(NewsUSA)
- The designation “GenNext” represents adults ages 18-34, the life stage often referred to as “emerging adulthood,” and refers to the next generation of workers, heads of households, consumers, and investors with significant decisions to make about their future. Many in this group are optimistic, despite experiencing personal and professional challenges wrought by recession, inflation, the COVID-19 pandemic, and job transitions with changing workforce expectations, according to a survey from financial services firm Edward Jones, with Next360 Partners and Market Cast.
Overall, the survey found GenNext to be a resilient group, although 80% of respondents currently see themselves as struggling or surviving financially.
“Our research offers a deeper understanding of GenNext, an age group defined by their shared experiences, not the year they were born,” says Lena Haas, head of Wealth Management Advice and Solutions at Edward Jones. “With most worried about rising costs and an inability to save, this will have vast implications for the wealth management industry.”
Contrary to popular belief, GenNext is hardworking and ambitious, but this demographic has distinct approaches to work and life in the face of today’s social and economic challenges. Money matters, but so does comfort, security, and stability.
Members of GenNext also value flexibility, and are open to alternative career paths, which further impacts their saving, spending and investing.
GenNext does not expect the same job stability as previous generations, according to the Edward Jones survey. They place less value on employer loyalty and plan for highly mobile careers of moving from one job to another, wearing many hats, and engaging in “side hustles” and multiple jobs to fund their lifestyles. Although they were born in the digital era, the GenNext lifestyle prioritizes real-world experiences; more than half of survey respondents reported being happiest when at home with friends and family, and they value face-to-face connections in work and home life.
GenNext cited a short-term mindset when it comes to finances, prioritizing everyday expenses, budgeting and saving for large purchases over other financial matters. When it comes to financial planning, more than half (52%) talk to their parents, many of whom may have long-term relationships with financial advisors. Although only 12% currently discuss finances directly with a financial advisor, two-thirds (68%) said they viewed financial advisors as a sounding board for ideas.
“Working with a financial advisor can help improve your financial knowledge and confidence and help you feel more in control,” added Haas. “It’s never too early to get started. Financial advisors can help remove burden and complexity and help you focus on the most important first steps.”
Visit edwardjones.com/financialfuture for more information.
