Gen Z Shaping The Future of The Economy

By: Isla Hildebrand

Generation Z is the first generation to witness the digital market unfold in real time. Through the rise of social media platforms, the introduction of "Finfluencers" to the digital world, and an increase in social consciousness, it appears that Gen Z is learning how to redefine the world of economics through technological innovation.

Those born between 1997 and 2012 are considered to be a part of this generation, and the oldest individuals of this time are now entering the workforce. After living through a global pandemic and watching political systems change abruptly, it seems like this generation has a sense of hyper-awareness never truly seen before. They're vocal in their beliefs, both social and economic, and call for a sense of transparency within the government systems they interact with.

Their impact is now measurable, and the actions they are taking to strive towards their values/goals are being seen on a much broader spectrum. To be conscious in the digital time is one thing, to have awareness is a whole other.

Today's article provides an in-depth look into the role of Gen Z in the global economy, breaking down the thoughts, decisions, and movements that go into this transformative period of the changing economic landscape.

Let's get started.

Mindful Money Decisions

If there's one thing Gen Z is sure to demonstrate, it's their loyalty to their values and the authenticity of themselves. In such a digital-based time, news spreads quickly about companies and their ethics, and Gen Z is quick to take note of it all. There's a push for sustainability, inclusivity, and honesty from industries around the world — all of which Gen Z is a loud advocate for.

Any sort of spending is then directed towards these sorts of businesses that align with their core values, which allows certain corporations to remain relevant. In a recent research article done by NewsWeekly, it was found that 37% of Gen Z, ages 18 to 28, would boycott a business. Within that, 59% of them stated that before shopping at a business, they researched the values/stances of the company.

For companies around the world, this means taking a "mission-based" approach and reworking their image to promote inclusivity. Turning their support to LGBTQIA+ groups, environmental awareness groups, and political groups (Gaza, Palestine, Sudan, etc.) means that more individuals are likely to spend money at their stores.

The ability to remain active and vocal in social and political activities within the world of economics is a new approach brought forth by Gen Z. It calls for accountability, equity, and transparency within the business aspect of the global market. The collective power of the voice of Gen Z is critical in times of instability, and it's redefining 21st-century industries.

Tap, Pay, Purchase

The rise of technological innovation in today's world is truly fascinating in how it shapes market infrastructure. The introduction of apps such as Venmo, PayPal, and Apple Pay have made it so that digital payments are the new normal. For many financial centers, like banks, this means they have to modernize their approach towards budgeting, marketing, and finance.

The use of online banking to manage finances has recently grown in popularity as it makes paying bills easier, provides more security over your assets, and it's far less time-consuming than visiting in-person branches. For Gen Z, having this control and knowledge of how such complex systems operate continues to align with their core values of transparency and honesty.

The shift towards a digital financial industry has also pushed for an increased interest in Bitcoin and CryptoCurrency. For many individuals in Gen Z, they've learned more about investing and trading through such forms of digital banking than they would through basic educational opportunities. Companies such as Krak, Wirex, and Mercury are inclusive in numerous forms of finance, and give proper demonstrations on how blockchain assets and centralized databases function in terms of currency.

Financial technology is something we can expect to continue to evolve as Gen Z continues to shape the economy. The way in which money moves is always changing and moving towards a more digital approach; Gen Z is simply the fuel to that fire.

Personal Fulfillment > Material Success

The most refreshing aspect of Gen Z taking on the global market is the new focus on a work-life balance. In past decades, with past generations, there was a continued focus on work and achieving new roles or pay grades within a company, but those days are fading.

When it comes to areas of work, Gen Z chooses to focus on what they enjoy, rather than what might make them the most amount of money. By doing what they enjoy for work, they're happier in their personal lives as well. It's all about finding balance and adding dimensions to an individual's identity.

For Gen Z, there's a large focus on mental health and practices to help avoid burnout that consumes the majority of the population. Social media can be an additive pressure for many individuals, and so through the proper investment into mental wellbeing programs, employers have made it so that expanded benefits are offered in the industry for work.

A new wave of personal growth has been emerging within Gen Z, through a renewed focus on mental health, proper balance, and outreach methods. These conditions they have now facilitated will only continue to translate into better trends, ones that will benefit future generations entirely.

The Overall Picture

The influence of Gen Z on the world's economy will only continue to grow in prominence and in terms of financial decision-making. This new era of individuals is reshaping the foundation of an economy, down to its core, and building it back up again.

Gen Z's values are continuing to act as support for their decisions, and through a continuous demand for sustainability, transparency, and inclusivity, businesses around the world are changing how they operate. The methods of modernization, control, and access are making it so that the future of the world market is more personalized and powerful.

Gen Z is not simply the face of a trend; they are the creators, the emphasizers, and the driving forces behind it. Their voices are calling for constant reform and forcing industries to adapt to new trends, or risk being irrelevant. It's all done with honest intent — and that's making it so the future of the world is more tech-driven, more open to ideas, and more supportive in terms of the environment.