As Generation Z reaches working age and begins to receive generational wealth transfers, they will have a significant impact on investment and working trends according to a new GlobalData report.
GlobalData’s recent report The Thematic Intelligence: Generation Z in Tech, Media & Telecom offers insights into the impact Generation Z will have on global technology, media and working patterns, as well as within specific regions such as China, India, and the US. The report details core Generation Z trends such as ESG concerns, fluency in digital communication and mental health and how this will impact employees, consumers and businesses.
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Generation Z were born between 1997 and 2012, meaning a large portion of them are now joining the workforce for the first time. Although not a homogenous group, their experiences, preferences, and attitudes have been uniquely shaped by growing up with the internet and rapidly evolving technology. GlobalData’s report demonstrates how the largest Generation Z population is found in Asia with 1.2 billion, followed by 470 million in The Middle East and Africa.
GlobalData forecasts that the biggest transfer of wealth in history has begun. The report predicts $8.6trn in assets will be transferred to Generation Z as Boomers retire or pass away. This huge intergenerational transfer of wealth will rapidly boost Generation Z’s financial power, allowing them to influence the global economy and business in line with their attitudes, concerns, and priorities. Investment management company BlackRock controls approximately 10% of global equity with $10trn, so a transfer of $8.6trn to Generation Z over the next decade will have a significant impact on business, investment and industry.
GlobalData’s report highlights that in line with Generation Z’s ESG-conscious attitudes around fossil fuels and ethical consumption, investment in oil and mining is likely to be affected. GlobalData consultant Mike Orme commented: ‘’ Over the next two decades, the massive transfer of power and wealth will continue to have profound consequences for capital markets, the skew of investment portfolios, and corporate values as they align with Gen Z’s habits and outlook.”
Key trends in Generation Z have been identified by GlobalData that will have an impact on investment and working practices. Businesses will have to remain conscious of this both to gain investment and to recruit and retain employees from Generation Z. Due to their ESG concerns and preference for a better work-life balance, Generation Z prefer workplaces that offer hybrid working, with the opportunity to socialize whilst having flexible working patterns and mental health support.
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By GlobalDataGen Z and anxiety in the workplace
The Deloitte Global 2023 Gen Z and Millennial Survey found that 46% of Generation Z feel stressed or anxious at work most of the time, thus employers will have to consider this when structuring their working formats and mental health support.
Generation Z has an increased tendency to take these features into account when selecting workplaces to minimise the possibility of burnout. Their mental health concerns also link to the identified trend within GlobalData’s report of ‘The Great Resignation’ and ‘Quiet Quitting’ in which Generation Z’s relationship with work has been re-evaluated as they seek better working conditions, higher remuneration, and the ability to be oneself in the workplace.
Senior analyst Amna Mujahid stated in the report: ‘’Gen Z is often criticised for quiet quitting traits in the workplace, and this shift points both to a wider disillusionment with the rewards of working and a growing prioritisation of physical and mental health over career advancement.’’
