Post-COVID Challenges of Generation Z

Gen Z is a New Engine, Let's Get Started

Generation Z is the generation who are born between 1995 and 2012. This blog is dedicated to Issues, Problems, Challenges, Solutions, Hacks and new opportunities for Gen Z people. 

The impacts of the pandemic are far-reaching for them, and also affected Gen Z and Millennials’ milestones and finances—something many are most likely still trying to recover from. The fact that Unemployment / Low paying jobs / Job instability is in the top five this year is likely linked to the pandemic as well.

Another very interesting finding from the survey was the digital addiction of Gen Z. They spend a very long span every day on digital media like mobile, tablets, PC, etc. Major engagement in digital media by Gen Z is dominated by social media sites. Due to this, paradoxically, they feel ostracized from the nearby people and society.

FINANCIAL PROBLEMS OF GEN Z

Gen Z is concerned about financial literacy but at the same time, 84% rely on parents and family for financial information. They inherited their financial information not from a professional advisor but from the traditional ways in which the family has been doing it. 

This is daunting considering that many parents grew up with different financial information, less sophisticated options relating to savings, retirement, and loans, and often don’t fully know the options themselves. The result of this is that Gen Z individuals will have to make more financial decisions than their parents ever did.

Generation Z are digital natives who grew up with apps and calculators for almost everything. While a certain level of self-sufficiency is good in many ways, it’s also important to seek out help and personalized assistance which they are away from due to heavy indulgence in digital media.

Primarily, Gen Z's main pain point is a lack of budgeting skills. Owning to this, they are not able to save enough, plan their savings, and future money arrangements. They must be guided well in the following aspects of financial well-being:

• Budgeting including day-to-day spending
• Credit and credit history
• Getting a job and managing money
• Renting a home
• Buying a home
• Mortgages
• Investing in vehicles and other large purchases
• Responsible credit habits such as paying bills on time
• Why Gen Z Financial Literacy Programs are Important

SOLUTION

Gen Z should convert their digital engagement skills to create their own local startup. The startup should not be capital intensive because the first startup exposure will have loads of learning and you must focus more on those businesses which require less or no capital. Once the startup opportunity is decided, the individual should commit at least three years to build it up to Rs. 1 Lac Per Month Income. 

The income of Rs. 1 Lac per Month is a minimum level of income Gen Z individual should pursue so that he can manage expenses with decent standards, save enough for the future goals, and have sufficient amount of emergency funds. 

CHECK OUT MY HOME PAGE & COURSES TAB TO KNOW ABOUT ONE SUCH STARTUP OPPORTUNITY ACE LIC ADVISOR WITH ME WHERE I COACH YOU FOR SUCCESS MINDSET, SUCCESS HABITS & SUCCESS SYSTEM TO CREATE INCOME OF Rs. 1 LAC PER MONTH.