In the blink of an eye, Millennials,
those born between 1981 and 1996, are becoming too old to be considered young
adults. The title now belongs to Generation Z, born between 1997 and 2012. I
often try to place myself in the shoes of these twenty-somethings. However, my younger brother, who is in his
late fifties, never hesitates to criticize me for “thinking like a baby boomer”,
those born between 1946 & 1964.
A lack of understanding does not mean that older folks
should ignore, or worse, denigrate young Americans. I have the greatest admiration for Mary Jo
Podgurski, director of Washington Health System Teen Outreach. Her target
audience is “Generation Alpha”, those children born after 2010. While working
with tweens and teenagers is not the same as understanding young adults, her
methods of giving non-judgmental advice and providing a safe meeting place have
proven successful. In her own words: “I believe in young people. What they have
inside of them should be let out. The intention is to encourage them to express
themselves.”
In
2024, the generation gap often appears to be an insurmountable chasm. In the 1970s,
stability meant leaving home to get an education, securing a job with upward
mobility, and working until retirement. Gen Z appears focused on short-term,
work-life balance and seeking financial success through nontraditional means.
Leaving a job that does not provide work from home benefits is now normal.
As a
young adult, long novels and home projects provided my relaxation. In contrast,
members of Gen Z appear to have a shorter attention span governed by social
media and its instant gratification. To their credit, young adults have a deeper
understanding of the digital universe that will serve them well in helping
employers conquer the new information age.
Members
of my generation suffered through periods of mental illness, alcoholism, and
drug addiction with little recognition that these afflictions were worthy of
discussion. These diseases often went undiagnosed or untreated. Today, members
of Gen Z take pride in discussing their inner struggles and are not shy about
seeking help.
The
financial and retirement landscapes have radically changed. My wife and I are
both fortunate to receive monthly pension benefits in addition to our Social Security.
Young Americans are forced to figure out retirement in an environment where
saving for the future is difficult. Moreover, they know that the Social Security
system is overdue for major revisions with fewer benefits.
Finally,
when it comes to the cultural wars in America, Boomers and Gen Z see the world
through very different lenses. A recent report issued by Temple University on
how the gender identity revolution impacts society states, “Among Gen Z, 59% believe that identity forms should
offer more options than ‘man’ and ‘woman’, 35% report personally knowing
someone who uses gender neutral pronouns, and one in six identify as members of
the LGBTQ+ community.”
In
all likelihood, my observations of Gen Z behavior are off-base because of my
own prejudices, biases, and age. After all, making observations about young
people is no different from getting it wrong when discussing gender or race. However,
on one important point, I have no doubt. It is time for the government to
step-up and provide needed benefits to Gen Z so that they can participate in
the American dream and form the foundation of our future.
All
Gen Z analysis must start with the pandemic. According to the acclaimed
sociologist, Eric Klinenberg, “At minimum, American 20-somethings deserve
recognition for their sacrifices. But something more substantial seems
appropriate, given how much we asked of them.” Klinenberg and others have
detailed the loss of optimism and sense of possibility young people endured.
The pandemic produced a social famine. It turned academic and employment
opportunities upside down, never to return.
As
the post-pandemic economy recovered for boomers and the wealthy, it got worse
for young Americans. On May 7, the Wall Street Journal announced “Gen Z Sinks
Deeper into Debt.” The article details a rising financial burden caused by a
surge in rent coupled with student loans. Economists have revealed that members
of Gen Z are putting off plans for homeownership and marriage at an alarming
rate.
Gen
Z is in worse economic shape than Millennials were at their age. Moreover, on a relative basis, their wages are much lower than
their parents' earnings when they were in their 20s and 30s. Most importantly, there is little evidence to
support the patronizing image from the comic
strip, Justin, of a couch-surfing Gen
Z who could make something of himself if he tried harder.
What should be done to help young adults? First, continue
efforts to fix the broken student loan system, which is a major drag on
financial stability. Second, subsidize
college tuition for qualified students. Third,
reduce interest rates so that home ownership is more affordable, and rental
rates can stabilize. Fourth, only eight percent of federal employees are under
the age of thirty. The
federal government must make a concerted effort to hire a young, diverse
workforce. Lastly, government must take an active role in increasing the
financial literacy of young adults, including debt management and retirement
planning.
The
pandemic disrupted an important life stage for Gen Z. This was followed by
unprecedented economic challenges. Investing in our future must begin with
investing in our young adults.
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