WHAT keeps you awake late at night?

There are varying answers if one would ask Gen Zs this question. Some of them stay awake because they are pulling an all-nighter because of school work, a series or a film, a special someone, or their friends. 

But if you ask 21-year-old student Michelle Henriche, her various worries are what keep her awake at night. 

Henriche told republicasia that she always feels anxious, thinking about how she can have a successful career. Such a thought puts immense pressure on her, she said.

Kennford Santos, a 22-year-old student, also feels the same way. He is worried about his future because the opportunities in the country are limited.

Henriche and Santos are just two of the many members of Gen Z who, it turns out, are anxious about their future. 

Harmony Healthcare IT, a US-based data management firm, surveyed more than 1,000 Gen Zs in 2022 to find out more about their mental health and their concerns about the future. 

The result showed that 85 percent are worried about their future, and their main concerns have to do with their finances and careers.

Will they have a successful career?

Henriche and Santos both have the goal of being financially stable at a young age. However, they are worried if the opportunities they will have in the future will help them attain this goal.

Santos said that he thinks so much about his career and finances because there aren’t a lot of job opportunities in the country, which is also why many Filipinos are going abroad for greener pastures.

“It makes me overthink a lot. I do have lots of ‘what ifs’ like, ‘What if there’s no opportunities for me?’ ‘What if I’m not going to be successful?’”

He added, “Although I know that [I will] be the one who works hard for my future, without the help of those opportunities that I’m looking forward to, I might not become successful.”

Henriche said she keeps thinking every night about what will happen in the next two years. 

She wonders if she would be able to afford the things she wants and make her family proud of what she would achieve.

She is also considering other ways to earn more money to improve their financial situation, she added.

“I have experienced the difficulties that arise when you don’t have money in your pocket,” she said.

“Being born into a family [who] doesn’t have enough money to enjoy privileges in life, I am determined not to repeat the cycle,” she added. 

Will they be financially stable?

25-year-old seafarer Dionel Alfaro is also someone who did not come from a well-off family. This pushes him to pursue success in his career and gain financial freedom.

Alfaro said he has to work continuously to sustain his and his family’s needs. While his job pays him a good salary, there are several challenges he has to face, including being away from his loved ones. 

One of his “hobbies” is to overthink while traversing the seas. Like Santos, he said he has a lot of “what ifs” in his head.

“I worry a lot about my ‘life after seafaring’ and if I would be able to earn enough money to support my family, and my future,” he said.

While he earns good money today, he is worried if his earnings would be sufficient until his retirement, given the ever-changing economic situation of the country.

“[In] my career, a lot of things can happen [such as] job-related tragedies. Aside from these unfortunate events, I also worry a lot about [my] career promotion. My end goal is to be at the top in the chain of command, the ship’s captain, but still a long way to go,” Alfaro said.

“Financially, I can earn good money today, but my problem is for the long run; how can I cope with the rise and fall of the economy?” he asked.

Despite earning a good salary, Alfaro said he doesn’t feel financially stable. 

“It is because I have responsibilities. I have a responsibility to give back to my parents; I have responsibility to save for my future family; and I have responsibility for myself which at some point, when I retire, at least I get to feel I’m financially stable and not rely on my children,” he explained.

Additional sources of pressure 

Before Gen Zs, the older generation also experienced worrying about the future. Their parents and grandparents probably had concerns about their careers and finances as well when they were their children’s age.

But there is extra pressure on today’s younger generation, which wasn’t felt by the older generations, according to Luna Securities President Francis Diaz.

Social media plays a big role in Gen Zs’ mental pressure, Diaz said.

“There are certain social phenomena like FOMO, YOLO, and compare culture. You compare yourself to those on social media, parang there’s this pervading need, there’s underlying need that you can’t just have a life, you have to have the best life,” Diaz said.

“You can’t just work, you have to be killing it. You can’t just be having fun, you must be having the best life ever, experiencing the best things, having the best stuff,” he added.

Gen Zs with this mindset tend to have a lifestyle that no longer matches their means, he noted. It also causes them to have unrealistic expectations.

“That creates unreasonable expectations on your career outlook, on your looks, and your health and your fitness and so on. I think with regard to Gen Z, that is a definite pressure that was not as present in the past,” he said.

Most Filipinos grew up being family-oriented. But while this is a good thing, family responsibilities also worry Gen Zs.

Some Gen Zs are encouraged, if not required, to help with expenses at home, Diaz noted.

“I think that’s a very wonderful thing in terms of creating an attitude of love for family and self-sacrifice, but let’s face it, it also adds pressure,” he said.

Worrying about future is normal

While Diaz understands that the younger generation has a lot of worries, he also assured them that it is normal. Older generations went through the same thing, he said. 

“I’m not belittling or casting aside the experience, I’m just saying you’re not alone,” he said.

While Gen Zs faced the COVID-19 pandemic, the older generations had to contend with their own crises, such as the Asian financial crisis where the purchasing power of Filipinos was cut in half, and the global financial crisis, the worst since the Great Depression in 1920s, he said. 

Still, the current situation is challenging, he acknowledged. 

“The bad news is, you’re not imagining it, it is not the best of times,” he said.

But this is something they could get through, Diaz said. 

“But the good news is, it’s happened before and there are things that can be learned, and there are skills that can be gained, a plan that can be made so that you can survive or even try,” he said. 

Being worried about the future is actually better than not being interested about it at all, Diaz pointed out.

“Mas nakakatakot for me yung walang paki. ‘Yun yung mas nakakatakot because the next thing you know, wala na, you’re already close to the finish line. And you’re not able to take care of the people you need to take care of, and yourself,” he said.

Advice to Gen Zs 

To perhaps lessen their worry about providing for themselves in the future, Diaz encourages Gen Zs to be invested in their finances and careers while they are still young.

This will allow them to assess themselves and implement changes in areas that need improvement, he said.

He advised them to focus on two things to address their career and financial concerns: asset-gathering and experience-gathering.

It is important for Gen Zs to utilize their capital and turn this into assets that will also grow over time, he said.  These include stocks, properties, jewelries, and crypto.

“They say those things can move up in value. Maybe, maybe not. Maybe over time, they will. What’s important is you gather your assets so that you can create more value on the things that you already have,” he said.

This may be contrary to asset-gathering, but he also encourages individuals to spend money on the things that matter, such as travel or networking. 

Travel may sound just for leisure but this actually helps a lot of people in their career. Going to other places allows a person to open their minds and be inspired by the new things they would see, he said. 

He also said that while networking can be costly, it helps people build relationships with others, which is crucial to advance their careers.

Of course, treating oneself every so often is also a necessity. They may opt to take themselves on vacation, go to a spa, or get overpriced iced coffee, Diaz said.

“These are things that sometimes we need kasi you’re a person, not a machine. And you’re gonna get burned out. So sometimes you need to do it,” he said.

Diaz also said financial stability is not always dependent on how long a person has been working or saving up. Gen Zs could become financially stable even at a young age. 

What might help the Gen Zs are 4 Cs: compute, cash flow, capital, and compound.

He said that it is important for every individual to compute how much to spend for their needs and their wants. 

The second thing they need is to create a cash flow that may come from their work, business, or side hustles that will be a regular source of money to sustain their growing needs.

“This has to be something that can take care of your needs and will grow over time because your needs will also grow,” he said.

After creating a cash flow, there is also a need to create capital that they can use for investments. Their capital has to compound, which means their investible funds create more income for them.

Connecting with the oldies 

Older generations and employers can also help the young members of the workforce. How? By engaging with them.

“You should be talking to them, encouraging them to converse with you as well. And finally, don’t judge,” he said.

Having a connection with the young generation can help build bridges of trust, he added.

Young people, on the other hand, should also not hesitate to converse and ask for guidance from their older colleagues, especially when they need help on certain tasks.

Diaz believes that this engagement between the older and the younger generation “can create stronger people over time.”