In Today's Economic Climate, Helping Children Succeed Includes Investing in Your Child's Start-up Business.
If you thought the Millennial generation was self-directed and entrepreneurial, get ready for their successors-the Centennials aka Generation Z. Studies show that your 2000's and 2010's babies are the most business savvy, yet financially pragmatic generation yet. Helping children succeed in 2019 requires parenting that nurtures entrepreneurial aspirations and there are stats to prove it.
- 21% of Gen Z kids have a savings account before the age of 10.
- 38% of Gen Z teens plan to work during college.
- 56% say that they would consider by-passing college altogether to join the workforce or launch their business.
- 40% of students grades 5-12 plan to start their own business, while 24% are already learning how to start and run a business.
- Social entrepreneurship is the aspiration of choice as 76% are concerned about
humanity's impact on the environment and 45% believe they will invent something world-changing.
Based on the statistics, it seems Gen-Z is looking at the hardships of the 'no-retirement plan-having' Gen Xers and the debt-ridden Millennials and taking a few pointers. With their smartphones and newly refreshed Twitter feeds, they're hyper-aware of our economic climate and they're preceding with caution.
This generation wants to control their own financial fate and they want to enact social change while doing it! Similar to Millennials, Gen-Z values good pay and socially impactful work over 'job stability' and benefits, but unlike Millennials they have foresight into Corporate America 's exploitive, bottom-line work culture and the Student Loan Debt Crisis. With this foresight, they deem 'adolescent entrepreneurship' as the best escape route.
The Need for a New Socio-Economic Beginning
- By 2027, majority of Americans will be freelancers as recent college grads are struggling to find full-time employment.
- Corporations' failure to adapt to evolving consumer behaviors, reveal that small businesses are the true backbone of our economy.
- As industries face unresolved socio-environmental issues, young entrepreneurs want to form their own solution-oriented businesses rather than wait for the government/corporations to take action.
The Digital Age's Global Accessibility
- As the first true inhabitants of the digital age, social media and online marketing is in their blood. Surrounded by online crowdsourcing tools, child YouTube success stories like Ryan,Toys Review and the lucrative powers of influencer marketing, there are limitless options for promoting content and building brands.
- Growing up in the age of e-learning, Gen-Zers are questioning the necessity of college for career advancement. They're opting for community college, online courses, and virtual training over elite universities. They want to get the job done with no debt, and who can blame them?
In this world of instant gratification, it's crucial to impart tenacity as a life skill. Teach them that the best things in life are worth waiting for. Generation aside, some old school knowledge withstands the test of time.
We hope this knowledge enriched your parenting in some way. For more parental tips and children wear insights subscribe to our newsletter