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Gen Z's Shift Towards Finance: Prioritizing Good Pay and Job Stability
From TikTok to non-profit organizations, Gen Zers opt for a wide range of career paths, marked by flexibility and creativity. However, it seems that the trend is shifting. With the economic downturn, job opportunities have become scarcer, leading to anxiety and worry among the younger workforce. Among the traditional industries that have caught the attention of Gen Z is finance, which has been known for stability and higher pay. Let's dive into why Gen Zers are starting to consider careers in finance.
Flexibility over stability
One of Gen Z's qualms about the traditional workplace has been a lack of flexibility, which they prioritize over job stability. However, with the current state of the economy, stability has become a priority. The finance industry offers a stable environment that provides financial stability amidst uncertain times.
Increased Pay
With increasing levels of inflation and the rising cost of education, Gen Zers seek job opportunities with higher pay. Reports suggest that nearly 62% of respondents between 18-25 years cited "good salary" as the most important criterion for their career path. This trend highlights the importance of financial stability and the desire to make an impact from a higher earning potential.
Lack of Available Opportunities
The scarcity of job positions across sectors has pushed Gen Zers to consider long-term career paths in finance. While finance may not be their first choice, the sector offers a large number of job opportunities that can be pursued with various specializations. Additionally, finance roles are in high demand, making the industry a lucrative career path.
Internship Programs
Many large financial firms have expanded their internship programs, which are an excellent platform for potential employees to gain experience and develop their careers. Intern programs offer opportunities for participants to put their knowledge to work, to network with real professionals, and even to secure job positions.
Improved Long-Term Security
The finance industry provides candidates with long-term job security, giving them peace of mind and much-needed stability. According to a study conducted on graduates from the class of 2023, 85% focused on stability, while 80% prioritized pay during job applications.
In conclusion, Gen Z's prioritization of flexibility previously influenced the career paths they pursued. However, with the economic downturn, the younger workforce started craving stability and financial security, leading to a shift in job priorities. The finance industry, historically known for high pay and stability, has become an attractive career option for Gen Zers. The industry offers job security, higher pay, and opportunities for long-term growth, making it an excellent career path. Financial firms that want to attract young professionals could benefit from incorporating these trends into their operations.
Adapted from the article: https://fortune.com/2023/06/29/gen-z-work-in-finance-economy-stability-higher-pay/
BY PRARTHANA PRAKASH AND CHLOE BERGER
Donna Roughan | With 22 years of expertise in accounting and business advisory, Donna has held pivotal roles, notably as a Director at PwC, and has executive experience in both finance and operations.
