BESS), with a total capacity of approximately 700 MWh.

Energy

Romanian grid operator to support peak power consumption during heatwave

Romania's national electricity transmission network operator, Transelectrica, has halted scheduled maintenance shutdowns to ensure the grid operates at maximum capacity during an ongoing extreme heatwave. The preventive measures aim to mitigate operational risks associated with severe weather conditions.