The generation that will succeed the Millennials is already on the cusp of becoming more important and influential than the Millennials, according to Goldman Sachs:
The oldest members of “Gen Z” are already 17, and entering college and the workforce in the US. They are going to be greater in number than the Millennials were, better at using the internet, and more entrepreneurial and pragmatic about money, according to Goldman analysts Robert Boroujerdi and Christopher Wolf.
“Raised by Gen-X parents during a time marred by economic stress, rising student debt burdens, socio-economic tensions and war overseas, these youths carry a less idealistic, more pragmatic perspective on the world,” the pair write.
A member of Gen-Z is anyone born after 1998. Here’s what they look like, according to Goldman Sachs:
- Even though none of them have yet reached adulthood they are already greater in number than Generation X and their grandparents’ generations, and will soon overtake the Millennials in number, too.
- There are nearly 70 million of them in the US.
- Every single Gen-Z member was born after the advent of the internet. They are the first generation to have no pre-internet knowledge. “However, unlike their Millennial predecessors, Gen-Z appears more conscious of protecting their reputations online. More than half (57%) have abstained from posting something because they felt it would “reflect badly on them in the future” (Pew Research).”
- They will be America’s most diverse generation to date, and a majority of them will be non-white by 2020.
- Gen-Z is more conservative, more money-oriented, and more entrepreneurial than the Millennials were. “A recent Harvard Business Review article suggested that nearly 70% of Gen-Z teens were ‘self-employed’ (e.g., teaching piano lessons, selling goods on eBay) vs. just 12% that held a ‘traditional’ teen job (e.g., waiting tables),” Goldman says.
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