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The Great College Pricing Sham
  + stars: | 2023-09-10 | by ( James S. Murphy | ) www.businessinsider.com   time to read: +21 min
I use quotation marks, because merit aid is granted to half the students at public colleges and 84% at private colleges. Today the average merit-aid discount at private colleges is $23,000 — leaving the student to cover the remaining $30,000 or $40,000. At four-year public colleges, tuition now accounts for 52% of operational revenue, versus 48% from state funding. To make college more accessible, we need to make greater public investments — at both the state and federal levels — in higher education. James S. Murphy is a higher education policy analyst at Education Reform Now.
Persons: Joe Biden, YouGov, Gen, Gen Zers, You'll, Pell Grant, Dominique Baker, , Getty, Ben Sasse, who's, Sasse, David Feldman, William & Mary, Ford, Feldman, they're, Sandy Baum, It's, There's, Baum, They're, Josh Shapiro, Spencer Cox, shouldn't, James S, Murphy Organizations: Insider, Harvard, of California, Southern Methodist University, Ivy League, U.S . News, Honda, Porsche, University of Florida, McKinsey & Company, University of Oklahoma, University of Kentucky, Ford, Apple, Fordham, Appalachian, William &, Technology, West Virginia University, WVU, Urban Institute, Google, Reform, Twitter Locations: United States, Italian, Appalachian State, America, Pennsylvania, Utah
In the latest Equity Talk, Pringle said male mentors made room for her ideas, even if they weren't popular. With growth comes opportunity, she told me, because "new restaurants create the next big promotion." It's working in our restaurants and talking to our crew members and our general managers on what we can do to really create opportunities. You know, new restaurants create the next big promotion — the next DM and GM and director of operations. Those are the things that I see in part of my role as being able to help create growth.
Persons: Abigail Pringle, Pringle, dulce, she's, I'm, Lindsay Radkoski, Lindsay, Suzie, You've, it's, We've, Wendy's, that's, we've, It's, I've, , Thiti, Zers Organizations: Service, GM, CMO, CSR, Twitter Locations: Wall, Silicon, Wendy's, Canada, Philippines, India, Australia, Puerto Rico, leche, Argentina
Gen Z is more optimistic about owning a home compared to millennials, per a Redfin survey. Previous surveys found that Gen Z is also ahead when it comes to home purchases. Of the 1,340 members of Gen Z surveyed, around 12% said they believed homeownership would not be possible in their lifetime. Millennials being more concerned about saving up for a home falls in line with studies that found Gen Z is doing a better job of holding on to its savings , per the Center for Generational Kinetic's State of Gen Z report. Gen Zers and millennials both expressed concerns that high home costs and student loan debt, among other factors, would prevent them from being homeowners.
Persons: Gen Z, homeownership, Gen Zers, Z, Redfin, Daryl Fairweather, Zers, millennials, Fairweather, it's Organizations: Service Locations: Wall, Silicon, Kinetic's
GU is a fast-fashion brand targeting Gen Z with stylish, affordable clothing. I visited the store and found some of the trendier pieces, like cargo pants, quite approachable. GU has grown to nearly 450 stores in Asia but didn't enter the US market until it opened its Soho store in October 2022. Much like Uniqlo, GU carries basics like logo-free t-shirts, simple sweaters, minimalist shoes, and dress pants. I wanted to check it out for myself, so I visited to see why it's become popular among Gen Zers.
Persons: Gen Z, that's, didn't, it's, Zers Organizations: GU, New York City, Service, Fast Retailing Group Locations: New York, Wall, Silicon, Asia, Soho, Uniqlo
ChatGPT skills can help you get hired — but most people are using AI just for fun, a new study says. (That compares to 17% of all age groups who said they're using AI for job searching.) Yet, it could be only a matter of time before generative AI users start taking the technology more seriously. AdvertisementAdvertisementEven big tech companies like Meta and Netflix are looking for AI skills in new hires and are paying salaries between $137,000 to $900,000 to attract generative AI talent. "It's somebody using AI that will take your job."
Persons: , Zers, it's, ChatGPT, X, ResumeBuilder, Richard Baldwin Organizations: Service, Meta, Netflix Locations: Wall, Silicon, San Francisco, UK, Australia, India
Insider Today: Gen Z is out on college
  + stars: | 2023-09-05 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +9 min
This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at why college isn't part of the plan for some Gen Zers. Between skyrocketing tuition costs and underwhelming salaries, some Gen Zers are skipping college altogether, writes Charlotte Lytton. A recent survey found that 40% of business leaders think recent Gen Z college grads are unprepared when they enter the workforce. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.
Persons: Dan DeFrancesco, weren't, Zers, Chelsea Jia Feng, Zers aren't, Charlotte Lytton, It's, Alix Earle, NFTs, TikTok hasn't, Earle, Alix Earle's TikToks, @alixearle, Spencer Platt, Goldman Sachs, we've, David Rosenberg, Rosenberg, Kevin Dietsch, Marc Benioff, they're begrudgingly, Arantza Pena Popo, Corizon, Sen, Elizabeth Warren, James Webb, Stephen King, Holly Gibner, Rice, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Electric, Wall, Tech, University of Miami, Getty, JPMorgan, Amazon, James, James Webb Telescope, Hubble, NASA, ESA, CSA, Costco, Kirkland Locations: Wall, Silicon, NFTs, Blackstone, Bridgewater, Seoul, New York City, San Diego, London, New York
Gen Z is giving up on college
  + stars: | 2023-09-05 | by ( Charlotte Lytton | ) www.businessinsider.com   time to read: +11 min
"The world is rapidly evolving — and so is the college experience." Srivastava is one of a soaring number of Gen Zers who has decided to skip college altogether. The widening gap between the value and the cost of college has started to shift Gen Z's attitude toward higher education. They're not as interested in the typical "college experience" — whiling away four years rooming with friends and drinking at frat parties. But other members of Gen Z are taking a hard look at the "essence" of college.
Persons: Rushil Srivastava, you'll, Srivastava, he's, Gen Zers, haven't, millennials, Gen Xers, Nora Taets, James Connor, Connor, they're, , Richard Saller, Saller, COVID, Meghan Reinhold, Reinhold, hasn't, María Gorgojo, Gen Z, Gen, Charlotte Lytton Organizations: UC Berkeley, Pew Research Center, Higher Education Authority, Pew, Iowa State University, of Computing, Data Science, Society ., School of Business, Information Technology, San Francisco Bay University, Harvard, Marymount University, Stanford University, Miami University of Ohio, Arizona State Locations: San, San Francisco, Silicon, COVID, Berkeley, Arizona, London
The wedding industry is beginning to see the fallout of this shift away from tradition. That meant "wedding TikTok" — with its dancing groomsmen and videographers turned influencers — was the next best thing. "So it is time for us in the wedding industry to expand the definition of what a perfect day means." Adrienna McDermott spent nine years in the wedding industry before starting a marketing agency for wedding professionals called Ava and the Bee. "It really opened up my eyes for the power of TikTok," Lee said.
Persons: Ashley Klimper, wasn't, videographers, influencers —, who's, Klimper, Jimmy Choo, , Vishal Joshi, Melanie Breault, She's, Stephanie Kirk, they're, fiancé, they've, Grace Lee, Birdy, Birdy Grey, Lee, Joshi, Joy, Adrienna McDermott, Ava, millennials, Zers Organizations: Service, Signet, expos, Facebook, swatch Locations: Wall, Silicon
Some Gen Z managers told Insider they're fed up with their young workers. While Gen Z employees struggle to fit in at work, some bosses aren't sure how to lead them. In a public callout, Insider asked managers to share their experiences overseeing Gen Z workers. More than 20 people, ranging from millennials to baby boomers, sent emails describing their experiences managing Gen Z. India-based career coach Abhijit Bhattacharya told Insider that many Gen Z employees are looking for more meaningful work over higher pay.
Persons: aren't, Gen, they're, Gen Zers, Zers, Jeff Elkins, Elkins, Amber Forrest, Forrest —, Sean Cusack, he's, Cusack, Abhijit Bhattacharya, Bhattacharya, Gianna Driver, Michael Yan, Z Organizations: Service, Wall Street Journal Locations: Wall, Silicon, Florida, India
Girl math is a viral Tiktok trend where women justify spending with their discretionary income. Girl math is often about quality of life decisions and the impact of your spending's value. Maybe girl math isn't the trap it seemsFinancial expert Kelly Ann Winget, the millennial founder of a solo-female-founded private equity fund, says that girl math isn't exactly what its critics describe. "If women are using girl math to justify spending that doesn't derail their financial well-being, that is a good thing. "Instead of focusing on girl math so much, think about ways to secure your income," Winget tells Gen Zers.
Persons: Kelly Ann Winget, you've, it's, Christopher Bechler, Huang, Joshua I, Morris, Taylor Swift, Winget, Gen Zers Organizations: Service, Stanford Graduate School of Business Locations: Wall, Silicon
While earning a high salary can play an important role in growing your wealth, it won't make you wealthy on its own. The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found. The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means. There are a number of ways you can build wealth , from founding a successful start-up to receiving a hefty inheritance. But investing in low-cost index funds is a time-tested, self-made millionaire-approved method to build wealth on virtually any income.
Persons: Gen Zers, Scot Johnson, Johnson, Warren Buffett Organizations: Carpenter Inc, CNBC Locations: Adell, Harriman
More Gen Z and millennials are opting out of the rat race and sticking to renting instead. British real estate company Zoopla has dubbed the new generation of non-buyers as "guppies"Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The term, coined by British real estate company Zoopla, is a play on the 1980s phrase "yuppie," which meant a young, financially successful professional. This mirrors a similar situation in the US, where competition is also heating up between potential first-time homebuyers. AdvertisementAdvertisementInstead of stressing over down payments and mortgage rates, guppies are comfortable renting for the foreseeable future even though they're making good money, MarketWatch reported.
Persons: Zoopla, They're, Zers, homebuyers, Sheharyar Bokhari Organizations: Service, National Association of Realtors, MarketWatch Locations: British, Wall, Silicon, guppie, California, Sacramento
Global experiments to test a four-day workweek have gotten workers, and their bosses, onboard with the idea. It's worth noting the Morning Consult survey defined a four-day workweek as working four days a week for 10-plus hours a day. There are surprising generational differences at play: 93% of millennials and 88% of Gen Xers lead the way in being interested in a shorter workweek. Baby boomers, meanwhile, show the least amount of interest (72%) in a shorter week. Workers say they most want the benefit to improve their commute, work-life balance and to avoid discomfort working in an office.
Persons: Gen Xers, they'd, Gen Zers, boomers, Ellyn Briggs, Warren Buffett Organizations: Workers, Morning Locations: U.S
The mall as a retail concept is alive and well, with retailers pivoting to fit the demands of a digital age. A shopper carries retail bags while walking through a shopping mall in Columbus, Ohio, U.S., on Friday, Dec. 10, 2021. A socially conscious generation acutely aware of climate change, Gen Z is also more likely to support brands prioritizing sustainability. That in-store experience is so critical.”People stroll through a shopping mall in Foxborough, Massachusetts, on May 18, 2023. “There has been a rise in ‘experience-focused’ tenants in shopping malls that offer experiences like go-karting, trampolining, virtual reality, and arcades,” said ICSC vice president Stephanie​ Cegielski.
Persons: Coresight, , Deborah Weinswig, Brandon Isner, CBRE’s, Kirsten Lee, ” It’s, ” Coresight, Tal Yellin, Isner, Luke Sharrett, Stephen Yalof, Warby Parker, Allbirds, Al Drago, Lee, Gen, Gen Zers, Erin Clark, it’s, Stephanie ​ Cegielski, Covid, Organizations: New, New York CNN — Retail, Coresight Research, Retail Research, Brookfield Properties, , Simon Property Group, Taubman Centers “, Tanger Outlets, CNN, Bloomberg, Getty, Tanger, Washington , D.C, International Council of Shopping Centers, “ Social, Boston Globe Locations: New York, Americas, Brookfield, Nashville , Tennessee, Chelsea , New York, Columbus , Ohio, U.S, Georgetown, Washington ,, , Foxborough , Massachusetts
A new survey shows having "a better quality of life" makes more Gen Zers feel wealthy than financial security. In contrast, 61% of baby boomers said feeling "wealthy" means having financial security, followed by having good health at 33%. That's not to say financial security isn't important to Gen Zers. According to Credit Karma data shared with Insider, the average Gen Z credit card balance is up 45% since March 2022. All this is to say Gen Zers may be looking to invest in vacations with friends to feel wealthy instead of saving up every dollar to feel financially secure.
Persons: Zers, Gen Zers, Gen, , Schwab, That's, Gen Z, Z, they're, Zer Organizations: Service, US Bank, Boomers Locations: Wall, Silicon
Rebhun said that El Pollo Loco's work with influencers "without a doubt" drove customers to the brand. Dickey said that Dickey's work with influencers – in particular those involved with food and sport – was "directly in response to millennial and Gen Z." "Any lingering traditional media that we do," like TV commercials, radio spots, and out-of-home ads, is "all for boomers and Gen X," she added. Execs told Insider it was "leveraging youth culture," including music, sport, influencers, and TikTok, to create an image of a "Gen Z-esque aspirational lifestyle." Wendy's has also been working with sports, gaming, and music companies to lure in Gen Zers, Loredo said.
Persons: Dickey, Rebhun, influencers, Carl Loredo, influencers –, Gen, Wingstop, Execs, Chipotle's Perdue, Zers, influencers Alexis Frost, Keith Lee, Chipotle, Wendy's, Loredo Organizations: El, El Pollo, Twitter Locations: Fortnite
A record-high share of Americans is taking on monthly car payments of $1,000 or more. Car payments exceed housing as the biggest expense for some Gen Zers and millennials. Last year, the median monthly rent payment in the US was roughly $1,000, according to the Federal Reserve. Sherbina said managing his high monthly car bill — in addition to his other living expenses — could be stressful. "Having this high of a car payment is both stressful and has some psychological impacts," he said.
Persons: Zers, Nikita Sherbina, Sherbina, Ivan Drury, Edmunds, Cyrus Partow, Partow, It's Organizations: Service, Federal Reserve, BMW Locations: Wall, Silicon, Edmunds, Texas, Wyoming, Seattle, Los Angeles
While live-in landlords are far from a novel concept, the pandemic-era fever around passive income and real-estate investing has sparked a rise in the popularity of house hacking. While Turner's initial strategy emphasized small multifamily buildings, some house hackers applied the concept to single-family homes. In 2019, he published a book called "The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom." And I think house hacking is one obvious way to eliminate, or at least drastically reduce, what likely is your largest expense." "Yeah, it's called 'house hacking," the owner and roommate, also played by Jarman, who has 4 million followers, replies.
Persons: Kelly Clark, Clark, scoffed, TikTok, Zers, Brandon Turner, Turner, Ryan Lehman, Lehman, Brandon, I'm, Craig Curelop, BiggerPockets who's, Curelop, influencer Addison Jarman, renter, it's, Jarman, Jay Parsons, John Liang, TikToker, Liang, , It's, doesn't, Insider's Daniel Geiger, she'd, James Rodriguez Organizations: Federal Housing Administration, BiggerPockets, Census, YouTube, RealPage Locations: Spokane , Washington, Silicon, millennials, Seattle, Spokane
May told Insider that being open about the challenges you're facing can make you a better leader. Leaders need to "take the wall down" so those under them can say what they need to perform best. Insider recently asked May about her work in HR and meeting the needs of the company's large employee base. But you also need to work for companies with leaders that really understand the challenges. But I think employers need to keep top of mind the needs of their people.
Persons: Holly, she's, they're, They've, , It's, I've, I'm, Roz, Rosalind Brewer, COVID, we've, Steven Senne, We're, We've, Gen Zers, you'll Organizations: Walgreens Boots Alliance, May, Service, Abercrombie & Fitch, Starbucks, Visa, Walgreens, Mental Health, Sundance, WBA Locations: Wall, Silicon, COVID, ESG, Georgia, America
Maybe, but it also means you're entering a level in your relationship where you're at least partially combining finances with your partner. Level 1: Get to know your partner's money habitsYou don't need to ask a prospective partner to furnish their credit report on the first date. But as things are warming up, it's important to begin learning about the other person's financial picture, Meade says. "It can be scary, but there are some things you should probably know." "If you know you have the core covered and you have X amount to spend that month, it can really help."
Persons: Zers, Kendall Meade, it's, you've, Meade, Frank Summers Organizations: Psychology, Cetera Advisors
On social media, though, the biggest issue seems to be the retailer's mirrorless fitting rooms. Aritzia's communal fitting rooms are part of the brand's DNASo why make customers go through this awkwardness? The mirrorless fitting rooms go against a growing trend in retail. Eugene Gologursky/Getty ImagesAritzia's mirrorless fitting rooms go against a growing trend in retail. For Aritzia, mirrorless rooms are part of its DNA.
Persons: Aritzia, Zers, Gen Zers, Becca Bastos, Bastos, commenter, There's, Manini, Madia, Bergdorf Goodman, Eugene Gologursky, we've, Aritzia's Organizations: Service, Columbia Business School, Abercrombie, Fitch Locations: Wall, Silicon, Aritzia
A third of Gen Zers say they feel guilty while on vacation, LinkedIn survey finds. Gen Z feels more guilty than Millennials, Gen X, and boomers about not working on holidays. Millennials and Gen Xers didn't fall far behind Gen Z on the scale of guilt. And only about half of Gen Zers surveyed by LinkedIn said they had planned a vacation this year. Luxury retail client advisor Razonie Napier told Insider that he struggles with turning off his work phone when he's on vacation.
Persons: Gen Zers, Gen Z, Gen X, Z, Gen, boomers, LinkedIn's George Anders, they're, Anders, Xers, Zers, Razonie Napier, Napier, he's Organizations: Service, United, Pew Research Center, LinkedIn Locations: Wall, Silicon, Millennials, United States
Piola666 | E+ | Getty ImagesDespite inflation, Gen Z and millennials are determined to travel this summer, even if it means spending a bit more. watch nowBy opting to buy travel insurance, younger people's plans are more protected, added Droesch. Pandemic leaves travel jitters in wakeMany travel plans were canceled during the Covid-19 pandemic and many disappointed buyers got no refunds, even if they had travel insurance because unforeseen events such as the Covid-19 lockdown weren't covered. Millennials are entering their 40s, and much of Gen Z have graduated college and are starting their careers. While travel insurance sounds like a good idea, travelers should be aware of the different types of travel insurance that exist and be sure of which type they buy.
Persons: Rome, Gen Zers, , Mary Hines Droesch, Z, they're, Hopper, Hayley Berg, Berg, Millennials Organizations: Bank of America, Finance, College Locations: U.S
But for today's youngest workers, one big thing holding them back is guilt. Some 35% of Gen Z workers say they feel guilty not working when they're on vacation, versus the 29% U.S. average across age ranges. That's according to LinkedIn's latest Workforce Confidence Index, based on a survey of 9,461 U.S. professionals this summer. "Gen Z is very conscientious," Anders tells CNBC Make It. They may have different habits, such as dress code preferences or desires of the location where they work, "but from what we're seeing, Gen Z's commitment to delivering good work is as intense as any other generation."
Persons: they're, George Anders, LinkedIn's, Anders Organizations: CNBC Locations: U.S
In June, the median sale price for the typical starter home reached an all-time high of $243,000. The income needed to purchase a typical starter home has increased 13% from 2022, to $64,500. That's because starter homes are disappearing from the market as homeowners with low, locked-in monthly payments refrain from listing their homes for sale, and homebuilders focus on more lucrative projects. It means the few that are making their way to the market are priced way higher than they once were. Here's the state of starter homes right now.
Persons: Gen Zers Organizations: Service Locations: Wall, Silicon
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