They make up nearly a third of the world’s population and millions of them will turn 21 this year. It may not be entirely reassuring to learn, then, that a landmark global study has found that while the idea of generational divides is largely overblown, the so-called generation Z are evidently clear-eyed in their desire for power, achievement, hedonism and stimulation.
Born between 1997 and 2012, gen Z is the largest generation in the world, with an annual purchasing power of $100bn globally. They will make up 27% of the global workforce by 2025 as they take over the reins of the world economy from millennials (born between 1981 and 1996), gen X (1965 to 1981), boomers (1946 to 1964) and the silent generation (1925 to 1945).
No such age cohort is homogenous, and the differences between the generations were largely found to be comparatively small. However, the values driving gen Z are said to have stood out in a survey of 36,000 people in 30 countries, commissioned by the strategic communications consultancy BCW.
When it comes to being very successful and people recognising their achievements, 44% of the age cohort said it was important to them. This compared with 37% of millennials who felt the same, 23% of gen X, 13% of boomers and 14% of the silent generation.
A similar proportion (43%) of gen Z said it was “important to them to do things that can give them pleasure” and that they “seek every chance they can to have fun”. The proportion fell to 38% of the millennials and 27% of gen X. About a third (32%) of gen Z said it was important to be rich, compared with 26% of millennials and 16% of gen X. A similar ratio of gen Z said they wanted to have an exciting lifestyle – compared with 32% of millennials and 20% of gen X.
Lisa Story, BCW’s chief strategy officer, said the increased focus on the individual evidenced by the results was a continuation of a trend that could be seen across the century and which had been potentially exacerbated by the rise of social media.
She said: “If you look at the values [of gen Z] – power achievement, hedonism, stimulation – that’s a really interesting set because typically, people aren’t that comfortable with saying that they have those values.
“So that is unusual. The fact that gen Z is largely living its life in a very public environment in which your social status [is public], the degree to which you’re successful, whether that is in a general lifestyle sense or whether it’s do with your work, I think that probably does create an environment where those values are very much more in play than they would have been without that technology and that platform.”
The suggestion that those in gen Z are hedonistic might seem counterintuitive to some, with reports suggesting that British youngsters, for example, are eschewing alcohol.
Story suggested that those in the younger age range may have a different understanding of pleasure than the older generations.
She said: “The values are consistent, but they’re very different for different people in different environments. So, to be hedonistic, might be about … [for instance] going for a really good run and meeting friends for a juice at the end of it.”
BCW’s report – Age of Values 2023, one of the largest studies of its kind – was based on Prof Shalom H Schwartz’s theory of basic universal values that serve as guiding principles for all human behaviour. The online survey took place between December 2022 and April 2023.
The report suggests that people around the world remain above all else to be social animals “hard wired to cooperation with each other and avoid dispute or discord”.
The top three values with which respondents indicated an allegiance were benevolence, universalism (the principle of tolerance for all) and security. Only a quarter of people said they strongly agreed that their governments’ policies and programmes aligned with their own values.
Regionally, only 14% of people in southern Europe, 15% in northern Europe and 17% in the English-speaking world (Australia, Canada, the UK, and the US) believed they were in sync with their government. In the UK just 12% of people firmly believe that their government shares their values.
