Financial independence is an almost universal objective (87%), but material welfare aspirations vary much according to the country, according to a study on young people up to 35 years old.
Financial independence is an almost universal goal for young
The desire for financial independence (87%), loyalty to their own values (84%) and involvement in a relationship (60%) are among the main priorities and landmarks of generation, according to a new global study by the EY and Young China Group LLC organization, entitled “The first global generation: redefinite maturity for a changing world”, Which collected the opinions of over 10,000 young people, between the ages of 18 and 34, out of 10 countries.
The research analyzed how the age of maturity looks for the first generation that increased in full in the Internet age and during the ascent period of social networks. This has revealed a deep change in how young adults approach the traditional landmarks of life and perceive success. Four out of five (86%) young respondents at the global level are currently considered adults, although 60% still live with parents or people in their maintenance. Half (51%) of them consider physical and mental health as the main personal success indicators, and family relationships (45%) are considered more important than the material situation (42%) in most countries.
For leaders in the business environment, this represents a fundamental restructuring of human capital, as organizations will have to adapt their strategies for recruitment, motivation and retention, while brands will have to contact a clients who are increasingly questioning the presumptions related to consumption and personal success.
“We are at a time when we find a great generational diversity on the labor market: at present, it coexists and work, globally, five generations, of which generation represents about one third and is in full. We are talking about a truly global and strongly connected generation through technology, which equally values the psychic, physical and material well -being, which perceives the frequent change of the workplace to be natural and which is really concerned with the development of authentic personal relationships. And as the Z generation will acquire an increasing weight on the labor market, organizations have to adapt to its characteristic landmarks, in order to develop an employer brand that attracts, develops and motivates the talents it needs. rather reactive approach”Explained Claudia Sofianu, People Advisory Services partner, EY Romania.
63% of young people have a strong desire to enrich
The study shows that today's young people are physically and emotionally matured earlier, as a result of unlimited access to information. This led to the formation of a generation that understands in depth the complex aspects of life and which gives rise, at the same time, to a striking dichotomy of perceptions on the future. One third (31%) of young adults respondent globally are very or extremely excited about what their lives will mean at 50, while a similar proportion (34%) nourishes deep fears.
Young adults from all countries included in the study indicated the financial situation as their main cause. From a professional point of view, implications are considerable, given that almost nine out of ten (87%) said that financial independence is very important, although less than two thirds (63%) shows a strong desire for enrichment. The frequent change of the job is no longer perceived as a potential disadvantage, almost six out of ten (59%) respondents globally considering that it is natural to work in at most five organizations throughout life.
Although the motivations of the Z generation for the fulfillment of the traditional purposes of life have changed, the personal desires related to these objectives persist. One third (34%) are married, and a quarter (25%) have a life partner, while half of those who are not in a relationship want this. Despite the general decrease in fertility rates globally, almost three out of ten (29%) respondents already have at least one child and almost half (47%) of those who do not have children say they would like to have in the future.
Technology as the main catalyst
The technology has given young people from all over the world a common digital experience and vocabulary, building bridges between languages and cultures and approaching them. All respondents hold a smart phone, and 94% use a social media platform daily. However, almost half (44%) of the global respondents said they would prefer to spend less time on social networks, and one third (33%) said that they feel anxiety or depression usually or permanently.
With the rapid integration of artificial intelligence in all aspects of life, the study shows that young people's enthusiasm is tested. Although almost half of the respondents (45%) states that they are curious to test new technologies, attitudes vary significantly between different regions, often oscillating between enthusiasm and apathy. Emerging economies, such as Saudi Arabia (39%) and India (30%), are more inclined to adopt technology, while mature markets, such as Japan (17%) and South Korea (17%), show more prudence in relation to it.
“The global tendencies on the generational diversity of the labor market are undeniable. At the same time, on a smaller scale, the weight of generations can differ in a variety of factors: the population demographic, as a whole, the macro-economic context, the sector of activity, the organizational culture or even the individual preferences of the organizations. To a reality with such a dynamic diversity. lifestyle or preferencesas well as from the perspective of the skills held, the level of performance and the manifested behaviors – which determine the culture of the organization. A knowledge of the human capital that integrates all these perspectives is the essential premise for the development and implementation of organizational practices that also ensure the success of the employees and the organization. Also, in order to adapt to constantly changing contexts, it is recommended that organizations review and adjust this knowledge periodically ”emphasizes Nicoleta Dumitru, Senior Manager, People Advisory Services, EY Romania.
