Why Living ‘Happily Ever After’ Hits Different for Gen Z
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Here's your money briefing for Wednesday, May 29th. I'm J.R. Whalen for The Wall Street Journal. Gen Z wants to live happily ever after, just like any other generation. But what financial security looks like to them is very different from what it meant to their parents and grandparents.
they're not sure if they're ever going to be able to achieve that. Young people's financial goals and motivations have drastically changed through a multitude of factors, but ultimately it is impacting how they're choosing to spend, save and invest their money because their time horizons look a little different and their objectives overall are very different.
That's Vivian Tu, CEO of Your Rich BFF. She spoke at the WSJ's recent Future of Everything Festival about how Gen Z is redefining what it means to build wealth and live happily ever after. We'll hear more from her after the break.
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Gen Z is redefining what it means to accumulate wealth and live happily ever after. Wall Street Journal markets reporter Gunjan Banerjee spoke with Vivian Tu, CEO of Your Rich BFF, a resource for financial literacy and personal finance, at this month's Future of Everything Festival. Here are excerpts from their conversation.
Vivian, my rich BFF, thank you so much for joining me here today.
Thank you so much for having me.
Hi, guys. Yes, love the energy in here. I want to talk to you about getting really, really rich.
How is Gen Z redefining 'happily ever after' compared with previous generations?
What does that mean to, say, Gen Z individuals, millennial individuals versus prior generations? Is there a difference in how they're thinking about getting really rich?
Yeah, so happily ever after, I would say looks very different now. I would say in my parents' generation, it was you work hard, you get the right college degree, you get the right corporate job, you climb the ladder, you have two and a half kids, golden retriever, tire swing out front with your wife's expense house. The next generation, though, is, I would say, pessimistic in that they're not sure if they're ever going to be able to achieve that. And as such, a lot of folks' happily ever after starts to look very different. And in some cases, people don't want children anymore. They want just the pet. They say, hey, in lieu of a single family home, which used to be the American dream, I want to live in a cool city, and I'd rather live in an apartment and stay renting.
Young people's financial goals and motivations have drastically changed through a multitude of factors, but ultimately it is impacting how they're choosing to spend, save, and invest their money because their time horizons look a little different and their objectives overall are very different.
Yeah, so on top of inflation, we have, you know, every time you open up Instagram, someone seems to be going on another luxurious vacation and you're getting FOMO. I certainly feel that.
That's also so inaccessible, right? Because we have to remember that social media is a highlight reel. And back in our parents' generation, it was keeping up with the Joneses. Your parents would literally take physical binoculars and look across the street to the Joneses and be like, the Joneses just got a flat screen TV.
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