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Gen Z are turning away from traditional means of working and saving, instead focusing on a ‘soft’ approach to money, experts have stated.
While Millennials have placed greater focus on hustle mentality and hard work, the Gen Z generation (born from 1997 – 2012) are reportedly placing greater emphasis on other areas of life.
Instead of letting their bank balance dictate their status, they’re instead focusing on personal growth.
Hosanna Hali is a TikTok creator who identifies her personal approach to money in this way.
She said that you should prioritise budgeting to ensure you can afford things that bring joy in an interview with news.au.
“It is picking an activity that you know makes you feel so much better about yourself and having a monetary value attached to it,” she said.
However, financial adviser Alex Jamieson also spoke to the publication and warned that the trend among members of Gen Z is a concern.
“As you progress through life, your cash flow gets restrained. I think you have to be kind to the future yourself,” he said.
“I’m not saying don’t spend anything and don’t go out, but it’s just getting that balance and being kind to your future self.
Jamieson also stated that these habits could lead to Gen Z working until much later in life.
“Life expectancy is pushing out – I wouldn’t be surprised with self-savings if they can’t retire until they are in their eighties.”
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