While corporate America was never really a party, if it was to be one, it certainly seems to be dying down between return-to-office mandates and rounds of layoffs. No need to tell the freshmen, or Gen Zers, that it’s not worth going to the rager as the night winds down: They’re ready to work for themselves.
One in three Gen Zers think the best way to get ahead financially is through “some form of self-employment,” per Instagram’s year-end 2024 Trend Talk, which surveyed 5,000 Gen Zers in India, Brazil, South Korea, the U.K., and the U.S. The sentiment is a step away from the American dream narrative, which entailed building wealth by moving up the ranks in one company forever and buying a white-picket-fenced home. Now, young adults are becoming less sold on the dream, as weathering the housing market becomes an uphill battle and getting a raise often involves finding a new job.
The youngest workers are typically more economically vulnerable since they’re usually earning lower entry-level salaries. Coupled with a way too expensive economy, it can lead to many feeling uncertain or overworking to make ends meet. With wages just starting to meet the pace of inflation, it’s likely that Gen Zers assume working for themselves could pay off more than working for someone else.
They’re also taking a cue from other generations who were failed by the system, as Marcie Merriman, EY Americas’ cultural insights and customer strategy leader, told Fortune’s Paolo Confino.
“What they have seen, if nothing else, is organizations will cut back, take steps in order to keep their profitability in a heartbeat,” she said. “They’ve seen it happen to their parents, they’ve seen it happen to millennials, and in the last few years, many of them have experienced it themselves.”
That leaves Gen Zers carrying a mistrust of companies amid a backdrop of a will-it-or-won’t it recession, thwarted student loan forgiveness program, and general economic fatigue.Many feel as if the economic game is different than it was for their parents, and fear for their financial future: After all, experts say $1 million is no longer enough to retire comfortably.
While they’re still relatively early on in their career trajectory, Gen Zers are already tired of the system. A striking 98% of 18- to 24-year-olds are experiencing worker burnout, per Cigna 360’s Global Well-Being Survey 2022. They were also the most likely to report being stressed. Perhaps that’s partly because a paycheck isn’t always enough to cover the bills these days, forcing young adults into side hustling, even if it still doesn’t allow for much discretionary income. Nearly half of them have tacked on another part-time or full-time gig in addition to their main job, a Deloitte survey found. And the majority (70%) of Gen Zers consider freelancing a viable alternative to a typical 9-to-5 job, per a 2023 Fiverr survey.
Some of the entrepreneurial generation have found a new streak of opportunity in social media, turning to TikTok and other platforms to try to strike it big. The idea is much like the American dream with its veneer of equal opportunity. But if you do find success as a self-employed content creator, there’s the promise of fame, money, and a flexible lifestyle.
“For Gen X, the rock band or the garage band was the dream of how you make money,” Merriman continued. “For this generation, it’s being an influencer and having more followers than anybody else.” Followers aren’t just social currency, they can equate to real millions of dollars, as in the likes of Emma Chamberlain.
Whether it’s a side gig, influencing, or a self-employed lifestyle, Gen Zers wary of getting burned by companies are left looking to greener (or better paying) self-employed pastures.
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FAQs
One in three Gen Zers think the best way to get ahead financially is through “some form of self-employment,” per Instagram's year-end 2024 Trend Talk, which surveyed 5,000 Gen Zers in India, Brazil, South Korea, the U.K., and the U.S. The sentiment is a step away from the American dream narrative, which entailed ...
What does Gen Z do on Instagram? ›
For that emerging Gen Z population, Instagram is tops: 67% say they use Instagram to search. TikTok is the second choice: 62% of the 18 to 24 demographic search there, while Google is in third at 61%. (Most people use multiple apps and platforms for search, which is why the numbers exceed 100%.)
How are Gen Z making money? ›
According to the study, 47% of Gen Z who earn money on social media say they earn more money through content creation than they do working a traditional 9-to-5 job. This makes sense when you consider 61% of Gen Z don't believe their pay has kept pace with the cost of living.
Is Gen Z wealthy? ›
The typical 25-year-old Gen Z-er has an annual household income of over $40,000, more than 50% above baby-boomers at the same age.
Why is Gen Z so famous? ›
As the first real digital natives, Gen Zers—speaking generally—are extremely online. Gen Zers are known for working, shopping, dating, and making friends online; in Asia, Gen Zers spend six or more hours per day on their phones.
What do Gen Z use instead of Instagram? ›
Gen Z loves TikTok — and Instagram is super aware of that. They know that their user base, regardless of generation, is constantly pulled in different directions regarding where their time is spent on social media.
What is Gen Z most interested in? ›
Gen Z is all about gaming, showing higher engagement rates compared with previous generations. This generation's media habits reflect a clear shift toward digital experiences and interactive content.
What are Gen Z slangs? ›
List
| Slang term | Definition |
|---|
| Pluh | Used as a conversation stopper when there is nothing left to say. |
| Pookie | An endearing nickname for a close friend or lover |
| Ratio | When a reply, particularly on Twitter or TikTok, has better reception and more likes than the original post being replied to. |
| Rizz (/ˈrɪz/) | One's charm/seduction skills. |
67 more rowsSocial media profoundly shapes Gen Z's worldview, influencing their self-image, relationships, and perception of the world. It provides a platform for self-expression, activism, and connection, but also exposes them to cyberbullying, comparison culture, and mental health challenges.
Why are millennials so rich? ›
There may be another factor creating so much wealth among millennials: inheritances. In what's known as "the great wealth transfer," baby boomers are expected to pass down between $70 trillion and $90 trillion in wealth over the next 20 years. Much of that is expected to go to their millennial children.
Then came Millennial, and after that was Generation Z, or Gen Z. Gen Z refers to people born between 1995 and 2010. The 'Z' in the name means "zoomer", as this is the first generation known to 'zoom' the internet. Most of those who are a part of Gen Z are the children of Generation X.
Is Gen Z in debt? ›
Gen Z is in the financial trenches. A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than Millennials did at their age.
How do you target Gen Z on Instagram? ›
To effectively target Gen Z with social media advertising, it's crucial to understand their preferences and behavior. Gen Z values authenticity, so create genuine, relatable content. Utilize platforms like TikTok and Instagram, which resonate with them. Use short, visually appealing videos and interactive features.
Why does Gen Z not post on Instagram? ›
Millennials, of course, grew up documenting their lives online. But a new era of social media oversaturation, thanks to TikTok, Snapchat, Instagram Stories and various other apps, have afforded Gen Z far fewer moments to escape the ever-present glare of being publicly chronicled on social media.
Which generation is most active on Instagram? ›
Instagram demographics and usage
- Number of monthly active users: 2 billion.
- Largest age group: 18-24 (30.8%)
- Gender distribution: 48.2% female, 51.8% male (no data on other genders)
- Time spent per day: 33.1 minutes.
In comparison, just 19% of all US adults spend the same amount of time on social media—a difference of 16 percentage points. Meanwhile, another 18% of Gen Z consumers do so for four hours a day. In other words, more than half (53%) of Gen Zers spend four hours or more a day on social media.
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