One of the biggest things young workers are split over is their support of capitalism and socialism
- This post originally appeared in the Insider Today newsletter.
Happy Friday! Here's how to do your good deed of the day, and it doesn't cost you a dime. Amazon will tip your delivery driver $5 if you thank them through the app. Here's how to do it.
In today's big story, we're looking at the data from a recent poll we conducted on Generation Z's thoughts on the workplace and the economy.
What's on deck:
- Markets: There's no point waiting for the housing market to improve.
- Tech: Some Nvidia employees have gotten so rich they've entered "semi retirement."
- Business: These 10 leaders are upending the world of business.
But first, let's hear the kid out.
If this was forwarded to you, sign up here.
The big story
Gen Z by the numbers
Have you ever had a question about Generation Z you were too afraid to ask? We've got you covered.
Business Insider, in partnership with YouGov, surveyed more than 600 Gen Zers on their beliefs.
The data, compiled here, provides a fascinating look into the ideology of the youngest generation in the workforce.
In many ways, for all its eccentricities, Gen Z is similar to other generations. They're worried about AI. They stress about money. They want a job that pays well.
But one area that seems unique to them is their preferred economic system.
While older generations lean toward favoring capitalism, Gen Zers are almost perfectly split between their support for socialism (28%) and capitalism (29%).
It's not a one-size-fits-all approach, as BI's Jacob Zinkula reports. Certain capitalist ideas, like private home ownership and entrepreneurship, aren't taboo for Gen Z.
But issues arise for Gen Zers when it comes to the high costs of housing and education, the healthcare system, or the general inequality that exists in the country, experts say.
Regardless of your feelings about Gen Z's economic position, you must take them seriously.
The generation has proven adept at making their voices heard in the workplace and never backing down.
Millennials largely entered the workforce in the shadow of the financial crisis. And while that event might have made them resent capitalism, they were also happy just to have a job.
Gen Z has no such reservations. Emboldened by a relatively strong job market, Gen Zers have questioned workplace norms since the beginning.
"I think now we're just going to continue to push the boundaries and ask questions, like is this meeting an effective use of our time or is coming into the office five days a week an effective use of our time?" a Gen Zer told BI's Juliana Kaplan and Sarah Jackson.
But it'll be interesting to see how Gen Z's ideals evolve as they age and, more importantly, when the economy shifts. White-collar jobs were largely spared during the pandemic, and many junior employees ended up better off financially in the wake of it.
If a deeper recession were to hit, as some have predicted, that's unlikely to be the case. And Gen Z might find it harder to speak up when times are tough.
3 things in markets
- A veteran economist has a pessimistic view on the latest Fed news. While most investors embraced the Fed predicting three rate cuts in 2024, David Rosenberg had a different take. He believes the Fed's latest growth projection indicates it views stocks as overpriced and a recession on the horizon.
- If things do go south, here's how to invest. Vanguard mapped out seven investments to make to get ahead of a tough 2024. From the type of bonds to focus on to the benefit of investing in non-US companies, here's what the firm recommends.
- The housing market won't get better than this. It might be hard to believe, but veteran real-estate investor Barbara Corcoran says you're "dead wrong" if you think you'll get a better deal waiting to buy a home. A drop in interest rates will just kick off a feeding frenzy, the "Shark Tank" investor said.
3 things in tech
- Nvidia has become a victim of its own success. The tech firm's surge in stock price has led long-tenured employees to get obscenely rich, leading some not to do their fair share of work. It's become such a problem that Nvidia's CEO Jensen Huang addressed it during a recent company all-hands, according to those in attendance.
- Second thoughts on the Cybertruck. Now that the Tesla truck's full details — and price — have emerged, some reservation holders are reconsidering purchasing it. Here's what is giving people pause.
- Why the other Altman is stepping down. Jack Altman, brother to OpenAI CEO Sam Altman, is leaving his role as CEO of Lattice, the HR startup he cofounded eight years ago. He explained why he's moving on after helping the company navigate some hectic times.
3 things in business
- Meet 10 industry leaders transforming business. From the tech we use (OpenAI's Mira Murati) to the key policies shaping the workforce (acting US Secretary of Labor Julie Su), these people are at the forefront of important issues. Read more about the 10 leaders upending business.
- Big changes at GM's Cruise. The self-driving startup subsidiary of General Motors is cutting executives and laying off nearly 1,000 workers. The shakeup comes after a crash involving a pedestrian and its founder and CEO leaving the company.
- What's next for music on TikTok. The app had its first in-person music event in Arizona over the weekend. Its global head of music partnerships and programming details TikTok's ambitions to add more tools for artists.
In other news
- Exclusive: Hunter Biden's tax returns
- NASA paid $5 million for a probe into drug use at SpaceX after Elon Musk was filmed smoking weed. It still won't say what it found.
- Mark Zuckerberg is reportedly building a Hawaii compound with plans for an escape hatch, 'blind doors,' and an underground bunker
- BP ex-CEO loses $40 million over relationships with colleagues
- OpenAI CEO Sam Altman says it takes just 10 minutes to decide if he wants to work with someone 90% of the time
- I wanted my boomer parents and in-laws to respect my parenting choices, so I set boundaries with them. Other millennials should do the same thing.
- 8 things you should never do in a hotel, according to someone who worked at a popular chain
- Tipping is continuing to decline as Americans push back against an increase in requests
- Chris Smalls, Amazon Labor Union president and founder, tells Business Insider he will not run for reelection
- CHART OF THE DAY: $174 trillion in assets shows that US consumers are in the best financial shape ever
What's happening today
- And the Daytime Emmy goes to… The 50th edition of the awards includes 19 nominations for "General Hospital," the longest-running American soap opera in production.
- Happy birthday, Don Johnson! The former "Miami Vice" star turns 74 today.
- Happy Bill of Rights Day! It's the anniversary of the first 10 amendments of the US Constitution becoming effective in 1791.
News Quiz
How well do you know the news?
Test your knowledge of the week's top stories with Business Insider's news quiz.
- From Monday: This OpenAI executive's future at the company is up in the air after playing a key role in Sam Altman's ouster.
- From Tuesday: Which Major League Baseball star recently signed a massive contract that impacted his native country's stock market?
- From Wednesday: How much is former Microsoft CEO Steve Ballmer set to earn in dividends annually from his stake in the tech giant?
- From Thursday: Which Wall Street billionaire paid for the air rights above St. Patrick's Cathedral in New York City?
- From Friday: The former CEO of this giant oil company lost $40 million over relationships with colleagues.
Check Saturday's edition of Insider Today for the answers.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.