The modern mindset: Understanding Gen Z

Here comes Gen Z (generally born 1995-2015). What expectations do they bring with them as they join the workforce? How do they approach their finances? And what are some of the ways employers can connect to this modern generation? Recent Bank of America research1 uncovered insights that can help employers attract, retain and engage this newest cohort.


Gen Z has concerns about employment opportunities, but simultaneously seeks highly personalized employment experiences.

Gen Z looks for tailored employee experiences, including a strong career path with mentoring, training and competitive compensation.2

68% of Gen Z is worried the pandemic will impact their education for years to come, and 63% say the same about their career prospects.3
Gen Z seeks an alignment between their personal brand and their employer.4
They expect much more personalization in how they want to be treated by their employer and seek more than just filling cookie-cutter roles.5


Gen Zers are hardworking, debt averse, frugal, and already saving for retirement.6

Money worries that keep Gen Z up at night:

Rising cost of living (76%)
College affordability (75%)
Affording health care and having enough money (tied at 71%)
52% of Gen Z plans to use personal savings for retirement, compared to 26% who believe they will receive government assistance.6


Gen Z expects their employers to show them how they’re committed to their values, and help them create work-life balance to pursue personal interests.

77% say that it’s important to work at an organization whose values and actions align with their own.5

Gen Z is dedicated to advancing diversity, equality and inclusion, and strives to practice and promote sustainability.


Gen Z prefers to engage through digital and mobile.

An enhanced mobile channel is their top digital priority.7

Gen Zers expect fast, easy-to-use apps and websites.8
Collaborative and learn-by-doing tools drive their engagement.9

Talk with your Bank of America representative about strategies to help engage this next generation of employees.

1 Source: Bank of America, Meet Gen Z: Key Insights and Opportunities, October 2020.

2 Source: Accenture, Gen Z Rising, 2020.

3 Source: Morning Consult, How 2020 is Impacting Gen Z’s Worldview, 2020.

4 Source: BofA, Intern Polling, 2020.

5 Source: Deloitte, Welcome to Gen Z, 2020.

6 Source: American Banker, “8 Things Bankers Need to Know About Gen Z,” 2020.

7 Source: BAI, “Gen Z is already charting its own financial services path,” February 2020.

8 Source: IBM, Uniquely Gen Z, 2017.

9 Source: Barnes & Noble College, Getting to Know Gen Z: Exploring Middle and High Schoolers’ Expectations, 2018.