Panel Session (key points) Flashcards
(10 cards)
Are Gen Z’s the Peter Pan Generation?
The peter pan generation is the idea that Gen Z never want to grow up.
Theres no denying there’s a lots of exciting opportunities now for our generation where there is less pressure to have children which means we are spending more and more time pursing other life goals like travel, higher education, and spending more money on personal things, which is ultimately serving to delay their transitions into adult milestones.
Whilst many are choosing to live life like this. I think we should not ignore the broader economic reality where the traditional entry points into adulthood such as buying your first property, starting and family and progressing in your career have become harder to obtain. The costs of housing, having children and childcare and the fact there’s an increasing requirement to go through higher education has hindered many in this generation from progressing at the same rate as previous generations.
Younger generations are now being labelled as Kidults which means whilst they are officials adults many are still heavily reliant on their parents not just with help with a deposit but also with childcare, helping them through university and staying with them for longer until they can afford to move out.
Is homeownership the way forward?
I think homeownership levels are going to decrease unless we see huge increases in the supply and in turn this reduces cost.
What I think is a more likely factor
Is an ever increasing dependency on parents to help them out. In 2023, 57% of first time buyers had help from the bank of mum and dad. I think this statistic is only going to increase.
The concern is for those who do not receive any parental support. Homeownership is going to be a lot harder to achieve and those who do make it on the ladder are more likely to do so later on in their life.
That said, it cannot be the only housing model available. There are many benefits to renting. With a more mobile generation, it means you don’t have to put your roots down immediately, theres lower upfront costs, you can live in areas you may never afford to buy and it can be more social.
What we need to be doing is building more homes of all tenures both for sale and rental homes which suit people at different stages in life.
How are workplace cultures changing?
The workplace has been gradually changing. I think Covid-19 accelerated this where hybrid working and flexible hours are more normal.
I think what’s different is that Gen Z are increasingly pushing the boundaries for a greater worklife balance.
This probably stems from our in-depth relationship with technology which has made us more flexible and adaptable. You no longer have to physically sit at an office desk to do your work and we are just more used to that.
The second thing is longevity. 1 in 3 Gen Z’s will live to 100 which means we are going to be probably working the longest. We know a job is not for live and instead our careers will be made up of multiple chapters. Its expected Gen Z’s will have x15 different employers and x5 careers. We’re looking for employers who want to invest in us, give us a better worklife balance so we can pursue life experiences outside of the workplace.
I think this reaises a valuable point about how employers attract and retain talent. I was encouraged the other day when someone shared that they’re looking to give their junior workforce the opportunity to shadow senior positions. This is powerful for two reasons: first, it shows the employer is genuinely invested in their people, and helps younger employees see a clear path for growth;
second, it equips the next generation with the subtle skills, insights, and confidence needed to navigate senior roles—benefiting not just Gen Z’s development, but also building future leadership potential for the business.
How do we improve intergenerational fairness?
We have talked a lot today about an increased dependence on our parents to help us spring board into adulthood. That’s fine for those that have this safety net but not fine for those who don’t. Risks delaying young people’s economic contribution through reduced income tax, spending, and productivity during their early career years.
I think we need to make inheritance matter less and focus on building a more equitable system.
One of the starting points is housing. We need to build more housing of all tenures to suit people are different stages in their life. The greater the supply the more likely this will put downward pressure on rents and property prices.
Another neccessity is to free up family housing by encouraging Boomers who might no longer need that housing or its often no longer appropriate to downsize. We can do this through fiscal incentives and through building more smaller, accessible homes designed for older living.
I think starting with housing is an important way to improve equality.
Gen Z have a lot of opportunities, why are they complaining?
Gen Z undoubtedly have a lot of opportunities that our parents and grandparents could have only dreamt of.
The option to travel more, work remotely, build online income and have access to information from such a young age. We of course have better political rights and overall higher standards of living too and all that freedom is great, and for some people it’s life-changing.
However, the issue is when the foundations of society aren’t functioning as well as they should be. Where access to stable, affordable housing, childcare, healthcare, jobs have become a lot harder. We still need the basics in order to build a future and those other opportunities become less important.
How will the aging population affect the younger generation
The aging population is definitely a bit of a worry.
We are experiencing a number of things. The first is a generational health dift where despite the Boomers living for longer they are in poorer health. They are actually in worse health in their 50s and 60s compared to their parents, with higher rates of obesity and chronic illness.
We are already seeing the effects of it with increasing amounts of health and social care spending which are aimed at the older generations. This also raises an important question for the government as to how much they can keep extending the working age if we are living longer but in poorer health.
The second issue is a crisis in care sector where we’re seeing a patchwork system of social care for our older generation with an increasing number relying on informal care or family support to cover the costs.
Younger adults are now stepping up more than ever to support the care sector with a 30% increase in the number of millennials providing care than their predecssor at a simairl age. (Resolution Foundation)
The concern is that this carries a labour market penalty where those taking on care responsibilities may reduce working hours, turning down promotions, or delaying career progression altogether. This may have long term repersussions on the productivity of our workforce.
Is it fair that the younger generations should the responsibility of the climate crisis?
Its not fair but it is reality. We need to act now. There is an interesting paradox emerging though amongst Gen Z attitudes towards the climate crisis.
You probably wont be surprised that 1 in 4 gen Z’s are anxious most if not all the time by climate change which is double the rate compared to the oldest generation.
What’s interesting is that while clearly this generation is taking a greater emotional weight of the crisis, that they are also most likely to disengage from sustainable behaviour. There’s a growing sense that individual actions won’t make a difference in the face of such massive global challenges.
And if that mindset sets in, we risk losing not only individual behaviour change, but also the momentum needed to push for systemic solutions in the future.
What we need now it collective action by everyone to address the situtaion.
Is there really a generational divide?
Good question. I think yes and no.
Yes in terms of the economic conditions are quite different which I feel is causing some generational frustration.
A statistics that backs this up is from ons data which shows Gen z and millennials face house prices 8 times the average earning while baby boomers faced just 4 times average earning in the 70s and 80.
Social media and the internet can explain a lot. Constraversial content recieves more engagement so its easier to sterotype and say boomers had it easy and gen z are lazy
Generations are a bit like horoscopes - broad labels but they often hide complex issues.
While there is some generational tension out there, let’s not forget that families are made up of generations and we share a lot more values.
I regularly visit my 98-year-old great-grandmother, who’s part of the Silent Generation. Although our lives have been completely different, we have a lot in common and a real understanding of each other’s circumstances. She gets the economic uncertainty younger generations are facing, and I appreciate how tough getting old can be. Plus, when it comes to technology—she’s a WhatsApp wizard! So despite the preconceived ideas we often have, older generations are becoming increasingly tech-savvy. We shouldn’t underestimate their ability to adapt.
Is there a digital divide?
This is an interesting question.
Having witness my own family adapt to technology and their daily use of it especially my 98 year old great granny who you could say is a whatsapp whizzard, I do think theres probably less and less of a generational digital divide as it becomes more widepsread and we shjouldnt understieme their ability to adapt.
What I do think is concerning is that i fear the younger generation are becoming more isolated despite being more digitally connected.
One reason is we are getting too much dopamine from our phones which makes us more mentally drained. The evidence is showing this means we’re less likely to pursue in person interactions because we’ve used up the domanien.
The second is that we need to question what forms the basis of social interaction online? Its increasinglg coming through the form of a like or to share a video rather than any meaningful interaction. I noticed this in my own life and having a break from instagram and facebook. What ive found is that im actually messaging my friends more, asking them how thier holiday was for photos, to meet up in person rather than jsut through phosos.
What i think we owe to the next generation is better tech boundaries. 78% of children spend less time outdoors than prison inmates. I think this is shocking and we need to make sure futures generations have more in person social and outdoor time or we risk them too becoming isolated and issues such as mental health and anxiety get worse.
How is AI going to shape the future and generations
The scale of change is unprecedented. AI will bring major benefits and help us be more productive, bring healthcare breakthroughs, climate change solution, greater education but it’s also creating significant disruption.
Already, 14% of workers have faced displacement due to AI, and this is expected to increase.
Previous generations had decades to adapt to new technologies; Gen Z and millennials face entire job categories being eliminated within their early career years which could lead to
mass unemployment.
For example, AI can now outperform radiologists at detecting certain conditions.
There’s genuine excitement about the opportunities this creates, but its also going to be disruptive to career planning and economic security in ways previous generations never faced.”- we just don’t know exactly how yet.”…
