“The value of Gen-Z’s disposable income has reached $360-B in the United States, more than 2X the figure previously estimated in Y2018“– Paul Ebeling
Gen-Z’rs take on every opportunity to generate extra cash, from taking surveys to reselling used items online, Gen-Zers learned to capitalize on the possibilities afforded to them by this digital economy. They have an edge that is effecting the global economy.
A study, released by research and advisory firm Gen Z Planet, found that the income that Gen-Z’rs earn from full-time or part-time employment is estimated at around $263-B, with discretionary spending money from their parents valued at $57-B
Based on analysis of employment and earnings data published by the US Bureau of Labor Statistics and US Census’ Current Population Survey, the study also surveys a representative sample of 1000 Gen-Z’rs to establish the level of parental financial support, as well as the extent to which members of this generation adopted side hustles as a viable income stream.
And despite common misconceptions about younger generations, Gen-Z’rs who grew up during the Y 2008 recession and who are now experiencing the impact of the VirusCasedemic across multiple aspects of their lives, this generation is cautious but not afraid, calculated and long-term orientated when it comes to money. As 85% of those surveyed said they save up to 50% of the money they earn or receive from their parents, and 26% said they are invested in the stock market, retirement accounts (14%), and Non Fungible Tokens (6%).
More Gen-Z’rs are joining the workforce yrly, many are taking on entrepreneurial side hustles to make extra cash.
Like Millennials before them, Gen-Z’rs face being misunderstood. And the brands, marketers, and retailers that take the time to understand how the entrepreneurially minded and financially switched-on generation thinks and behaves will benefit from their growing spending power. As this generation’s disposable income reached an estimated $360-B in Y 2021,
Have a prosperous day, Keep the Faith!