What is the generation after millennials
What is generation Z? The generation after millenials, called generation Z, are people born around the year 2000. They were born after 1995 and the fall of the Berlin wall, around the 11th September 2011 terrorist attacks on the twin towers in NYC, and before the Arab spring.
They are also called generation C for communication, collaboration, connexion and creativity, as the gen Z characteristics don’t apply as much to generations previous to gen Z millennials, which were born before the Internet network, mobile phones and smart phones widespread.
generation Z years range from 1995 to 2010. The upper limit hasn’t been defined yet, as the next generation has not yet been identified.
Generation Z financial fears
The generation after millenials , generation Z, will represent 40% of consumers by 2020, which is coming very soon.
They have a very different life approach than previous generations, and are putting all their trust in education, but differently than previously.
They count on education to prepare them to the professional life, and to ensure them a long term career.
In that sense, they differ from millenials, for which education is about general knowledge, and not job ready skills, and careers are not important, as they have seen that the career model of the baby boomers do not work for them anymore. The generation Z is instead coming back to counting on corporate career.
Generation Z education characteristics
For the gen Z, education is not only about college anymore, but is a very important bridge to a career. They mostly plan to go to college, at 82%, and consider a 4 year university path, most of them wanting to go beyond the bachelor’s degree.
Less than half of them is interested by community college, and only a quarter of gen Z are interested in trade or technical school.
They mostly choose their major based on job availability, with 39% of the latest graduating class going for medicine and health care path, 20% in sciences, 18% in biology and biotechnology, and 17% in business or corporate.
Generation Z student loan characteristics
Regarding student loans, the generation Z is saving 15% less than millennials.
They fear having a debt for education, do not want to have one, and are actually planning their student life accordingly, by going to college close to their parents home, in order to reduce as much as possible all extra costs.
Generation Z employment characteristics
The generation Z is very different from the millenials in their employment wishes for the professional life.
Unlike the millennials, which saw that the promise of a corporate stable career from the baby boom generation does not work, and won’t happen to them, the generation Z is planning on working hard to ensure a stable income throughout their life.
They are generally not afraid to relocate and work longer hours, and most of them have taken an internship or apprenticeship, which are rarely properly compensated. This is probably one of the reasons why they target a long term career, as they do not believe much in rewarding part time job.
Most of them have tried part time job, and do not see their future in this kind of life.
Generation Z social media characteristics
Once again, the generation Z is differentiating themselves from the previous generation by accessing more and more the social medias, on average 33% more than the millennials, but sharing less about themselves and in public.
This gives an opportunity for publishers to gain additional market share, as the public information created by generation Z is slow, making it less competitive for publishers.
Generation Z savings characteristics
The generation Z is very savvy about financial planning, as they start planning at 13 years old for the financial strategy.
This will make them acquire financial products earlier in their life, as they must have learned from the big 2008 crisis, which they saw happening in their childhood, and do not want to become a victim of a similar potential future crisis.
The financial products that they will acquire will be more stable and backed up by real information.
Generation Z spending characteristics
The generation Z is more aware than anybody about prices. They won’t accept anymore a higher margin for a product, as they are used to check online any price, and are not afraid of buying somewhere else the same product if price is inferior.
They have also seen the millennials generation going high into debt, and will most likely avoid getting in any kind of student debt by the time they start working, and even later, as they are finance savvy and won’t take on the first deal, but will rather discuss any spending with their family and friends, and check online for cheaper prices.
Generation Z infographic
See the generation Z infographics on World Economic Forum website.
The generation Z infographics have been prepared by Rave reviews, and their multiple sources.
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