Gen Z Is Outpacing Millennials In Their Careers, Here's Why
Summary
A new report shows that young adults from Generation Z earn more money and have lower unemployment rates than millennials did at the same age. Even though fewer Gen Z workers are in the job market, those who work tend to get better pay and find jobs more easily than millennials did a decade ago.Key Facts
- The study compares workers aged 20 to 24 from two periods: millennials (2005-2008) and Gen Z (2021-2024).
- Gen Z’s median weekly pay is about $756 after adjusting for inflation, which is 12.3% higher than millennials’ $674.
- Gen Z’s unemployment rate is 7.5%, which is lower than the 8.9% rate for millennials.
- Fewer Gen Z adults participate in the workforce (71.1%) compared to millennials (74.5%).
- Gen Z’s employment rate is also lower at 65.8% versus millennials’ 67.9%.
- Experts say Gen Z may be more selective about work, focusing less on money and more on other values.
- The lower supply of Gen Z workers may be pushing wages higher to attract them.
- Gen Z faces challenges like higher housing costs and student debt but still tends to earn more when employed.
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