47% of the young generation Z have financial independence as their goal

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The financial situation is at the forefront of the attention of Generation Z, being considered more important than the satisfaction of personal fulfillment in the family or even health, as it emerges from the study designed and coordinated by the specialists of the national entrepreneurial programs “I want to be an entrepreneur” (VSFA) and ” Insights” – from the Romanian Business Leaders (RBL) organization and carried out nationally by the market research agency IZI data.

“Financial security comes first in times of crisis, and young people fully understand this. The wave of uncertainty generated by the years of the pandemic and now by the situation created by the war in Ukraine and its economic effects, to some extent justifies the aspiration for financial independence of 47% of the young people interviewed”, said Alin-Claudiu Apostu, Project Manager for Insights and I Want to be an Entrepreneur.

Among the most mentioned motivating factors among young people are financial independence (47%), personal fulfillment (44%), health (37%), the desire to leave something of value behind (33%). Significantly more girls mention financial independence and mental/emotional development, while significantly more boys mention the desire for fame/celebrity.

Young people’s next steps after graduation

Especially girls feel the need for financial security, the majority (52%) being concerned about this subject compared to only 42% of boys, the desire to have a successful career and the freedom of decision being sensibly equal for them.After finishing their studies, young people consider: employment in Romania (24%, down from last year 30%), continuing studies in Romania (24%), employment in another country (9%). Significantly more girls mention employment in Romania, while significantly more boys mention employment in another country.

Career motivation and expectations

For those considering the employment option, the most important criterion they use in selecting a job is satisfaction from what they do. Three quarters of them are guided by this principle, and more than half of the participants in the study (53%) aim to obtain a salary package as consistent as possible. Almost as many (51%) prefer a flexible work schedule and the ability to work remotely, and 45% are oriented toward a team and a work atmosphere in which they feel comfortable.

“Generation Z young people grew up with the mentality instilled in their parents and grandparents running in the background, mentality of the type “if you want results you have to work hard”; “no effort is too great if it’s for work you like”, mentality that paved the way to obsession, workaholism, burnout and depression. Hence the need to rewrite the script for this work performance movie,” emphasized Leonard Rizoiu, Managing Partner for LeoHR.

The perception of extra-salary benefits places meal vouchers and health insurance or medical subscriptions as the main basic benefits, both meeting the options of 73% of respondents. The special benefits that attract young people to a job are gym membership and gifts received from the employer (66%) closely followed by rent insurance (65%). These benefits not only attract the new workforce, but also help retain them.The main reason for which young people want to build a professional career is for security or financial independence (55%), followed by a long distance in the hierarchy of options by the need for personal development (14%). For the majority of young people, the possibility of remote work that allows them the option to travel and work at the same time (61%) can motivate them to achieve their goals faster, the same percentage meeting the option of working from home. As 56% of young people show that they are willing to go to the office, it seems that the hybrid way of working is the solution of the future, where the activity lends itself.

“Higher salaries in the sense of being realistic, more flexibility in the way of working, more timefree, greater social and environmental responsibility – these once preferences of millennials, have become “non-negotiable,” expectations of Gen Z youth,” added Leonard Rizoiu.

GenZ is aware of the moral obligation to pay debts on time – 88%In terms of attitude towards money, 89% of young people would like to make money quickly and easily.Also, 70% believe that we all have a moral obligation to pay our debts (bank loans, bills, etc.) on time, while 64% of respondents say that people who do not pay their debts on time cannot be trusted.

”Young Gen Zers are aware of the moral obligation to pay their debts on time (88%), as well as the fact that if you don’t know how to manage your monthly budget, you will definitely end up in debt (74%). In fact, 80% of young people active on the labor market (22-24 years old) are more aware of the importance of monthly budget planning”, said Liviu Costică, COO of KRUK Romania.

GenZ is aware of the moral obligation to pay debts on time – 88%In terms of attitude towards money, 89% of young people would like to make money quickly and easily. Also, 70% believe that we all have a moral obligation to pay our debts (bank loans, bills, etc.) on time, while 64% of respondents say that people who do not pay their debts on time cannot be trusted.

“Young Gen Zers are aware of the moral obligation to pay their debts on time (88%), as well as the fact that if you don’t know how to manage your monthly budget, you will definitely end up in debt (74%) . In fact, 80% of young people active on the labor market (22-24 years old) are more aware of the importance of monthly budget planning“, said Liviu Costică, COO of KRUK Romania.

 

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