Generation Z is composed of people who are born in the era of 1995-2012. This generation is mostly found in middle schools, colleges, high schools, or are freshly employed. Though it is the youngest generation of spenders, it seems like these individuals are capable of teaching others how to effectively save money. Generation Z swears by the rule “save early, save more”. This generation had already witnessed their parents suffering from bad recession, that is why they opt for a different saving approach in contrast to their older generations, they plan to begin saving sooner in their lives.
It is noticed by The National Society of High School Scholars that approximately 35% of the total Generation Z people plan to begin saving in their 20s for their retirement. Whereas, another 10% of individuals begin saving while teenagers. Due to the coronavirus epidemic, the older persons from Generation Z are being laid off from their jobs. Moreover, the job opportunities are also diminishing for everyone in the world due to this scenario. It is advised that Generation Z should pay attention to cutting spending and increasing their worth.
To avoid the fate of the older millennials, Generation Z members should spend their leisure time doing something capable of increasing their worth for possible employers while the economy is still recovering. A way of doing this is to attend free classes online and continue your education. It is also suggested that Generation Z should create content and work on its brand through a blog. Blogging involves curating and building your presence on social media. Your brand must depict your insights, passion, and value in such a manner that it is synchronized with your ideal job. Blogging means not only describing your niche but also capturing your genuine personality and how you want others to perceive you. A good personal brand increases your impact, reach and income, and makes you increasingly marketable to possible employers.
Moreover, side jobs should also be considered for earning and saving money. Generation Z is now increasingly exploring creative outlets for financial purposes. Reselling clothes on the internet or freelance writing are good examples in this regard. Also, in the current scenario of financial crisis due to the pandemic, Generation Z must ensure to limit their spending so they won’t take a step back financially. Every generation Z member must have a savings fund for emergencies by cutting back their expenditure.