Times are tough for young people. At least, this is the perception that predominates in public debate today. To illustrate this apparent evidence, what better image than that of the lines of students waiting for food distributions during the health crisis? Beyond this symbol, the economic difficulties of young people are widely documented. In France, the annual barometer published by the Department of Research, Studies, Evaluation and Statistics (DREES) in 2021 indicates that 28% of 18-29 year olds reported experiencing economic difficulties, and 36% believe their quality of life is lower than that of of their elders.
Added to precariousness is increasing psychological discomfort. According to report from the Nightline association, published in June 2022, 43% of students suffer from psychological distress, 36.6% from depressive symptoms and 27.5% from anxiety symptoms. Formerly seen as a period of carefreeness and hope, today’s youth seem overwhelmed by doubt and anxiety. And yet: according to an article from The Economist, Generation Z (people born between 1997 and 2010) is not so much to be pitied.
Certainly, the British magazine recognizes the difficulties encountered by “GenZ”, this “anxious generation”, to use the words of the famous social psychologist Jonathan Haidt. “Young people today, writes The Economistare less inclined to form relationships than those of previous generations. […] They are less likely to drink, have sex, be in a relationship – in fact, do anything exciting. According to official data, Americans aged 15 to 24 spend an average of 38 minutes per day socializing in person, up from nearly an hour in the 2000s.
Despite the challenges encountered, says The EconomistHowever, “GenZ” enjoys unprecedented prosperity and has greater financial resources than previous generations. In the United States, “the average annual income of a 25-year-old household is more than $40,000, more than 50% more than the average income of a baby boomer of the same age.”
An exceptionally low unemployment rate
Today’s young people not only benefit from higher wages, but they also experience faster wage progression than previous generations: “In the United States, growth in hourly wages for 16-24 year olds recently reached 13%. from one year to the next, compared to 6% for workers aged 25 to 54. […] In Britain, where young people’s pay is measured differently, people aged 18 to 21 saw their average hourly earnings rise by 15% last year, a larger increase than other age groups. . In New Zealand, the average hourly wage of people aged 20 to 24 increased by 10%, compared to an average of 6%.
In France too, young people are seeing their situation improve: “In 2007, the average net income of French people aged 16 to 24 represented 87% of the national average. Today, it is equal to 92%.”
If “GenZ” benefits from unprecedented economic power, it is above all in its relationship to work that it stands out from previous generations. While “millennials” (people born between the early 1980s and late 1990s) entered the job market as the world was just recovering from the 2007 financial crisis, Generation Z is graduating from college. in a much more favorable context. This is evidenced by an exceptionally low unemployment rate for young people in the “rich world”, around 13%, reaching 1991 figures.
This difference also manifests itself in pop culture, notes the magazine. “The famous song Work Bitch by Britney Spears, released in 2013, contains an uncompromising message for young millennials: to get what you want, you have to work.” Nine years later, Beyoncé sings “Now, I just fell in love. And I just quit my job. I’m going to find new drive” (“I fell in love. And I just left my job. I’m going to find a new engine”), reflection of a generation which seeks its sources of fulfillment outside of professional success and benefits from a labor market more flexible than before.
“It may seem like ‘millennials’ grew up believing that a job was a privilege, and acted accordingly. They are deferential to bosses and eager to please. ‘Zoomers’, in On the other hand, grew up believing there is a right to employment, which means they have a different attitude towards work Last year, members of Generation Z bragged about their. ‘quiet resignation’, which consists of making just enough effort not to be fired”, adds The Economist.
An evolution of the relationship with work confirmed by the data. The magazine explains that in 2022, Americans aged 15 to 24 spent 25% less time on work-related activities than in 2007. As a result, “GenZ” is also less likely to produce entrepreneurs at success: “At the time, experts were obsessed with very young founders of technology companies, such as Mark Zuckerberg (Facebook), Patrick Collison (Stripe) and Evan Spiegel (Snapchat). Today, however, less 0.5% of Forbes list members are ‘Zoomers’ Who can name a famous Gen Z start-up founder?”
Although “GenZ” has fewer emblematic figures like Zuckerberg, it benefits from a context that has never been so favorable for young people. A welcome note of hope in a time prone to melancholy?