With many members of Generation Z now joining the workforce, a recent study finds management is less in touch with these younger employees than they may think. According to National Mortgage Professional, a recent study by StanCorp Financial Group reveals that Gen Z is more financially savvy than many supervisors believe, prioritizing saving and planning for the future. Of those surveyed, 79% of Gen Z say saving is their top goal, while just 55% of managers and 57% of human resources leaders recognize this. In fact, many supervisors mistakenly think Gen Z is primarily focused on paying off debt, with 59% of HR leaders and 50% of managers assuming this is a key concern. However, only 37% of Gen Zers view debt reduction as a priority, and fewer than one-third worry about staying in debt, despite supervisors believing this to be their top priority.
“Why wouldn’t companies provide Gen Z workers with tools to strengthen their financial literacy?” asked The Standard Vice President, Corporate Actuary, Chief Risk Officer Lauren Canfield. “Reducing financial stress on young employees cuts down on distractions and positions them to bring their best to an organization.”