Were you born between 1996 and 2010? You are Generation Z!
In working toward creating a Family Legacy of Financial Wellness, I am learning so much! I know that none of my children or grandchildren are Generation Z. So, without any bias, I can discuss this here as a part of my Legacy thinking.
Generation Z are very young pragmatists! They are resolute, smart, hardworking, and entrepreneurial. They have experienced our first black president in the United States. They know they can change the world! They have experienced a major recession with great economic instability and they may be headed into their second right now! They have experienced great growth in the stock market numbers. They are now experiencing some major pullbacks. They have experienced the election of a president no one thought could win. His promise was to “Make America Great Again”. Generation Z will help determine much of what the future days hold in all of these areas.
Generation Z is powerful for by 2020 they will represent 40% of the consumers. They strive for and demand excellence in brands. They are the “pivotals” as described by Jeff Fromm and Angie Read in their MARKETING TO GEN Z book. They look at price and value. They have been mobile since birth; but they are old souls in young bodies. They actually trust their parents.
Their values include diversity, equality, collaboration, and earned success. At the same time, they are obsessed with their social life, they care but are not connected, and they have social media but their use is questionable. They live IRL “In Real Life”, and their FOMO “Fear of Missing Out” and FOLO “Fear of Living Offline” is real. Facebook is not dead to them, but they scroll more than they post. They get their info from Twitter! They also lead Instagram which inspires them! Snapchat is their go to app.
Their influence is also at home even with the changing family structure. They influence family decisions. They want to know real people rather than celebrities. Their brand is “ME” and want to be understood, seen, and grow. They listen to be heard. They are empowered consumers in their society of conscious capitalism.
They are a generation to be involved in a Family Legacy of financial wellness…I hope we are all listening to them so that we may all be heard as we move into our futures!