Purpose Over Money: What HNW Millennials and Gen Z Really Want
Eighty percent of Gen Z wealth builders and millennials report feeling stressed about money. This financial anxiety exists despite 73% of Gen Z owning stocks and millennials having accumulated an estimated average of $29,000 in savings by 2024. The surprising reality? Financial success isn't translating to fulfillment for these generations.
While millennials are now in their late 20s to early 40s and focused on traditional goals like retirement planning and homeownership, both generations are redefining success. In fact, 64% of Gen Z say they prioritize peace of mind and personal time over accumulating wealth. This shift is evident in the workplace too, where 89% of Gen Zs and 92% of millennials consider a sense of purpose integral to their job satisfaction and well-being. Furthermore, nearly half have already left roles they felt lacked meaning, with 44% of Gen Zs and 45% of millennials voting with their feet.
In this article, we'll explore what truly motivates these generations beyond monetary compensation, how their priorities differ from previous generations, and what employers need to understand to attract and retain this purpose-driven talent pool that will soon dominate the workforce.
The shift from wealth accumulation to value alignment
The traditional pathway to success has undergone a remarkable transformation. Around the world, high-net-worth individuals are redefining 'legacy' from wealth preservation to meaningful impact and relationships [1]. This shift is particularly pronounced among younger generations who are challenging long-held assumptions about money and success.
Why purpose is overtaking paychecks
The numbers tell a compelling story: a striking 68% of professionals in Europe want to work for companies that share their values, with this figure climbing to 87% for workers in the US [2]. Additionally, 59% of European professionals state they wouldn't work for a company that doesn't align with their values—and 55% maintain that not even a pay raise would change their minds [2].
For younger generations, this value alignment is even more critical. Nearly 9 in 10 Gen Zers and Millennials report they would leave a job to work somewhere that better matches their values [2]. The conviction runs so deep that 60% consider values a "deal-breaker" when evaluating potential employers [2].
Why this dramatic shift? Today's connected world has created a global awakening. Younger generations have unprecedented access to information about social and environmental challenges, cultivating a collective consciousness and drive to contribute positively through their work. Moreover, expanding research in psychology consistently highlights the importance of meaningful engagement in achieving lasting well-being.
Interestingly, this purpose-driven approach doesn't necessarily mean financial sacrifice. A 2016 study published in the Journal of Research in Personality discovered that individuals with a sense of purpose actually accumulated more wealth than those who felt their lives lacked meaning [3]. The researchers found that purpose-driven people tend to be more goal-oriented, which likely motivates them to develop better financial habits.
How Gen Z and Millennials define success today
For Gen Z especially, success isn't measured by material wealth but rather by a life filled with purpose, impact, and love [4]. Unlike previous generations who valued success from the "outside-in" (status symbols, high-profile careers, money), Gen Z envisions success from the "inside-out" [4].
Their greatest emphasis is on emotional well-being and the strength of relationships with loved ones, viewing financial stability as a prerequisite to achieving both [4]. Only 6% of Gen Z surveyed said reaching a senior leadership position is their primary career goal [5]—a stark contrast to traditional career ambitions.
This redefinition extends to how these generations approach their financial resources. Among younger high-net-worth individuals (HNWIs), 85% who own businesses say it's important their companies make a positive charitable impact on their communities [1]. Moreover, 49% of younger HNWIs in the US plan to distribute their wealth through giving or spending mostly while they're still alive—more than twice the proportion of older HNWIs who say the same [1].
Instead of accumulating possessions, Millennials and Gen Z value experiences, personal growth, and meaningful relationships over ownership of large homes or luxury cars [5]. Their objective is financial freedom rather than financial abundance—earning enough to live comfortably, save for the future, and maintain the flexibility to enjoy life without constant pressure to acquire more.
This generational shift represents a fundamental reordering of priorities that's reshaping everything from workplace dynamics to investment strategies. As CEO Abigail Noble of ImPact explains, "Going forward, what we're going to see when we talk about legacy planning and wealth preservation is the family's values, their engagement in markets, and how they're playing a broader and more influential role in making sure that social and environmental problems facing the world are being addressed" [1].
The trifecta: Money, meaning, and well-being
Beyond the pursuit of profit and purpose lies a more nuanced reality for young professionals today: they seek a harmonious balance of financial security, meaningful work, and personal well-being. Deloitte's research reveals that for Gen Z and millennials, these three elements form an interconnected trifecta that defines career satisfaction and life fulfillment [6].
1. Financial security as a foundation
Financial stability remains the bedrock upon which other aspirations are built. The correlation between financial security and happiness is striking—60% of financially secure Gen Zs and 68% of financially secure millennials report feeling happy with their lives, compared to just 28% and 31% respectively of those feeling financially insecure [6].
Nevertheless, achieving this foundation proves increasingly challenging. Nearly half of both generations (48% of Gen Zs and 46% of millennials) report not feeling financially secure in 2025—a significant increase from approximately 30% in 2024 [6]. Furthermore, more than half live paycheck to paycheck, with over one-third struggling to pay monthly expenses [6].
This financial anxiety creates a ripple effect throughout their lives. More than 80% cite their long-term financial future and day-to-day finances as major contributors to feelings of stress [6]. Consequently, financial concerns become barriers to both personal and professional growth, limiting their ability to pursue purpose-driven opportunities.
2. Purpose as a driver of engagement
Once financial security is established, purpose becomes a powerful motivator. A remarkable 89% of Gen Zs and 92% of millennials consider a sense of purpose very or somewhat important for job satisfaction and well-being [6].
This desire for meaning translates directly into workplace decisions. Approximately 44% of Gen Zs and 45% of millennials have left roles they felt lacked purpose, whereas 40% have rejected assignments, projects, or potential employers based on personal ethics or beliefs [6].
Purpose also serves as an "engagement driver" that benefits both individuals and organizations. As research indicates, employees connecting deeply with their company's mission tend to be happier, healthier, and more productive, simultaneously contributing to stronger financial performance for their employers [7].
3. Mental health and work-life balance
The third critical component is well-being—particularly mental health and work-life equilibrium. Currently, fewer than six in ten young professionals rate their mental well-being positively (52% of Gen Zs and 58% of millennials) [6]. Additionally, 40% of Gen Zs and 34% of millennials report feeling stressed or anxious most of the time [6].
Work-related factors like long hours and lack of recognition significantly contribute to this stress [6]. According to Microsoft research, young professionals are changing employers because of mental health concerns (24%), lack of work-life balance (24%), and insufficient flexibility in work arrangements (21%) [8].
Interestingly, mental well-being and purpose are closely intertwined. Among those reporting positive mental well-being, 67% of Gen Zs and 72% of millennials feel their job allows them to make meaningful societal contributions—far exceeding the 44% of Gen Zs and 46% of millennials with poor mental well-being who feel the same [3].
Although both generations value purposeful work, many are also realizing that purpose doesn't have to come exclusively from their careers. Some prioritize higher salaries and better work-life balance to gain the resources and time needed to pursue meaningful activities outside of work [6].
What HNW Millennials and Gen Z expect from employers
High-net-worth millennials and Gen Z are reshaping workplace expectations with priorities that extend far beyond compensation packages. As these generations accumulate wealth, they're increasingly selective about where and how they invest their time and talents.
Flexible work and autonomy
Freedom to control when and where work happens ranks as the top priority across generations. Surprisingly, millennials value workplace flexibility even more than their younger counterparts—53% of millennials prioritize flexible arrangements compared to 48% of Gen Z [9]. This preference isn't merely about convenience; it reflects a fundamental shift in how these generations view productivity and well-being.
Unlike their predecessors who might have endured rigid structures to climb corporate ladders, only 6% of Gen Z report that reaching a leadership position is their primary career goal [3]. Instead, they seek environments that respect their autonomy and support work-life integration. This desire runs so deep that 77% of Gen Z currently in remote or hybrid roles would immediately begin job hunting if called back to full-time office work [10].
Opportunities for continuous learning
Professional development consistently appears among the top three reasons millennials and Gen Z choose an employer [3]. Among all age groups, Gen Z demonstrates the strongest appetite for learning opportunities [11], viewing continuous skill development as essential for long-term career resilience.
Their approach to learning differs from previous generations—they prefer:
• Specific skills they can immediately add to their professional toolkit
• Short, focused training programs with recognized credentials
• Regular feedback confirming their growth and impact [4]
The stakes for employers are substantial; approximately 79% of Gen Z professionals would leave a job if upskilling opportunities weren't provided [12]. For these generations, development isn't optional—it's a survival strategy in a rapidly evolving workplace.
Ethical leadership and social impact
Perhaps most notably, these generations expect their work to reflect their values. Their commitment to ethical alignment is evidenced by action: 44% of Gen Z and 37% of millennials have rejected assignments based on ethical concerns [5], while 39% of Gen Z and 34% of millennials have declined job offers from companies misaligned with their values [5].
This principle-driven approach extends to compensation decisions as well. Given the choice, 44% of Gen Z workers would accept lower pay to work for an organization making meaningful impact [13]. The business implications are clear—without authentic commitment to social responsibility, companies will struggle to attract and retain top young talent. Indeed, 94% believe companies should actively address critical social issues [14].
Throughout these expectations runs a common thread: younger HNW professionals seek workplaces that honor their whole selves, not just their productive capacity. Organizations that recognize and respond to these evolving expectations will gain significant advantage in the competition for tomorrow's leadership talent.
How financial behavior reflects generational values
Image Source: Influencer Marketing Hub
Financial behaviors often serve as windows into generational values. The money management approaches of Gen Z and Millennials reveal much about their priorities and worldviews that extend beyond mere transactions.
Gen Z money habits vs Millennials' strategies
The spending patterns between these generations highlight fundamental differences in financial mindsets. First Merchants Bank reports that 43% of Gen Z overspend weekly [1], with 34% exceeding budgets on takeout [1] and 15% on streaming services [1]. Yet, this generation demonstrates remarkable innovation in saving techniques—embracing social media trends like the "100 Envelope Challenge" and "loud budgeting" on TikTok to make financial discipline more engaging.
In contrast, Millennials display more measured approaches. Though 31% still overspend on takeaway meals [1], they generally exhibit more disciplined investment behaviors, favoring retirement accounts and low-cost index funds. Approximately 44% engage in side hustles [1] to boost savings, reflecting their resourcefulness amid economic challenges they've faced since entering the workforce during the 2008 financial crisis.
The rise of conscious spending and investing
Both generations increasingly view financial decisions through values-driven lenses. About 62% of Gen Z prefer buying from sustainable brands [2] and are willing to pay premiums for eco-friendly products. This ethical consciousness extends to investments, with an astonishing 95% of Gen Zers interested in sustainable investing [2].
Financial management itself has evolved into a component of holistic wellness. Roughly 58% of 18-35 year-olds integrate money management into their overall wellness routines [15], with 55% believing their physical and mental health directly connect to their financial wellness [15].
Why traditional wealth signals are losing appeal
Formerly coveted status symbols like luxury cars and large homes hold diminishing appeal for these generations. Many Millennials are choosing to rent rather than buy [16], prioritizing flexibility over traditional ownership. Meanwhile, younger generations view financial success not as an end itself but as a foundation enabling emotional well-being and meaningful experiences.
Throughout both generations runs a common thread: financial decisions increasingly reflect personal values rather than societal expectations. Financial behaviors have become expressions of identity, purpose, and conscientious living.
Designing experiences for purpose-driven generations
Creating successful workplace experiences for purpose-driven generations requires a fundamental shift in how organizations think about talent. As employers compete for Gen Z and millennial talent, traditional approaches fall short of meeting their complex expectations.
Personalized benefits and rewards
Traditional one-size-fits-all benefits packages miss the mark for younger generations—only 59% of employees believe their employer benefits meet their needs [17]. Smart personalization has emerged as the solution, giving employees freedom to select benefits that align with their individual circumstances. For instance, Gen Z highly values targeted mental health support, with 70% finding value in virtual mental health appointments and 72% appreciating mental health apps [18].
Creating space for impact-driven work
Purpose-embedded workplaces foster loyalty among younger professionals. Approximately 89% of Gen Zs and 92% of millennials consider purpose integral to job satisfaction [3]. Yet purpose manifests differently across individuals—some seek societal impact through their daily work, others want to earn resources that enable change-making outside work hours [3].
Effective leaders recognize this diversity by embedding purpose into organizational DNA. This means creating authentic stories about organizational impact, recognizing employees who embody values, and maintaining transparent decision-making processes [19].
Supporting long-term well-being and growth
Learning and development consistently ranks among top three reasons younger generations choose employers [3]. However, their expectations extend beyond traditional training. They seek managers who provide guidance, inspiration, and mentorship—not just oversight [3].
Forward-thinking organizations are creating holistic wellness offerings tailored to generational preferences. Gen Z particularly values cognitive health, mindfulness, mental health, and longevity programs [20]. These initiatives aren't merely perks but essential investments, as 67% of Gen Zs with positive mental well-being report their jobs feel meaningful, compared to just 44% of those with poor mental health [3].
Conclusion
The data points consistently toward a fundamental reality: younger generations view success through a lens dramatically different from their predecessors. Purpose and meaning now stand as powerful drivers of career decisions, often outweighing traditional motivators like compensation and status. This shift represents more than passing youthful idealism—it signals a profound reevaluation of what constitutes a life well-lived.
Financial security still matters significantly to Gen Z and Millennials. However, they see it as a foundation rather than a destination. Money provides the stability needed to pursue meaningful work and maintain personal well-being, completing the trifecta these generations seek for fulfillment.
Organizations failing to adapt to these changing expectations face mounting challenges in attracting and retaining top talent. Those who thrive will recognize that young professionals bring not just skills but deeply held values to their work. Flexibility, continuous learning opportunities, and authentic commitment to social impact must become standard offerings rather than exceptional perks.
Certainly, individual preferences vary widely across both generations. Some prioritize workplace flexibility while others focus on development opportunities or social impact. Smart employers will embrace personalization in their approach, understanding that cookie-cutter solutions fall flat with these diverse cohorts.
Beyond workplace implications, this values shift extends into broader financial behaviors. Conscious spending, ethical investing, and rejection of traditional status symbols all reflect deeper changes in how younger generations define success and happiness.
Millennials and Gen Z will soon dominate global workforces and wealth. Their purpose-driven approach challenges outdated systems but also creates unprecedented opportunities. Companies willing to reimagine workplace experiences around meaning, impact, and well-being stand poised to benefit from the passion and commitment these generations bring when truly engaged.
The message comes through clearly—financial success without purpose rings hollow for today's young professionals. Though they face unique economic challenges, they remain steadfast in their conviction that work should contribute to personal fulfillment and societal good. The future belongs to organizations that understand and embrace this new reality.
Key Takeaways
High-net-worth Millennials and Gen Z are fundamentally redefining success, prioritizing purpose and well-being alongside financial security in ways that challenge traditional workplace and investment approaches.
• Purpose drives career decisions more than paychecks - 89% of Gen Z and 92% of Millennials consider meaningful work essential, with nearly half leaving jobs that lack purpose
• Financial security enables purpose, not replaces it - While 80% feel money stress, these generations view wealth as a foundation for meaningful impact rather than an end goal
• The "trifecta" of money, meaning, and well-being defines success - Young professionals seek financial stability, purposeful work, and mental health balance as interconnected requirements
• Workplace flexibility and values alignment are non-negotiable - 77% of Gen Z would job hunt if forced back to full-time office work, and 60% consider company values a "deal-breaker"
• Conscious spending reflects deeper values - 95% of Gen Z shows interest in sustainable investing, while traditional wealth symbols like luxury cars lose appeal in favor of experiences and impact
Organizations that embrace personalized benefits, authentic social impact, and holistic well-being support will capture the loyalty of these purpose-driven generations who will soon dominate the global workforce.
FAQs
How do Gen Z and Millennials define success differently from previous generations?
Gen Z and Millennials prioritize purpose, meaningful work, and personal well-being over traditional markers of success like wealth accumulation and status symbols. They seek a balance between financial security, impactful work, and quality of life.
What role does financial security play for younger generations?
While financial stability remains important, Gen Z and Millennials view it as a foundation for pursuing purposeful work and maintaining well-being, rather than as an end goal. They seek enough financial security to live comfortably and have the flexibility to enjoy life.
How are workplace expectations changing for younger professionals?
Younger professionals prioritize flexible work arrangements, continuous learning opportunities, and alignment with their personal values. They expect employers to offer personalized benefits, support their well-being, and demonstrate authentic commitment to social and environmental issues.
Are Gen Z and Millennials less focused on saving money?
While spending habits differ, both generations show interest in conscious spending and investing aligned with their values. Gen Z, in particular, demonstrates innovative saving techniques, often utilizing social media trends to make financial discipline more engaging.
How can employers attract and retain Gen Z and Millennial talent?
Employers can appeal to younger generations by offering flexible work arrangements, providing continuous learning opportunities, and demonstrating authentic commitment to social impact. Creating a workplace culture that values purpose, well-being, and personal growth is crucial for attracting and retaining this talent pool.
References
[1] - https://www.firstmerchants.com/resources/learn/blogs/blog-detail/resource-library/2024/12/23/generational-spending-habits--how-gen-x--z-and-millennials-compare
[2] - https://www.tomrenwealth.com/resources/gen-z-money-establishing-a-new-generation-of-financial-habits
[3] - https://www.deloitte.com/global/en/issues/work/genz-millennial-survey.html
[4] - https://masisstaffing.com/bridging-the-generation-gap-what-gen-z-and-millennials-want-in-the-workplace/
[5] - https://www.deloitte.com/us/en/insights/topics/talent/recruiting-gen-z-and-millennials.html
[6] - https://www.deloitte.com/us/en/insights/topics/talent/2025-gen-z-millennial-survey.html
[7] - https://employeeengagement.com/purpose-employee-engagement-driver/
[8] - https://provost.uiowa.edu/sites/provost.uiowa.edu/files/2022-09/Work-Life Balance Is Changing for the Youngest Group of Workers.pdf
[9] - https://fortune.com/2025/05/23/these-are-the-benefits-that-employees-actually-want-and-the-number-one-spot-is-the-same-for-every-generation/
[10] - https://www.deskpass.com/resources/guides/what-gen-z-wants-from-flexible-work-policies
[11] - https://www.shrm.org/membership/students/importance-of-continuous-learning-development
[12] - https://www.ccslearningacademy.com/gen-z-millennials-demand-professional-development/
[13] - https://www.workplaceethicsadvice.com/2025/08/millennials-and-gen-z-influenced-by-ethics-and-sustainability-in-job-decisions.html
[14] - https://www.niagarainstitute.com/blog/how-gen-z-is-reshaping-leadership-expectations-in-the-workplace
[15] - https://www.intuit.com/blog/innovative-thinking/beyond-the-budget/
[16] - https://www.kiplinger.com/personal-finance/money-habits-millennials-have-dropped
[17] - https://www.mercer.com/insights/total-rewards/employee-wellbeing/smart-personalization-providing-employee-benefits-for-every-generation/
[18] - https://worldatwork.org/publications/workspan-daily/how-to-get-gen-z-on-board-with-employee-benefits
[19] - https://www.hollinden.com/point-of-view/how-purpose-driven-cultures-attract-gen-z-millennial-talent
[20] -https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/future-of-wellness-trends