Do you think Gen Z strives to live a lavish lifestyle? I believe so. This generation has high standards for their lives. Whether that includes mansions, dream vacations, or luxury items, Gen Z has expensive tastes.

In return, this generation needs to pick up multiple jobs throughout their lifetime to sustain such a lifestyle. But the harsh reality is, they will have to pick up multiple careers—if they haven’t been taken by AI—to live in a time where the cost of living has risen 24.3% since the pandemic. So, it looks like Gen Z will be doing all this work to stay financially afloat instead of being free.

Numbers

Let’s talk numbers in terms of what percentage of the working field is entry-level friendly, how many jobs AI has taken over, and how much Gen Z spends, saves, or invests.

Trevor Laurence Jockims at CNBC article “AI is not just ending entry-level jobs. It’s the end of the career ladder as we know it," reported, “Postings for entry-level jobs in the U.S. overall have declined about 35% since January 2023, according to labor research firm Revelio Labs, with AI playing a big role.”

This means you’ll have a harder chance at getting a stable job after graduating, and job hunting will be scarce. It also shows that before even landing a job, you’ll need to have years of experience under your belt. This creates uncertainty because if there is no position willing to give you those experiences and teach you those skills, how will you be able to get the job?

It also seems like employers don’t want to spend time nurturing new employees and find that teaching AI is more efficient. It looks like the only jobs that will be open are either fast food or manual labor. This generation has to develop new skills to stand out because humans are no longer their only competition.

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Now speaking of AI, what percentage of roles is it really filling? According to Goldman Sachs in Forbes, “These Jobs Will Fall First As AI Takes Over The Workplace.” Goldman Sachs previously estimated that 300 million jobs could be lost to AI, affecting 25% of the global labor market. ”

That is a threatening number to graduates because there needs to be replacements for those 300 million jobs, but clearly, that will not be happening. Instead, you have people taking jobs that pay minimum wage, but that’s not enough to live in some places like NYC and California.

It’s worth mentioning that the minimum wage varies by state, with the lowest being in Georgia and Wyoming at $5.15 per hour. Even so, living on the minimum wage will not be enough to feed one mouth, let alone two, pay rent, or cover insurance, bills, or emergencies. There is no room for Gen Z to dream about any lavish lifestyle when this is their reality.

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In Favor Of or Against Saving?

Now, let’s just say Gen Z doesn't seem like the saving type. I mean, with trends constantly coming left and right and feeds fueling consumerism, the youth are bound to enjoy themselves a little. Zaw Thiha Tun from Investopedia found that over 70% of Generation Zers said they would rather have a better quality of life than extra money in the bank, and 48% said global challenges make them want to "live for today." It can be that the pressure is overwhelming enough for the youth to enjoy whatever they have in the present moment.

It’s interesting because with social media, it seems like wealth can be at all of our fingertips. There are creators who share helpful advice about investing and turning $100 into $1000 and so forth, but it seems like living for the future is no longer seen as an opportunity by Gen Z.

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Generation Z Versus Millennials

You thought artificial intelligence was our only competition? Well, news flash. Gen Z is not even the third option! Firstly, companies are more likely to hire internally or through referrals.

Secondly, companies will recruit millennials before Gen Z because of their experience; they are the largest generation in the workforce and have better attitudes and mentalities in the workplace. Who’s more likely to work longer hours for no bonus? Not the Gen Z who reserved that time for self-care and doom scrolling. (I get it…)

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Closing Statements

As you can see, Gen Z will have to work many jobs due to various external factors. The job market is failing to provide positions, and wages are not increasing even though the cost of living is. And the multiple jobs might not even be high-end, given the job market.

Even though all is not well, Gen Z does have some hard workers who persevere because they know what kind of life they want to live. Whether that is living in the present or thinking about the future. It all comes down to how we will overcome these obstacles and adapt to the cards dealt to us.