Here are five strategies this savvy generation is using to reclaim financial empowerment amid the cost-of-living crisis.
1. Creative hustles: Turning passions into profits
Gen Z refuses to be boxed in by traditional career paths. They're transforming their hobbies and passions into profitable ventures with finesse like a seasoned entrepreneur.
From launching their own Etsy stores, crafting handmade treasures for the world to admire, to monetising their captivating content on platforms like YouTube and TikTok, they've truly mastered the art of the side hustle.
Also read: Building a business at uni with just $20
It's like turning a passion for playing guitar into a sold-out concert. Or imagine turning casual backyard soccer matches into a path leading straight to the Premier League, where skills and dedication open doors to a career never previously thought possible.
Gen Z doesn't settle for the ordinary. They craft their own destinies and prove that passion and business can go hand in hand.
2. Tech savviness: Navigating the digital frontier
Gen Z harnesses the power of technology to help navigate the treacherous waters of high living costs. They're adept at finding the best deals and discounts through cashback apps like Honey and ShopBack.
They also embrace online marketplaces like Depop, where they can sell and shop for pre-loved treasures. It's like having a personal shopping assistant in their pocket, guiding them through the virtual aisles.
3. Co-living and co-working: Embracing the power of community
Gen Z understands there is strength in numbers. They're embracing co-living and co-working spaces, where like-minded individuals come together to share resources and expenses.
Platforms like WeWork provide more than just a place to live or work – they foster connections, collaboration, and a sense of belonging. It's like living in a bustling commune, where you can share meals, ideas and dreams.
4. Sustainable solutions: Green is the new gold
Gen Z is leading the charge towards a greener future. They prioritise sustainability, seeking out eco-friendly alternatives in every aspect of their lives. From shopping at zero-waste stores to embracing minimalism. They're conscious consumers who vote with their wallets.
It's like swapping a fast fashion addiction for a curated vintage wardrobe, where style meets sustainability.
5. Financial savviness: Mastering the money game
Gen Z is rewriting the rule book when it comes to financial management. They're proactive in seeking financial education through podcasts, books, and online resources including the infinite number of finance YouTube channels. They're investing on platforms like Raiz where they automatically invest your spare change into long-term wealth.
Gen Z's approach to high living costs is a testament to their tenacity, adaptability, and innovative spirit. They're carving their own path, challenging traditional norms, and redefining what it means to thrive in an expensive world.
With their entrepreneurial mindset and commitment to sustainability, Gen Z is riding the wave of high living costs with confidence, embracing challenges as opportunities, and making their financial life-hack mark on the Australian landscape.