Even billionaires are worried their Gen Z kids can’t keep a job—and their wealth advisors say the fear is ‘very real’

Even billionaires in America are becoming increasingly concerned about their Gen Z children's prospects in a tight job market, according to wealth advisors. The slowdown in hiring for entry-level positions and the increasing role of AI in replacing jobs have left many Gen Zers struggling to secure and maintain employment in traditional sectors like technology, law, and healthcare.

Wealth manager Patrick Dwyer explains that ultra-high net worth families are rethinking the best ways to support their children, focusing on retraining and the development of meaningful careers rather than simply providing financial assistance.

This anxiety is not unfounded, as wealth advisors like Tom Thiegs from Ascent Private Capital Management recognize it as a genuine concern for ultra-affluent families. Thiegs notes that even though billionaires may have vast financial resources, their primary worry is the impact of the job market on their children's sense of purpose, identity, and confidence. The fear is that a lack of employment could diminish their children's drive and ambition, which in turn could affect their overall well-being and success.

Rather than providing an endless financial safety net, advisors recommend creating opportunities for growth and development to instill self-worth in their children. Certified financial planner Trent Von Ahsen of Cedar Point Capital Partners adds that parents are more concerned about enabling their children to become overly dependent on them rather than providing inadequate support. The solution lies in implementing financial plans that encourage independence and self-reliance while still providing necessary resources.

Gen Z is adapting to these challenges by exploring alternative career paths. Many are moving away from traditional white-collar jobs and into fields such as creator careers, blue-collar work, and even high-paying roles in households like nannies and tutors. A recent survey found that only 6% of Gen Z respondents aim for corporate leadership roles, with most prioritizing work-life balance, personal fulfillment, and lifelong learning.

In response, ultra-high net worth families are adjusting their wealth management strategies to support their children's ambitions and growth. This includes flexible education funding, mentorship opportunities, and phased wealth transfers designed to empower their kids without stifling their initiative. The shift reflects a broader realization that financial success is not the sole measure of a fulfilling life, and that providing opportunities for their children to thrive is a more effective way to secure their future.