“Gen Z is no longer interested in just returns,” adds Chiam. “Gen Z believes in climate change and action as a result of schooling.” He adds that there is more social awareness among Gen Z where responsible capitalism resonates with this generation a lot more. Iggy Chong, managing director, head of Private Banking, Greater China at RBC Wealth Management based in Hong Kong, also shares Filby's views. this is coupled with the urgency of climate change human's stewardship over the earth is how this generation are defining ‘legacy.’” “Many are embracing a more nuanced, and therefore more difficult to understand, notion of how we relate to one another and the need for change. “More than any other generation, a Gen Z's virtual and real identities are merged and are therefore much more fluid,” Filby points out.Īll of this means Gen Z, especially those from high-net-worth backgrounds, are more conscious of their wealth, status and advantage than previous generations, Filby explains. Growing up with a smartphone has also generated a savvy entrepreneurial spirit in Gen Z. This paradigm shift means that Gen Z sees the possibility to set up more than one business at once, concurrently acting on the ideas they have,” Chiam says. “For Gen Z, a business does not necessarily mean a physical product that needs to be manufactured and sold. Chiam concurs with Filby, adding that members of Gen Z see other avenues for business-they can connect services, be the middleman or find solutions for others who need them. The result, she believes, could be a generation more accustomed to accelerated societal change and unlikely to follow their Millennial peers when it comes to career and finances.įilby expects them to invest more in their careers, including the increasingly popular goal of running their own business. They've had their entry into the workplace disrupted and they've had their social formations disrupted.” “They've effectively had 12 months of their youth taken from them,” Filby points out. Despite the group being best-suited for the rapid transition to digital life during the pandemic, Gen Z has been starved of much-needed social connection over the past year. While nearly everyone has been affected by the pandemic, Filby thinks the social implications have been harsher for many Gen Z. “Human interaction will be very vital to this group as they know the strengths and weaknesses of social media,” he explains. This generation learns, communicates and creates in moving images not words,” explains Filby.Īlvin Chiam, a wealth planner at RBC Wealth Management based in Singapore, points out that the exposure Gen Z has to every form of communication would mean they know from the onset the pros, cons and limitations of each communication mode. Social media is fueling their creativity. “Gen Z are digital natives who've grown up with the world's network, market and knowledge in their pocket. Eventually, she believes these will distinguish them from Millennials (those born between 19). Filby has worked with many wealth organizations to help understand the challenges between generations with regard to wealth and succession planning.įilby sees three areas-education, technology and politics-in which Gen Z (those born between 1997 and the early 2010s) will be greatly shaped by COVID-19. Eliza Filby, an historian and intergenerational expert, looks at how people's values and behaviours are changing and the implications for politics, work, consumption, society and economics. Values have shifted amid rolling lockdowns, as people reassess their priorities around relationships, health and wellness and careers.ĭr. COVID-19 has forced many people to adjust how they live and work-and reflect on how they may want to change those activities when the pandemic passes.
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