Of course, this isn\u2019t new. You don\u2019t even have to go back a full century to find a time when it was the family you were born into and the size of inheritance that predicted your success over your intelligence and work ethic. But a lot has changed between then and now (hello antibiotics, the internet, air travel, remote work, parental leave, and Medicare).<\/p>\n
So this backslide in mindset from younger people begs the question, are we raising a generation of financial nihilists who no longer see money the way that their parents do?<\/p>\n
With the oldest members of Gen Z set to turn 30 next year, there\u2019s a lot for them to be worried about. Aside from growing up amid the Global Financial Crisis and a climate crisis, and being the first generation to have just about always had social media and immediate access to the internet, there\u2019s also a growing concern that those born between 1996 and 2012 will be the first generation to end up worse off than their parents.<\/p>\n
As the e61 Institute noted in its recent report<\/a>, Will young Australians be better off than past generations?, wages have barely increased for people aged under 30 since the global financial crisis, with the majority of income growth instead going to those aged 40 and over.<\/p>\n Loading<\/p>\n This lack in wage growth gets even worse when you consider the fact that higher education costs have risen by 30 per cent over the past decade and younger workers are carrying much of the income tax burden that\u2019s arising from bracket creep and an ageing population.<\/p>\n With such a Sisyphean future, are we really surprised that Gen Zers have less in savings, not only because they\u2019re earning less but because they\u2019re spending more? After all, if you were working hard for years on end, barely keeping your head above water, and there being no prospect of a material reprieve any time soon, wouldn\u2019t you treat yourself to a holiday or some new clothes?<\/p>\n But here\u2019s the thing: for all the downsides, and there are many, Gen Z has many positives, too. Compared with previous generations, it has the highest level of education, the highest workforce participation rates, and better gender balance.<\/p>\n And speaking of balance, unlike my Millennial cohort which is perhaps best known for our record rates of workplace burnout, younger people have a much better understanding of work-life balance than any other generation.<\/p>\n Outside work, Gen Zers are also less likely to drink, take illicit drugs or break the law, and are more aware of the importance of physical and mental health.<\/p>\n Gen Z workers might be pessimistic about money, but they\u2019re likely to earn more over the long run.Credit: istock<\/p>\n And financially, all of that time on smartphones means that they\u2019re much more savvy with investing, and are getting onto that financial ladder earlier and in higher numbers than any generation before them.<\/p>\n Perhaps the best news, though, is that a particularly cringey adage applies perfectly here: according to the e61 report, good things do indeed come to those who wait, with Gen Zers still on track to earn more across their lifetime compared with their parents, but at an older age and in different ways.<\/p>\n For these young people, wealth will come from a mix of wages, investments, housing wealth and, you guessed it, inheritances. As to what that inheritance will look like and when it will arrive is something you can\u2019t guarantee, and should never demand.<\/p>\n Victoria Devine is an award-winning retired financial adviser, a bestselling author and host of Australia\u2019s No.1 finance podcast, She\u2019s on the Money<\/a>. She is also founder and director of Zella Money.<\/p>\n Advice given in this article is general in nature and is not intended to influence readers\u2019 decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions.<\/p>\n![\"Gen](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/11\/b5fdc03fe807945543e7b31224adff15f536da23.jpeg\")
<\/p>\n