Generation Z has high expectations of themselves. Especially when it comes to securing their financial future. There is great concern that it will be financially difficult when their parents are no longer around to support them.
Where do the data come from? The online magazine Fortune reports that about 2,000 Americans were asked how much money they need for financial stability or security. And the numbers vary significantly:
- The Boomer generation demands about 1 million US dollars, averaging 1,049,172 dollars.
- For Millennials and Generation X, the values are already significantly higher at 5,638,205 and 5,295,072 dollars respectively.
- However, Generation Z has the highest expectations. Here, an average sum of 9,469,847 dollars is being requested for security.
The desire for high salaries also reflects the financial needs of the generations
Desire for high salaries: These high financial demands are also reflected in the salary expectations of the different generations:
- A person from the Boomer generation needs an annual salary of 99,874 US dollars to feel financially secure.
- 180,865 dollars for the Millennials.
- 212,321 dollars for Generation X.
- 587,797 dollars per year for Generation Z
Why do the incomes seem so high? The survey specifically asked Americans. And in the USA, the costs and expenses are quite different from those in Germany. For instance, the magazine Capital.de reports that the cost of living in the USA is significantly higher than here.
Additionally, many young people in the USA also have to pay off their high student loans. Sometimes this amounts to 100,000 US dollars or more, which places a heavy burden on families at the start.
Not included, and this is also emphasized by the survey, are the generally increased costs that especially younger generations are confronted with. This includes high property prices and additional expenses such as health and education costs. In general, it is difficult to transfer salaries in the USA 1:1 to the German conditions. This is something to always keep in mind when considering such numbers.
Gen Z and the so-called Boomer generation differ significantly from each other in some ways. This is also evident in the purchase and consumption of certain goods. This can be seen in the direct comparison of the generations. We present you with things that are used or purchased daily by “Boomers”, but which hardly play a role for Generation Z: things that Boomers spend money on every year that Gen Z would not do today
