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Source: Fortune.com
Summary
Millions of Gen Zers face unemployment due to slowed entry-level hiring, increased competition, and AI taking over tasks. Ultra-high net worth individuals, including billionaires, are worried about their children’s ability to get a job and support themselves. They are concerned about their children’s sense of purpose, identity, and confidence, and worry about significant wealth dampening their drive or desire to work.
Our Reading
The numbers tell one story: Gen Zers are struggling to find jobs, and their parents are worried.
Billionaires are rethinking how they support their children, moving away from a one-time inheritance and towards education funding flexibility, mentorship, and phased wealth transfers.
Patrick Dwyer, a wealth manager, says his clients are concerned about their children struggling to secure and hang on to jobs historically associated with security and status.
Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management, says parents want their children to succeed and lead fulfilled lives, but are worried about the job market impacting their sense of purpose, identity, and confidence.
This is a very real concern I’m hearing from ultra-affluent families right now, Thiegs said. It’s not about financial security, but about whether their children will have the same career outcomes and sense of fulfillment as past generations.
Original Observation: The wealthy are not just worried about their children’s financial security, but about whether they will have the same sense of purpose and fulfillment as past generations.
