Gen Z Purchasing Power and Surging Prices for EV Carmakers: TOP 5 Trends From The World Of Work

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We’ve got a full breakdown of all the top headlines you can’t miss this week.

#1. Gen Z has 86% less purchasing power than baby boomers did in their 20s

Millennials and Gen Z aren’t broke because they keep buying avocado toast.

They’re broke because prices keep rising at record paces…and wages have not kept up.

That’s according to a new study by Consumer Affairs, which found that real wages are going down, housing costs are going up, and college costs are going way up. Gen Z, for example, is paying almost 100% more for homes. The average price of tuition at a public university in the US has increased 310%.

And wages? Well, Americans have seen wages go up by 80% since the 1970s. Unfortunately, the Consumer Price Index has increased by more than 500%. That’s a big disconnect between wages and the real cost of products. Read more here.

Some sectors are stigmatized that they’re known as “sin industries.” Think: booze, gambling, tobacco, and even fossil-fuel firms, to name a few. When everyone questions their purpose, why would employees want to work for vilified industries?

For some workers, it comes down to pay. Sometimes, workers in sin industries demand more money to compensate them for the stigma of working there. In other situations, workers in vilified industries are often in a position to do valuable things. Another explanation? A classic free-market narrative, which dictates that companies having the license of society to operate is enough to justify their existence. Read more at the Economist.

Car manufacturers in the US and Europe are struggling to source materials to power electric cars thanks to soaring prices and supply issues. In April, for example, the price of lithium carbonate reached record levels; the price remains eight times what it cost at the start of 2021. Western car manufacturers have to compete with China, too, which had a monopoly on the market. At the moment, 85 – 90% of materials that go into batteries come from China. Read more here.

Private jets, mega mansions, and plenty of dough…and yet the day-to-day lives on billionaires look a lot more typical than many would expect. According to a recent survey by Forbes, many billionaires still choose to do at least some household chores and other domestic tasks themselves. For example, more than a third said they regularly go grocery shopping and take out the garbage. 40% said they cook and walk their dogs. Read more at Forbes.

It’s official: Apple CEO Tim Cook sent a memo to staff this week saying staff must return to the office three days a week starting in September. The hybrid work schedule will dictate employees must return on Tuesdays and Thursday, plus one additional day to be decided by managers. The reasoning? In-person collaboration that is so essential to the company’s culture. Read more here.