The times are changing! It’s no secret that Gen Z is the generation of change—they were born into a rapidly evolving world. Gen Z women are setting themselves up for success by learning about finance and why it’s so essential in life. This generation proudly prioritizes financial literacy and is three times more likely to take a formal financial literacy course than the generation prior.
A survey by Fidelity of over 1,000 women of all ages showed that women are more informed and engaged in the financial world than ever before. For example, the study found that 60 percent of Generation Z women and 59 percent of Millennial women discuss money with their parents. Although Gen Z women are slightly more likely to talk about money with their parents than Millennial women, 66 percent want to feel more confident when talking about money. This means these generations are ready to take charge of their finances.
Gender equality in the workplace: an uphill battle
According to a study by the American Psychological Association, both Millennial and Gen Z women overwhelmingly agree that gender equality has not yet been achieved. Only 6 percent of both age groups believe such equality already exists at work. Most women — more than 70 percent — think that gender equality is not yet a reality in the workplace. And this is despite huge strides taken by many companies to ensure they have diverse teams and policies in place to support them. The study also revealed that these generations differ in their perception of what it means to be treated equally at work, with Millennials placing more emphasis on opportunities for advancement and Gen Z’ers focusing more on equal pay.
The new survey shows that women of all ages want to improve the workplace. Most survey respondents, including 53 percent of Millennials and 55 percent of Gen Z, wanted to see their companies adopt pay transparency.
Younger women are more confident about their future earnings
Almost half of the Millennials and Gen Z believe they’ll earn a higher income than their parents. A new survey of Millennials and Generation Z shows that nearly half of both groups think they will make more than their parents. The report, from the personal finance company Bankrate, polled 1,000 adults aged 18 to 29. The results show that 48 percent of both groups expect to be financially better off than their parents were at their age. Millennials are more likely than Gen Z to expect a higher income; 52 percent said they expected higher wages, compared with 43 percent for Gen Z.
If we teach girls to be financially knowledgeable and confident, they can reach their financial goals, and equality at work will happen too. Women are achieving more and earning more than ever before.