Gen Z Workers Seek to Balance Better Pay With Making a Difference
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Here's your Money Briefing for Friday, June 3rd. I'm J.R. Whelan for The Wall Street Journal. Members of Gen Z have made it clear they're searching for jobs that are socially conscious and that contribute to making the world a better place. But high inflation and more financial worries have some thinking maybe that office job with a steady paycheck isn't so bad after all.
The Gen Zs are getting older. You know, more of them are actually in the workforce. More of them have actually had financial responsibilities. And sometimes once that sets in, it changes the way you look at your money and your career.
Coming up, we'll talk with our On the Clock columnist, Callum Borchers, about this trend. And we'll hear from one Gen Zer about how her thinking about making an impact has shifted. That's after the break.
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When it comes to entering the working world, people in their 20s, also known as Gen Z, have a sense of mission. They say they're looking for jobs at companies with socially conscious ideals. But how are those goals holding up at a time when financial pressures are growing? In a moment, we'll hear from a 25-year-old woman from Texas about how she's trying to find the right balance. But first, for more on this, we're joined by The Wall Street Journal's on-the-clock columnist, Callum Borschers. Callum, thank you so much for being with us.
How are Gen Z workers balancing mission-driven careers with financial pressures?
Glad to be with you, J.R.
So Callum, we've talked on the show before about how the class of 2022 and Gen Zers have a sense of mission when mapping out their career path. But what's making these young workers question that idealistic path?
I mean, the bottom line is it's money. You know, at the same time that they're very idealistic, they're very socially conscious, they're also walking out into a tough time. You know, inflation is very high right now. Everybody is feeling that squeeze. Of course, housing costs are also very high right now. And at the same time, this is a generation that is feeling crushing student loan debt in a lot of cases. So these are folks who have a lot of bills to pay. And what, of course, they're realizing is that those mission-driven jobs aren't aren't always the ones that bring in the big bucks. You know, some of the shift in mentality among Gen Zers shows up in some good annual polling that Deloitte does. They've been for years now surveying millennials and Gen Zs.
And what you saw a year ago, for example, was that if you asked Gen Zs, what's your number one concern right now? Climate change was the top answer. Well, this year, it's personal finance. It's the cost of living. So you see that shift. And also a year ago, About half of Gen Z's said, you know, I'm going to be really picky about the kind of job I'm willing to take and the company I'm willing to work for based on my personal ethics. Well, now, this year, that number is down to 37%. That's still pretty hefty, right? We're talking about more than a third that's going to be choosy in that regard.
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