SINGAPORE – When it comes to financial and health matters, a regional survey has confirmed the popular belief that Gen Zs, or those under 30, are less resilient than their parents or grandparents.
For instance, only 41 per cent of Gen Zs who are working feel they are doing well financially, compared with 54 per cent of those aged 62 to 84.
Granted, the younger ones have worked for only a few years and have a longer runway to do better, but the survey by insurer AIA found that they still lose out to the older folks when it comes to mental and physical well-being.
No wonder older folks often describe this bunch of youngsters as the strawberry generation because they are emotionally sensitive and “bruise easily” when faced with stress or pressure.
The survey probed whether these two groups have different attitudes when it comes to dealing with certain financial issues.
Overall, the results show that compared with the older generations, Gen Zs place less importance on money matters, especially when it comes to traditions and social norms.
For instance, 63 per cent of older folks would frown upon adults who do not support their elderly parents and would describe such people as “ungrateful”.
But almost the same proportion of Gen Zs (61 per cent) would think that it is not compulsory for children to support their parents since they have their own financial obligations to bear.
The difference in agreement between the generations appears to suggest that there is a change in how younger people view wealth and how it impacts their lives.
For instance, 63 per cent of Gen Zs think that success in life need not be related to money, but about half of those in the older age groups still believe that wealth is important in determining a person’s worth.
No wonder many parents still view their prospective sons-in-law favourably only if they are rich or earn a high income.
These same parents probably also believe that strict parenting is the answer to their children’s success.
Surprisingly, when it comes to stricter parental control, Gen Zs are almost equally divided, with 51 per cent saying they will suffer under such a regime while 49 per cent say they will thrive with it.
That such a large group of young people say they do not mind stricter control should make career-minded parents sit up because it shows that their kids are yearning for their care and attention.
While it is heartening to see young people looking beyond wealth as a measure of success, this should not mean they do not have to work hard to earn their keep.
There is a difference between choosing a lower-paying job so that you can pursue a worthy dream and choosing to work less so that you have more leisure time.
For instance, some young people in Asian communities have the unhealthy habit of not working because they prefer to live off their parents.
The thought of relying on their parents is also on the minds of many young people who expect to receive a good inheritance later.
For instance, about one in every 10 participants in another poll actually hopes to inherit $1 million or more from their parents, so that they have less to worry about their own savings and retirement planning.
The dependence on parents’ wealth is higher among younger Singaporeans, with 62 per cent of those under the age of 24 anticipating an inheritance.
It is fair to say that these kids think this way because their parents plan for them, including buying properties for them.
Parents who do this should ask themselves this million-dollar question: If they have become successful on their own because they don’t have rich parents to provide for them, can their children in turn be just as successful if they already have everything without working hard for it?
While there is nothing wrong in leaving a huge inheritance, what parents should not do is to dampen their children’s passion to become even more successful than they are.
So it is definitely not fair to pan the whole bunch of Gen Zs as “strawberries”, because those who are less resilient are probably so due to their overcaring parents.
-
Check out The Straits Times InvestMe microsite for exclusive content and courses to boost your financial literacy.
