Summary of this article
Gen Z is following a different lifestyle for themselves, the 'Quiet Wealth'.
This originates from different perceptions of success.
Gen Z is opting for more prudent and strategic financial behaviours.
Gen Z has its own way of doing things, be it their views on hustle culture or rejection of ancient financial practices. Due to the rising economy, even the basic things have been made inaccessible to many. Realising this, Gen Z is following a different lifestyle for themselves. This purpose-driven generation is making the most of their paycheques by choosing to spend them in a minimalistic and conscious way. Instead of splurging on things that have temporary and high monetary value, they are opting for quiet wealth.
This originates from different perceptions of success, for generations before Gen Z, the meaning of success meant having a roof over your head, a car, and expensive labels to your name. For Gen Z, success means having money in the bank, debt-free living and having freedom and time to do things that makes them feel alive. Rejecting flex culture came as a way to save and be more peaceful in life.
Reasons why the Gen Zers stick to this way of life
Financial Anxiety: Many Gen Z members became aware of job insecurity during the pandemic and how multiple debts create panic and frenzy at times, such as job loss. With soaring living expenses, one cannot easily afford to live with multiple EMIs of liabilities like cars, brand new phones, etc.
Rejection of the hustle culture: This generation has witnessed the burnout and struggles of the previous generations. Gen Zers prioritise a better quality of life and work-life balance over constantly striving for more wealth.
Desire for authenticity: Gen Zers have been born and brought up in the digital age where childhood was from screen to screen. They've been exposed to flashy and inauthentic content, which has pushed them to choose a contrasting lifestyle.
Gen Z is opting for more prudent and strategic financial behaviours after vicariously learning from the mistakes of people who came before them. Some even call it practical resilience, this has kept them financially stable and more stress-free.
