Millennials are Coping Better Than Gen Z in the New Normal, Here’s Why

February 15, 2023 | By Yummy

From:   Arianne Merez (Spot.ph)

The COVID-19 pandemic has been hard on everyone but Gen Zs, or the youngest generation, found it more difficult to cope with the global crisis compared to millennials, a study showed.

 

More millennials at 54% reported better well-being in 2022, the year of the "new normal" compared to Gen Zs at 42% according to a study by insurance provider Manulife.

 

"The Gen Z children are actually still struggling. They struggled during the pandemic and are still struggling now,"  Melissa Henson, chief marketing officer of Manulife Philippines told reporters.

 

 

Compared to Gen Z or those aged 26 and younger, millennials or those nearing their 40s, reported more improvements in their living situation such as better work-life balance and changes or resignations from their jobs, the study showed.

 

The majority of millennials or some 86% saw the pandemic as an opportunity to reevaluate their lives based on the study.

 

"[Millennials] have made changes with things that they feel are not to their advantage," Henson said.

 

Millennials were able to "take control" of their lives better than Gen Zs since they naturally have more independence given their age compared to the younger Gen Zs -- of whom many remain in school and dependent on their parents.

 

"Part of it is their (millennials) difference in age. They’re more independent in general, and financially as well," Henson said.

 

"Gen Z kids are still in a more structured environment and lifestyle. There’s not much leeway for big changes," she added.

What are the top interests of millennials in the new normal?

After the pandemic forced people to stay in their homes for over two years, people managed to discover and develop new interests and passions.

 

For millennials, here are the top interests for the generation in the new normal based on the Manulife study:

 

41%- got more in touch with nature

 

71%- try to limit smartphone usage

 

45%- show the real, unfiltered 'me' on social media

 

Manulife's study surveyed 500 respondents from different age groups--Generation X, Millennials, and Gen Z--across the country to get their insights on the impact of digitalization and how the pandemic changed family dynamics for Filipinos.

 

 

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Check out the Manulife Shop life insurance plans currently available online below:

 

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There you go! So, if financial preparedness is among your goals this year (and for the next), do check out Manulife Shop’s newest offerings that make life insurance easy, affordable, and simple!