Gen Zeds and millennials think 'adulting' milestones like getting promoted is harder than it was for their parents, survey finds
- Many Gen Zeds and millennials say "adulting" is harder than it was for their parents, per a new survey.
- Achieving major milestones such as buying a home or getting promoted is much harder, respondents said.
Younger generations think achieving major milestones such as getting promoted at work or buying a home is much harder than it was for their parents.
That's according to a new survey carried out by CNBC and Generation Lab last month. It asked 1,039 people aged 18 to 34 whether they thought various aspects of "adulting" was easier for their parents' generation.
In career terms, 44% of respondents said it's harder to find a job and 55% think it's more difficult to get promoted, while 55% think it's "much harder" to purchase a property.
Millennials – those born between 1981 and 1996 – have had to cope with difficult economic circumstances and are confronted with rising inflation, as well as soaring house prices, and mortgage rates. Now starting to join them in the workforce are the pandemic-affected Gen Z, or those born between 1997 and 2012.
Regardless of whether things are more difficult now for younger generations than their parents, the survey's findings reflect the impact that today's economy and work culture is having on attitudes.
Cyrus Beschloss, founder of Generation Lab, told CNBC there were some positive generational shifts, or "glimmers of optimism." They included 40% of Gen Zeds and millennials saying they think it's easier for them to find economic opportunities outside traditional employment.
And a surprisingly high 43% of younger workers said they felt quite loyal to their employers.
The pandemic pivot to remote work also contains risks for younger generations. Gen Zers who shun getting back to the office are unlikely to climb to the top of the corporate ladder, said Suzy Welch of NYU Stern School of Business.
She recently told Insider those only going in one or two days a week – or never – "may have a version of success that is not our version of success. It's all about how you define success. They're probably not going to become CEOs, but maybe that's not what they want."
Although they may resent older generations for seemingly having things easier, it seems younger adults are nonetheless turning to their Boomer parents for financial advice.
Another survey by Generation Lab last month found 64% of college students turn to their parents or family members when they need help with money, instead of banks of celebrities.