Why are Gen Z not in a hurry to buy a house, get married, and have children? Because traditional financial security no longer meets their needs.

Financial therapists point out that Gen Z is redefining security, shifting from having a home, a stable job, and a family to achieving work-life balance amidst economic pressures and future uncertainties.

July 22, 2569 at 18.18:XNUMX a.m., Reuters reported that Matt Lundqvist, a psychotherapist and founder of Tribeca Therapy in New York, reveals that younger generations, especially Gen Z, don't have financial problems due to a lack of knowledge, but rather their spending habits, career choices, and life decisions are all influenced by anxieties, family memories, and uncertainty about the future.

This concept is part of a field called Financial Therapy, which studies the emotional and psychological factors that influence how people earn, spend, and view wealth, unlike general financial planning that focuses on saving, investing, or budgeting.

Lundqvist explains that people's relationship with money is not separate from other aspects of life because money is related to needs, anxieties, career choices, and relationships with those around them.

He said that many young people understand the basic principles of finance well, such as saving money, spending less, and investing, but still struggle to apply that knowledge in practice. This is because it's not just about financial discipline, but also involves their experiences and feelings towards money since childhood.

Lundqvist notes that how people manage money as adults is often influenced by family history, such as how parents talk about money, experiences of economic stability or hardship, and the surrounding culture.

Furthermore, younger generations are also affected by the current environment, including rising living costs, inaccessible housing, job insecurity, and concerns about whether they will be able to build wealth in the future.

“The younger generation isn’t just looking a few years from now, but assessing the future decades ahead. For example, ‘Will I have the opportunity to build my fortune? Will I be able to achieve wealth?’” Lundqvist said.

Financial therapists state that emotions can have a significant impact on spending habits. For example, some people spend more after a relationship ends, or use money to cope with stress.

For young people today, growing concerns include rising rent, increasing fuel prices and the cost of living, worries about AI transforming the labor market, and companies slowing down or halting hiring.

Lundqvist says that some people may choose to spend money to escape uncertainty, such as spending on happiness in the present, which is a form of emotional response, since the future is already uncertain.

Compared to previous generations, Lundqvist observes that Gen Z and Millennials discuss economics and finance more extensively and incorporate these factors into their life decisions.

Many young people are no longer interested in traditional career paths that involve working for a single organization for life. Instead, they are more interested in starting their own businesses, building personal brands, or working independently, as evidenced by the growth of the profession of creators and influencers on social media.

One noticeable trend is that many young people are delaying buying a house, getting married, or having children.

Lundqvist stated that the issue of having children has changed significantly, with some people in their late 20s to early 30s making a clear decision not to have children.

The factors are not solely economic, but also include a new perspective on the burden of childcare, especially after the COVID-19 pandemic, which made the burden on parents more apparent, particularly women who had to work from home while caring for their children.

Meanwhile, many couples are turning to therapists or relationship counselors to discuss their life goals and make more informed decisions about having children.

Lundqvist says one thing he's learned from the younger generation is to question the idea that work is everything and that success is measured only by position, income, or wealth.

However, having a healthy relationship with money doesn't mean denying its importance, but rather understanding its role and not letting money or work overshadow other goals such as happiness, relationships, and quality of life.

Lundqvist suggests that younger generations shouldn't perceive finance as overly complicated, as some parts of the financial industry may make understanding money seem difficult. He argues that ongoing learning of financial fundamentals can reduce anxiety and enable people to make better decisions.

"Knowledge is power. Most people want to learn, and money isn't too complicated to understand."

refer : reuters.com

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