While the broader aspirations around education and career development continue to exist, the methodology and expectations are rapidly evolving across generations. Gen-Z – a demographic cohort that is truly digital – is uniquely different in its own ways.
In the following sections, we identify Gen-Z learning goals, their drivers, and their impact on the EdTech industry in 2023 and beyond.
Gen-Z or Generation Z refers to the kids born between 1997 and 2012. At present, they constitute 32% of the world’s population at ~2.56 billion. Their economic and social needs and preferences are vastly different from previous generations, for instance – 25% of Gen-Z value transparency compared to only ~16% of the overall population. Similarly, Gen-Z is more financially aware and saves almost twice the amount of their earnings compared to millennials, who save ~10%.
Gen-Z user behavior further percolates into the way they learn – with 75% preferring to learn from social media compared to 51% of the overall population. The core of Gen-Z lies in manifesting individual identity. Education, therefore, becomes a means not only to generate a stable income but to have the capability to follow passions.?40% of 18–25-year-olds would rather be unemployed than be unhappy in a job compared to 25% of 55–67-year-olds.?
As a part of a study on Gen-Z behavior and preferences, we understood how traditional education is being perceived by this audience:
- College education is costly, with largely dated curriculum
- High opportunity cost – formal education implies higher involvement without guaranteed results
- Lack of modernization and relevance with contemporary, employability skills
- Ease of accessibility of digital careers / gig economy
Gen-Z career preferences further validate their learning aspirations:
- 53% of Gen-Z wish to work in the gig economy?– a higher willingness than any other generation
- 70 % of Gen-Z are keen on monetizing their hobbies?–?Skill development, therefore, takes priority over education as side hustles become more popular
- 51% of Gen-Z envision working in the metaverse in the next 2 years?–?Online learning with its vast repository of courses is preferred to archaic learning material
The current education system is already changing with a moving focus towards skill building, and vocational and technical training highlighted in the NEP, 2020. Moreover, creators contributed more than US$ 1B to India’s GDP in 2021 giving rise to more creator recruitment and management agencies than ever before. With these evolving learning preferences, it is time educators & institutions become more dynamic and embrace challenges with more innovative and relevant solutions.