BOCCONI UNIVERSITY'S STUDENT NEWSPAPER - BIMONTHLY PUBLICATION YEAR 24 ISSUE 94, MARCH 2021 INITIATIVE FINANCED BY UNIVERSITÀ BOCCONI
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BOCCONI UNIVERSITY'S STUDENT NEWSPAPER
BIMONTHLY PUBLICATION · YEAR 24 · ISSUE 94, MARCH 2021 ·
INITIATIVE FINANCED BY UNIVERSITÀ BOCCONI
BUSINESS
n. 94 E D I TO R I A L
CONTENTS Entrepreneurial spirit in Gen Z
2 Editorial
Francesca Sofia Cocco
3 Entrepreneurial spirit in Gen Z francesca.cocco@studbocconi.it
4 La Generazione Z attraverso gli occhi
I know… This year has been tough for developments from our unique stand-
degli altri
everyone. But this issue will be entirely point as Bocconi students. Cansu Süt
6 Raised through screens dedicated to us, Generation Z, and here We are eager to know what happens cansu.sut@studbocconi.it
is why. in the world surrounding us: this genu-
N
On the 22nd of February 2020 - which ine curiosity is what drove, for instance,
8 Covid-19 and Generation Z’s: a defining
moment seems by now an entirety ago – we Boc- Emma and Katya, two BIG students, to olan Bushnell tells it all in one cus of control. She concluded that Gen- locus of control, etc. may be increas-
coniani were subtracted our habits, our depart from their field and discover how sentence: “The true entrepre- eration Z (individuals born after 1995) has ing or improving or being consolidated
10 Disugualianze generazionali
normality. Suddenly, the freedom we had Gen Z interacts with investments and neur is a doer, not a dreamer.” lower entrepreneurial potential compared with age and seniority, independent of
achieved with such an effort had vanished. marketing. Deriving from the French verb entre- to Baby Boomers (born 1945-1965) and generations. A similar study using panel
12 Interview with leading climate activist One year ago, on the 8th of March, all of However, we do not only want to be prendre (to undertake), an entrepreneur is Generations X (1966-1979) and Y (1980- data, which is data collected from the
Kehkashan Basu Italy was put under lockdown. Then, after informed; we also want to participate in a person who starts, manages, and bears 1995), as the mean scores of Generation same individuals over a period of time,
14 A day without independent media a summer in which we thought we could the events and have an impact on them. the risks of a business. We know that this Z were lower than those of other genera- would demonstrate generational effects
finally come back to pre-coronavirus times, I could not help but notice this – which is word has been in use in English since at tions for all factors considered. on entrepreneurship freed from age and
we experienced an even worse feeling. among Gen Zers’ unique traits, discussed least the mid-18th century to refer to a The results of this study should be in- seniority effects, yet such data would
16 The rise of Micro Investing
Our lives in these months have been by Anna and Cansu in the next pages – kind of businessman. By the early 20th terpreted with caution because the re- have to be collected over 30-40 years for
hanging by a thread. In September/Oc- while poking around our website to dis- century, however, “entrepreneur” had spondents were chosen by convenience meaningful results, which would be quite
18 Fast and unlimited tober we were back in Milan, seeing our cover and learn more about our past as a gone beyond its original sense and be- sampling, in which individuals are arbitrarily costly in terms of both time and effort.
friends after months and months of FaceT- newspaper, as soon as I became Editorial come connotative of innovation, farsight- sampled by researchers, usually in terms Given the problems with the study dis-
20 Italiani e cultura finanziaria iming. Then, lockdown came, again. Director at the start of this semester. edness, and progressiveness. In the 21st of ease of reach. While it is a cost-effective cussed and the lack of research on the
As I write this Editorial, one of our Each of our writers has a special view century, a period marked by technologi- method of sampling that increases ease entrepreneurial tendencies of Generation
team members is stuck, quarantining in of the world and a unique passion driving cal progress and creative destruction at of research, convenience sampling may Z, there seems to be no strong reason to
21 A new page in the book of
a Bocconi student residence, and Lom- them. Each of us has our interests, be it an unprecedented speed, these qualities yield a sample which does not represent believe that Generation Z is less inclined
marketing
bardy is supposed to revert to Orange history like Fabio or finance like Sergiu, are more crucial than ever for societies to the population accurately, unlike random to entrepreneurship. On the contrary,
22 Better finance, a better world Zone again after a few weeks of Yellow. sustainability like Mathilde or politics like keep up with the pace of change, hence sampling where each individual in the rele- there are several reasons to believe in the
Another victory – going to restaurants Gabriele, or even music like Bojan. ensuring sustainable economic growth vant population has an equal and nonzero opposite. First of all, when we look at the
24 Black Lives Matter around the world and freely moving around the city- may Each of us has our dream to pursue. and a high quality of life. chance of being selected for the sample. A US, we see that the number of business
disappear again. Bringing sustainable education to mar- A relevant question is whether the new replication of the study at hand using ran- establishments less than 1 year old has
I will say it once for all: we Gen Zers ginalized communities is the one of the generation is sufficiently innovative, far- dom sampling methods would generate been on the rise since 2010. This means
26 Gen Z: the fragile generation?
are suffering this virtual reality, and the 20-year-old climate activist Kehkashan sighted, and progressive to make use of more robust and plausible results. that Generation Z has many examples in
constant stress and fear of having the lit- Basu, whom Daniela had the chance to opportunities and turn ideas into produc- Another issue with the presented re- front of them to learn and draw inspiration
27 Il tempo degli eroi tle things we care about subtracted from interview. Preserving the freedom to ex- tion and thus, prosperity. Unfortunately, sult is that there might be a relation be- from when it comes to entrepreneurship.
our lives, at any moment. You will get the press our thoughts with independent me- there seems to be very little research on tween the factors deemed essential for Moreover, the COVID-19 crisis has made
chance to read more about this in the ar- dia is the fight occurring today in Poland. how “entrepreneurial” Generation Z is. In entrepreneurship and age or profession- the inadequacies in many sectors evident.
ticles by Filippo and Marco. Julia, together with Paolo, interviewed 2017, a study by Şebnem Ensari on the al experience. This is a cross-sectional As the economic turmoil dissolves, the
Luckily, we can count on the power of her compatriot Agata, the president of differences among generations regarding study, which means it makes use of data dynamic and enthusiastic Generation Z
words - written words. We can make our the Bocconi Polish Student Society, to entrepreneurial potential was published collected at a specific point in time. When will have the opportunity to create solu-
feelings flow through them as Linda does discuss the consequences of this back- in the Research Journal of Business and this study was conducted, the majority of tions to the problems they have identified
in the poem closing this issue. lash in democracy. From one side to the Management. Ensari surveyed 532 indi- Generation Z were students, Generation through fresh enterprises. According to a
If I look back at the past year, I proudly world to the other, however, we all fight viduals who answered a questionnaire Y were in their mid-career stage, Gen- recent study by Nielsen, 54% of Genera-
admire the rise of our newspaper. Our for the protection of human rights, as measuring entrepreneurial potential. The eration X were in their mid-career and tion Z already would like to start their own
creativity flourished, more than ever, while Eman tells us in her article. factors supposedly affecting entrepre- late-career stages, and Baby Boomers company. Hence, all older generations
stuck at home. We had some important So, this is how the idea for this issue neurial potential were extroversion and were either in the declining stage of their need to do is to encourage and guide
achievements: a new editorial strategy, was born. Let’s celebrate us Gen Zers healthy communication skills, self-confi- career or in the late-career stage or re- Generation Z in their quest for innovation,
a more international and cohesive team, and our incredible self-motivation to dence, need for success, desire for inde- tired. It is possible that qualities such as as we are already quite thirsty for creation
but, most importantly, we covered many change the world. pendence, risk-taking tendency, and lo- self-confidence, communication skills, and exploration!
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OPINIONE
La Generazione Z
attraverso gli occhi
degli altri Anna Druda
anna.druda@studbocconi.it
L
a Gen. Z non ha bisogno di presen- Capita di frequente di imbattersi in esempio che ci consenta anche di espri- tenzialità del web, ma accompagniamo alla maggioranza di noi, risulta comun- sarebbe la prima per cui la distinzione tra
tazioni: siamo noi, i nati tra il 1995 e articoli che tentano analisi della nostra mere il nostro punto di vista. la curiosità ad uno spirito critico, allenato que una critica troppo generica, simile al online e offline, tra vita reale e vita virtuale
un momento non precisato dei pri- generazione e paragoni tra questa e le Uno tra tutti attiene al nostro essere proprio dall’abbondanza e varietà di sti- discorso attribuito a Socrate. Impegno, ha perso di senso e, ancora, la prima a
mi anni Duemila, alcuni dicono 2005, altri precedenti: è un esercizio particolar- “nativi digitali”: i “bambini Z avevano i moli che riceviamo – pregio che alcuni concentrazione, educazione, cultura… vivere costantemente online.” Tralascian-
2010 o addirittura 2012. mente interessante prendere contezza di puzzle sul cellulare di papà ed emetteva- riconoscono come distintivo della nostra Non sono concetti relativi né sono relati- do i neologismi che aprono e chiudono la
Secondo la scienza, una generazione come la società, nella sua componente no i primi suoni davanti allo smartphone, generazione – e che ci trattiene dal consi- vizzabili oltre un certo limite. frase, affermazioni come questa rischia-
rappresenta l’arco di tempo necessario a non-Gen. Z, veda e definisca quelle che a in chiamata con la nonna.” derare “maestri” coloro che creano con- Ancora, una rubrica che suggerisce no di alimentare l’idea di un gap genera-
che degli esseri viventi ne producano altri suo parere sono le nostre caratteristiche La maggioranza di noi è perfettamente tenuti multimediali. metodi “per attrarre la Generazione Z” zionale enorme e incolmabile in chi legge,
della stessa specie: per il genere umano principali e distintive. a suo agio con questo tipo di tecnologia, In altre parole, una delle maggiori mi- avverte: “Non contare sulla loro lealtà. La legittimato ad immaginarsi una gioventù
si aggira intorno ai venti o trent’anni. “La nostra gioventù ama il lusso, è ma- è vero. Tuttavia, quando eravamo bam- sconception che caratterizza la visione dei Generazione Z sembra essere un gruppo che invece di servirsi e sfruttare le poten-
In sociologia, si definisce “generazio- leducata, se ne infischia dell’autorità e non bini, un cellulare conteneva al massimo più adulti verso di noi è proprio questa: pur di consumatori opportunisti, molto più di zialità della tecnologia, ne è assuefatta e
ne” un insieme di persone che è vissuto ha nessun rispetto per gli anziani. I ragazzi un paio di giochi, rigorosamente in bian- rivolgendoci molto ad internet, ne cono- chi li ha preceduti. Sempre più alla ricerca dipendente, alienata dalla realtà.
nello stesso periodo ed è stato esposto di oggi sono tiranni. Non si alzano in pie- co e nero e, ad essere onesti, abbastan- sciamo i limiti, non abbiamo reverenzialità dell’occasione o dell’esperienza migliore, Ad onor del vero, ci vengono ricono-
agli eventi che l'hanno caratterizzato: di quando entra un anziano, rispondono za ripetitivi. Non dimentichiamo poi che nei confronti dei contenuti che incontriamo non amano essere vincolati e desiderano sciuti anche pregi notevoli: attenzione
essa raggruppa gli individui segnati dagli male ai genitori…” si tratta di un pensiero convincere un genitore a lasciar giocare sul web, li mettiamo in dubbio, li confron- controllo e personalizzazione. Riuscire a all’ambiente, altruismo, spirito impren-
stessi accadimenti, dal fatto di condivide- attribuito a Socrate, il filosofo greco vissu- non era cosa scontata, dal momento che tiamo, per prassi. Ciò accade proprio per ottenere la loro lealtà sarà una vera sfi- ditoriale, indipendenza e una forte con-
re un sistema valoriale e una prospettiva to quattro secoli prima di Cristo. lo strumento era una novità anche per il massiccio utilizzo che ne facciamo. Sap- da per i brand.” Se il consumatore che sapevolezza relativa all’importanza del
sul futuro. Alla luce di ciò una generazio- Si coglie qui come l’atteggiamento loro e ritenuto assai delicato. Ritorna alla piamo come muoverci: in questo senso cerca l’occasione o l’esperienza migliore benessere fisico e mentale, obiettivi equi-
ne è nettamente definibile solo a poste- critico e poco comprensivo nei confronti mente il pensiero di Hume: forse, tra i nati siamo effettivamente nativi digitali. è opportunista, auguriamoci di esserlo librati e attenzione alle relazioni interper-
riori, quando la sua influenza sulla storia dei giovani sia quasi connaturato all’uo- nellaseconda metà degli anni Novanta e In sintesi, il mero fatto di aver “letto su tutti, in tal senso: chi mai continuerebbe sonali.
e nella società è terminata ed è dunque mo divenuto adulto. Che sia a ragione chi ha dieci anni di meno sono intercorsi internet” una qualsiasi affermazione non ad acquistare i prodotti che ha sempre Abbracciando la prospettiva che vede
valutabile nel suo insieme. o a torto è difficile dirlo… Come spesso un paio di battiti di ciglia, dunque meglio le da, ai nostri occhi, un’autorità partico- scelto, sapendo che potrebbe trovarne di definibile una generazione soltanto a po-
Per Hume, uno dei maggiori empiristi accade, è probabile che la verità stia nel non generalizzare. lare: è da verificare, da capire, come lo è migliori, di meno costosi o di più adatti steriori, ci auguriamo di confermare le
britannici del diciottesimo secolo, basta un mezzo. Segue questa linea la percezione stere- una voce di corridoio. alle proprie esigenze? Che si tratti di spi- peculiarità positive che fin d’ora ci ven-
battito di ciglia a determinare il passaggio Tutto considerato, la descrizione com- otipata che ci vede “ricorrere a Internet per Saremmo poi, secondo alcuni, solo ap- rito critico, di capacità di fare ricerche o di gono attribuite, ove possibile superando
da una generazione alla successiva. Com- plessiva che viene fatta della nostra ge- tutto, e lì imbibirsi di tutorial. Gli youtuber parentemente multitasking, con una soglia non accontentarsi, di sicuro tale atteggia- le aspettative. Speriamo poi, soprattutto,
plice la velocità a cui si aggiorna la tecno- nerazione è soddisfacente: ci vengono sono i loro maestri, sono autentici guru, dell’attenzione in realtà molto bassa. mento spingerà i brand che vogliono fide- di essere capaci di dimostrare che gli ste-
logia e – con essa – il modo di vivere della attribuite peculiarità lusinghiere e qualche che esercitano un’autorità sul loro pubbli- Risulta difficile valutare un’affermazio- lizzare la Gen. Z ad evolversi, migliorarsi reotipi, tra cui quelli che abbiamo visto,
società, oggi le parole di Hume sono più stereotipo, che deriva per lo più da una co e ne caratterizzano lo stile di vita.” ne che attiene alle caratteristiche perso- sempre e superarsi, la qual cosa pare non ci definiscono e non ci appartengo-
attuali che mai ed è questa l’ottica da cui visione delle cose semplicistica, più che Ancora, la realtà non è proprio questa: nali dei singoli, al di là del loro anno di tutt’altro che negativa. no: ecco non soltanto un auspicio, ma un
partire: l’evoluzione è rapida e continua. semplice. Ho raccolto per voi qualche di certo siamo consci delle enormi po- nascita. Sforzandoci di far riferimento Dulcis in fundo… “la iGeneration, cioè, obiettivo a cui lavorare con costanza.
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HISTORY
Raised through screens
Generation Z’s upbringing and the rise of tech Fabio Di Fabbrizio
fabio.difabbrizio@studbocconi.it
T
his November The general consen- witnessed the September 11th, 2001 year, ISIL brought major swathes of the to discuss said incidents on social media, connected protestors against unfair gov- generation can quickly switch between
sus on the starting year for Genera- attacks and the subsequent War on Ter- Middle East into its control, before losing Gen Zers tend to be more accepting and ernment treatment. replying to emails, Instagram, news sites,
tion Z is 1997, meaning that its old- ror, which still rages on today. YouTube it all by 2018. In 2016, following and then open-minded than previous generations. In realms outside of politics and eco- calling aunts, ordering dinner, and texting
est members are now becoming of age in launched in 2005, debuting one of the influencing a rising wave of right-wing They are more open about sexuality, gen- nomics, there were plenty of social and friends within the span of an hour.
one of the most tumultuous times faced most frequently used video sharing plat- nationalist political movements, Donald der identity, and confronting social issues cultural phenomena that bonded Gen However, this constant processing
by any generation. The so-called “Digital forms today. Facebook became open to Trump was elected to the US presidency. like racism, sexism, and climate change. Zers around the world. Vine, which of information has also led to increased
Natives” saw their childhood shaped and the public in 2006, and added the infa- These are but a few of the events that Great Thunberg, born in 2003, exemplifies opened in 2013 and shut down in 2017, anxiety and depression. Posts of “au-
influenced by technological innovations mous “Like Button”, which established shaped Gen Z. While new headlines con- the Gen Z spirit in demanding action for popularized the short video format still thentic” lives on Instagram create feelings
that established an unprecedented global the standard by which our generation stantly captured our attention, there were global problems. shared today. Instagram is the standard of FOMO (fear of missing out) and thus
connectivity. During their formative years, measures the success of social media other former features of daily life that Acceptance is the norm, not just toler- social media platform on which Gen Zers generated at times unrealistic self-expec-
Gen Z witnessed through screens events users, in 2009. In 2007, Netflix opened slowly disappeared from our generation’s ance. The legalization of gay marriage first interact and share photos from their life. tations. Gen Z is probably one of the most
that impacted their actions and behaviors the first streaming service, the beginnings conscience. Things like floppy disks and began in the Netherlands in 2001, and However, the most prominent cultural entrepreneurial generations because they
moving forward into adulthood. of the binge content culture. In 2008, the video cassettes have long vanished from gradually spread throughout the West- feature used by Gen Z is probably the use place such high bars for themselves.
Though some of the eldest Gen Zers global economy collapsed in the Great common use, and even CDs are rarely ern World, Latin America, and Taiwan. It of the Internet Meme. Whether the origins Another downside of this info-flooding
can just barely remember when the Recession, causing reverberations into seen. Cable TV’s domination of screen is still gaining traction today, as rights for of this social wonder come from “rage is how jaded it can make some Gen Zers
“hottest” phone on the market was the family life that lingered for years and alter- time has diminished in favor of streaming the LGBTQ+ community expand. comics” or “Rick-Rolling”, it is obvious to certain tragedies. Of course, this doesn’t
Motorola Razr (2004), the arrival of the ing Gen Z’s interpretations of economic services on laptops, phones, and tablets. Speaking up is the expectation, not that the language of Gen Z is the meme. mean that Gen Zers are accepting of these
iPhone in 2007 marked the beginning of stability. In the same year the USA elect- What used to be an information-gathering the exception. The #MeToo Movement, These versatile tools can communicate misfortunes, but this does tend to manifest
our generation’s lasting fusion with tech. ed its first African American president, a trip to the library was soon supplanted by which started in 2006 but gained its big- complex ideas and several cultural ref- in less idealistic views on the world.
It is difficult to find one of our peers with- breakthrough for the world’s most pre- a search on Wikipedia or Google. One can gest traction in 2017, spread awareness erences within the use of a single image The COVID-19 pandemic is the latest
out a phone, a fact that older generations eminent democracy. In 2011, the Arab order a taxi through an app rather than hail of sexual abuse and harassment towards and some text. They provide ways for link in the chain of events that will form
usually find derisive amusement in. Previ- Spring was vividly recorded on the cell one in the street. Letters, which took days women and led to some changes in Gen Zers to express thoughts and feel- how Gen Z navigates the world. This
ous age cohorts tend to see technology phones of protestors and activists, while or even weeks to reach their destination, workplaces and communities. The use of ings on subjects and create connections generation’s oldest are finishing their un-
more as tools while Gen Z sees tech as Occupy Wall Street contemporaneously were outpaced by text messages and social media allowed people from around through humor. There are entire groups dergraduate/graduate degrees or have
part of themselves. This statement may sought to bring down economic elites. emails, which can be sent from one side the world to connect over shared experi- on sites like Facebook and Instagram already started working full-time. The
seem dramatic, but Gen Z’s digital foot- In 2013, Edward Snowden revealed the of the world to the other in seconds. ences and to unite against exploitation. dedicated to sharing memes pertain- pandemic, like the Great Recession for
print is much more profound than those US government’s secret global surveil- The loss of these formerly common Police brutality can no longer be cov- ing to specific sub-genres or communi- Millennials, has altered economic, politi-
of previous generations. This connec- lance and escaped to Russia for asylum. features is not a bad thing, despite what ered up, as cell phone coverage cap- ties. Even corporations try to market to cal, and social dynamics on a scale that
tion with technology is not a bad thing In 2014, the Ebola epidemic broke out, some nostalgia-blinded people claim. tured moments like George Floyd’s mur- Gen Z through memes, like when Gucci hasn’t been seen since World War II.
and has led to a youth culture centered and the Ukrainian Crisis began. In 2015, These changes are thanks to technological der in 2020, and the treatment of Catalan launched its #TFWGucci campaign. How Gen Z will move forward is unknown
around information. the Syrian Refugee Crisis caused factions improvements that brought forth several independence activists by policemen in This rapid exchange of information has and it will be hard to predict the state of
Generation Z observed global events within Europe to confront over changing benefits to the world, both on a functional 2017. As mentioned, social media use also granted Gen Zers the ability to multi- the world when it’s our turn to manage it.
through this increasing access to infor- demographic dynamics and its commit- and social level. As they were exposed to helped facilitate the Arab Spring, and task. Unfortunately, while attention spans But, at the very least, we have memes to
mation. As children, the older Gen Zers ment to humanitarian causes. The same all these global events and had the ability more recently in Hong Kong technology seem to have decreased, members of our tide us through.
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INTERVIEW
Covid-19 and
Generation Z’s:
a defining moment
How GenZers have responded to the challenges posed by the pandemic Filippo Menozzi
filippo.menozzi@studbocconi.it
I
t is undoubtable that GenZers are the when it comes to entry level positions, For some, that decrease is certainly spots, makes searching for internships, of the pandemic. In fact, one of the few sue his goals”. Goals which, for him, are
future, and the near present, of our not just due to the fewer resources that not convincing enough. Sahil Joshi, 20, and eventually jobs, hugely frustrating things in common that Lorenzo, Sahil equally important, be they career, or non-
world, from a cultural, economic and companies can direct to those roles, but a law student at the University of Durham and un-rewarding. Will agrees, claiming and Will cited when asked what the big- career related. Will and Lorenzo cited a
professional point of view. The oldest also because the crisis has hit everyone, but originally from Singapore, believes that the happy middle of finding some- gest challenge has been for them dur- similar debacle when it came to their col-
GenZers turned only 23 in 2020 and have laying off many experienced employees that even if the market were to somehow thing that is interesting while also being ing the pandemic is the difficulty in cre- lege experience, which many GenZers
already shown the promise that they hold who are now far more willing to accept recover, there is not an efficient enough useful on a CV is increasingly hard to ating a community. “At university, I was have lost or at least had damaged. Once
to dictate the direction our world is go- those same entry level salaries. “It’s tough structure to allow GenZers to success- find. And, even if that perfect internship looking forward to meeting new people again, a difficulty that may seem marginal
ing to take. However, it is undeniable that for us, you know”, Will said when I spoke fully return to internships. He had held was found, the prospect of holding it and creating connections, learning and or unimportant, but which in the eyes of
this generation has faced a world that is to him, “because if I were in the position an internship before Covid, but the ar- online is not appealing, to say the least, growing with them, and Covid posed a GenZers is a critical part of their day-to-
uncertain, confusing and certainly more of a recruiter, and was asked whether I rival of the pandemic has made find- given, in his opinion, that “virtual meet- huge challenge in that sense”, Lorenzo day routine.
difficult to navigate than any genera- would take someone with 10 or 20 years ing adequate opportunities significantly ings are never going to be a replacement said. Sahil emphasized this concept, by Faced with all these problems, what
tions prior. At the same time, the general of experience in a given field against harder. The lack of centralization in terms for the original way we interact”. claiming that he, as a strong believer in reverberated strongest when speaking to
sentiment has been that GenZers have someone who has no experience at the of places to look for internships, paired Perhaps unsurprisingly, it is the lack support groups and communities, and a these three diverse GenZers, was a will-
been less dedicated and hard-working same salary, of course I would pick the with a seemingly uninterested attitude by of human connection that many GenZ- global citizen by definition, has had huge ingness to keep pushing for their goals,
than those previous generations, and former”. However, while Will believes that many of the recruiters of posted available ers lament as the most critical impact challenges in filling the gap left by the showing a determined resilience in the
a lot of the blame for the difficulty they this is not a temporary storm, Lorenzo is connections he had created, and was face of adversity. All three mentioned
have faced has been put on the ‘victims’ adamant that by the time he graduates, used to creating. However, that isola- the need to maintain positivity, crucial
themselves. in about 18 months’ time, everything is tion has not just been detrimental to the at a time where many GenZers feel like
Lorenzo Amadei, a 21-year-old eco- going to return to normal, citing what academic and professional dreams of they are rowing against a strong cur-
nomics student at Università Bocconi, in- he believes to be a probable post-crisis GenZers. In fact, a poll of 1600 students rent. For Lorenzo this was critical not just
terestingly stands in line with the critics of economic boom that would re-ignite the carried out by the social learning net- to survive now, but to be able to “con-
Gen-Z. When I asked him for one word to market, even for entry-level positions. work StuDocu between March 24th and tinue not from where we started, but
describe GenZers, he took a while to think It is impossible now to tell who is right. April 17th found that 62.4% of GenZers where we left off” before the pandemic
before claiming they are “distracted”, too What is for certain is that at this point in claimed that the isolation had worsened hit – a critical message that pointed to
focused on losing time without a true plan time, GenZers have been hit the hardest their mental state. his willingness to not let the pandemic
or aim in life. For Lorenzo, previous gen- by the pandemic when it comes to em- When we spoke, Sahil reminded me, condition the good and hard work that
erations had a game plan, while GenZers ployment. A recent analysis of job data of the importance of looking beyond just he had undertaken up to that point. For
“do not really have that road to follow be- carried out by the Pew Research Center academics and work when it comes to Will, the pandemic needs to be consid-
cause [they] have so many options”. claims that this is no surprise, given that understanding the struggle that GenZ- ered an opportunity for GenZers, not just
Then, the pandemic hit, and, without young workers disproportionately popu- ers face. Prior to the pandemic, he had because of the somewhat hidden goal
much argument, those born after 1996, lated positions that were “particularly vul- set himself the seemingly trivial goal of of proving to older generations that we,
were truly put to the test. Almost imme- nerable to job loss”, even before the pan- learning how to dunk during his time at too, are able to achieve and succeed,
diately, employment became a massive demic, due to being “overrepresented in university, exploiting his friends and the but also because those who will come
challenge. Will Kharfen, 20, and a sports high-risk service sector industries”. It is facilities available on his college campus. out of this crisis swinging, are going to
management major at the University of no surprise then that data collected by Needless to say, Covid put a stop to that be clearly positioned to have success in
Massachusetts at Amherst had never Business Insider shows that at the peak goal, removing a marginal but important the future, in a kind of “if you have braved
had an internship prior to Covid-19, cit- of unemployment, around April 2020, the part of Sahil’s daily routine. He respond- this, you are ready for anything” mindset.
ing the tight professional field available in two most unemployed age groups were ed like most did during the pandemic; by What certainly holds, is that every gen-
his interests. Needless to say, the crisis 16-19 and 20-24, with the former hit- turning to a new goal: drawing. A VSCO eration has had its defining turning point:
that hit the sports industry just compli- ting around a 32% unemployment rate, survey in April found that 88% of GenZ- anything from world wars, major terrorist
cated matters. For Will, the problem is and the latter topping 25%. Although ers had used creative expression to help attacks and economic crises. It is fairly
even larger than just the immediate im- the data shows that unemployment has them feel less anxious. Seeing the silver self-evident that this is our defining mo-
pact of the pandemic. He has quickly been steadily decreasing since then, lining, Sahil claims that “Covid has given ment and, as Will pointedly said, “once
realized that the market has become in- GenZers still remain the age groups with [him] an opportunity to internalize emo- normality hits, what will we have shown
credibly small and saturated, particularly the highest levels of unemployment. tions to create the space to further pur- for it?”
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9
ECONOMIA EUROPEA
Disugualianze
generazionali
in Italia a che punto siamo?
Gabriele Bernard
gabriele.bernard@studbocconi.it
L
e parole pronunciate in Senato il A questo scenario già infelice per la
grafici: Pietro Ducco
mese scorso dal Presidente del nostra generazione si aggiungono gli ef-
Consiglio nel corso delle dichiara- fetti della pandemia. La disoccupazione
zioni programmatiche di Governo hanno causata dall’emergenza sanitaria, infatti,
riportato l’attenzione su un tema che ha nuovamente colpito in forma maggio-
purtroppo fatica a trovare interesse da re le fasce più giovani della popolazione3.
parte della classe dirigente: quello riguar- Considerando solamente la prima onda-
dante le disuguaglianze generazionali. ta i dati istat4 indicano che da febbraio
Disoccupazione giovanile, NEET e ri- a giugno 2020 il tasso di occupazione
schio di povertà giovanile è diminuito rispettivamente del
Prima di analizzare i dati a riguardo 2,08% e del 3,48% per gli appartenenti
occorre fare una premessa: quando si alle fasce d’età 15-24 e 25-34 anni. Inol-
parla di disuguaglianze bisogna consi- tre, si nota come il calo di occupazione
derare il fatto che quello di eguaglianza causato dall’emergenza sanitaria sia sta-
è un concetto complesso che spazia su to due volte e mezzo maggiore per i lavo-
più dimensioni, alcune delle quali diffi- ratori under 34 senza una laurea.
cilmente misurabili. Per semplicità mi Il NextGenerationEU
riferirò alle diseguaglianze analizzate da tare un mondo ben diverso da come lo alla media europea sono la disoccupa- Nell’ambito degli strumenti messi in
una prospettiva di tipo economico, ma trovarono le generazioni precedenti. zione giovanile, il tasso di Neet (giovani campo dalla Comunità Europea per favo- tro alla scelta del nome da dare a questo Conte II la categoria “giovani e politiche
è fondamentale non dimenticare tutti gli Tre buoni indicatori che ci permettono che né studiano né lavorano) e il rischio rire la ripresa, è presente anche il Next- pacchetto di aiuti risiede uno scopo ben del lavoro” prevedeva un investimento di
altri fattori che dovrebbero essere presi in di analizzare il problema e di comporre un di povertà. Se già negli scorsi decenni il GenerationEU; un fondo da 750 miliardi preciso: guardare alle prossime genera- solamente l’1% dei fondi. Questo ha por-
analisi, primo fra tutti quello riguardante quadro generale, anche vedendo come si nostro Paese non fosse dei migliori sul di euro al fine di sostenere gli Stati che zioni. Purtroppo però così non è stato: tato alla creazione di una campagna dal
la giustizia climatica, che ci vede eredi- posiziona il nostro Paese se confrontato profilo delle disuguaglianze generazionali, più sono stati colpiti dalla pandemia. Die- nelle prime bozze elaborate dal Governo nome “UnoNonBasta”, che nel momento
uno studio di Leonardo Morlino e France- in cui scrivo conta quasi centomila firme
sco Raniolo ha sottolineato come la crisi chiedendo che i fondi destinati ai giovani
del 2008 abbia rappresentato un fattore siano pari ad almeno 20 miliardi.
di accelerazione di tutti e tre questi feno- Conclusione
meni, portandoci a detenere il record eu- Ricapitolando, siamo il Paese Europeo
ropeo sia di giovani non occupati che di con il più alto tasso di disoccupazione
NEET. Inoltre, l’indicatore relativo al rischio giovanile e di NEET, essendo in contem-
di povertà, nel periodo preso in esame poranea uno dei Paesi con la spesa pen-
dallo studio (2003-2016), è aumentato di sionistica più alta del mondo. Nonostante
appena un punto percentuale, ma se di- ciò, nella scelta riguardante l’allocazione
saggregato mostra come il rischio tenda di un fondo chiamato “Next Generation” si
a polarizzarsi soprattutto nelle due fasce sceglie di destinare solamente l’1% ai gio-
d’età comprese tra 0-17 e 18-24 anni. vani. Purtroppo, inizio a temere sempre di
Questi sono dati che purtroppo stona- più che i giovani più coraggiosi non siano
no se comparati, ad esempio, con il dato tanto quelli che lasciano l’Italia per avere
che descrive l’entità della nostra spesa una prospettiva migliore, ma piuttosto
pensionistica, che appare tra le più alte quelli che - nonostante tutto - decidono di
al mondo rispetto al Pil. rimanerci; sfortunatamente questo non è
Gli effetti della pandemia un Paese a misura di giovane.
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11
INTERVIEW
Interview
with leading
climate
activist
Kehkashan
Basu Daniela Castro
daniela.castro@studbocconi.it
Kehkashan Basu, a 20-year old climate activist from age, look at my work." There are so many instances where that's come into the forest and when they’re hit by cyclones Recognizing that we are not each other's enemies.
Toronto, has been internationally recognized for her efforts people just look at us as young people and say that, but our such as Aila or Amphan, these communities are absolutely That kind of negative outlook really blocks your brain from
to further sustainable development. Her organization, work speaks for itself. devastated, whereas if they had mangroves there it would recognizing someone else's perspective. Every generation
Green Hope Foundation, has been actively working to All that I've been able to do with Green Hope is itself proof that have protected them. But in Hawaii, for example, mangroves brings their own unique perspectives and experiences,
bring sustainable education and global social innovation to young people can bring change, just stop looking at our age. are an invasive species, so we would not be going and eliminating that from the discussion can be very harmful.
marginalized communities all over the world since 2012. From For instance, when I was twelve I was elected as global planting mangroves over there. There's good and bad in every generation.
being named a UN Human Rights Champion to a Forbes 30 coordinator for children and youth at the UN environment When we talk about these initiatives we have to recognize There are plenty of adults who are working towards a
under 30, Basu has earned her place as one of the world’s program. That made me the youngest person and to date the where it’s applicable. That is why I talk so much about sustainable world and have passed on that legacy to us as
leading climate change activists. only minor ever to hold this position. And that was a turning localizing solutions, to drive change beyond the protests and Gen Z. Education is a two-way street, never stop yourself from
point because in the UN system, you'd never had someone slogans, and work in our own local communities through learning. We have the experiences of our elders, the wisdom
Tell me about how the Green Hope Foundation came to be. that young in a position of leadership. I was surprised to education, so that we bring positive change and not just that they've gained. And at the same time we have the
I'll begin five years before its start. I was seven when I saw receive a lot of harassment from older youth who did not like blame the government. There's a responsibility that we have uninhibited passion of young people that we bring to the table.
an image of a dead bird with its belly full of plastic and was the fact that a child was in that position of leadership, but I as global citizens.
deeply disturbed by it. Around the same time, I attended a kept saying that it's not about me being twelve it's about me When we're dealing with problems such as climate change Why do you think today's youth is, or rather should be, so
lecture by environmentalist Robert Swan whose words really having experience and continuing to work on the ground. we cannot expect to see solutions just like that. It's important passionate about this issue?
resonated with me. I then decided that I would do something There are always going to be naysayers, so understanding not think of your actions as too small or too little, it does help It's our future, and not just our future but our present as
for my planet. I grew up in a household where empathy and that and recognizing that sad reality, and then having your in the long run. well. There's so much change that's been brought about
helping the community and the planet was normal, and I passion help you move past that is important. by young people taking initiatives. But it's not just about
thought that everyone else functioned that way as well. You've been involved in this for such a long time and have our age, it's about us being empathetic global citizens. As
Then I realized that's not the case globally, sadly. So I You have been involved in a lot of ground-level work, as spoken to many world leaders on this issue. How does that citizens of the planet we have the responsibility to give back
started my journey by planting my first tree on my eighth opposed to protesting, I think you've spoken about how we feel? What is the experience like? to our community and give back to our planet. I think not
birthday, which also happens to be the 5th of June, World need to do more than just go out with a slogan. What do you It's been very nice to get my voice heard at that level, to just young people, but every single person, that has that
Environment Day, so I thought that I was preordained to think we, as individuals, can do to help the cause? hear what the world leaders have to say, and see how we responsibility.
become an eco-warrior. The first thing is recognizing your local unique challenges. can work together to create a sustainable world. Dialogues That is why education for sustainable development is so
I started going to neighborhoods, shops, restaurants, The Western world has a way of propagating one "single one such as these are important, it's not just us talking within our important. It's about teaching children from a young age that
beauty salons, talking to them about moving to more size fits all solution." That is definitely not going to work in bubbles but rather having multi-sectoral and cross-cultural giving back to the community is important, protecting your
sustainable lifestyles, talking to my fellow children about what countries and regions that don't have the same amenities we dialogues, and working with different sections of civil society. planet is important, and having empathy is important. That
they could do and undertaking ground level initiatives. have the privilege of having. I'm happy that I've been able to be a part of that, to ensure enables you to recognize someone else's challenges as your
When I was eleven, the UN caught hold of what I was doing It falls back to education for sustainable development, that young people are not just seen as young people and we are own and work together to create a more resilient world.
and I was invited to speak at my first UN conference. The which ensures that we don't just pity and sympathize with seen as people who are bringing about change through our work.
following year in 2012, I was at the Earth Summit "Rio+20", others, but emphasize and see what we can do in our The countries that we work with we have positive relations Do you have any words for Gen Z or people your age
which was the largest sustainable development conference localities. For me to tell someone in another part of the world with, it enforces the fact that the government is not the specifically that want to start getting involved now?
of the time, and I realized that out of 50,000 delegates, I was to do something? That is not what we do at Green Hope. We enemy, the older generation is not the enemy, we all need to I would say that empathy, passion, honesty, hard work,
one of five people who were under eighteen. I didn’t like this never tell our communities and their members what to do, we work together and there is good and bad everywhere. That is and optimism play a very big role in helping you move
and felt that everyone should be involved in such an important work with them and they come up with the solutions, with us another thing that is brought forth when speaking with world forward and achieve your dreams. To bring change you
process, especially when it deals with our future. And, on my acting as a catalyst to bring about change. leaders: dispelling the myth that we have to be at war with don't need to start a big organization, start with yourself,
return home, I founded Green Hope Foundation. In different parts of the world, you have different needs each other. We don't, we have to work together. start with your community. And don't do it for fame or for
and therefore different solutions. At Green Hope, we planted publicity, do it because you are passionate. That is what’s
What is your response to those who think that we are too over 5,000 mangroves globally, one of the places being in Many think there is a certain disconnect between Gen Z going to bring change within your community. That would
young to make change? the Sundarbans, which is the world's largest mangrove forest and older generations on this issue. What can we do to be my advice for everyone, and of course, especially for
Throughout my career I have always said "don't look at my found in India and Bangladesh. There is a lot of urbanization communicate more and find a middle ground? people of our age.
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13
GLOBAL
A day without
independent media Julia Galusiakowska
julia.galusiakowska@studbocconi.it
Paolo Barone
paolo.barone@studbocconi.it
U
pon waking up on the 10th of be financed, the private media is likely long-term consequences of the spread Fund, permitting the government to call Yet, the Polish government is still a far progressive so that it does not hit local
February, Poles sat staring at to be forced to lay off employees and of the SARS CoV-2, the legislators the tax a solidarity fee. cry from the Hungarian model of media media, only international giants. Some
blacked-out TV screens. Instead cut on research activities and journalistic acknowledge the need to introduce In fact, the Law and Justice Party freedom. “Despite Poland and Hungary political analysts suggest that alterations
of their usual morning news, they gazed operations in order to be solvent.” emergency solutions in order to have long been wending its way have a common historical background, may include an increase in the tax
at a caption saying “This is where your Under the act of the Finance Ministry, minimize the impact of the pandemic,” towards tightening their control over (…) in Poland there is an ongoing imposed on big-scale digital platforms.
favorite program was supposed to be.” any revenue from advertising - whether Prime Minister Mateusz Morawiecki broadcasters and publishers by using debate, and the propaganda problem Yet, strong collective resistance on the
Wednesday of that week was meant it be online or conventional - would be emphasizes. In practice, faced with the nationalized media companies to re- is more highlighted,” stresses Agata opposition part, unhampered by minor
to be a simulation of a world without subject to a tax with a rate ranging from growing discontent, the authorities have polonize the entire media sector. Recent Jaszczura. concessions of the United Right, is
independent media - the scenario slowly 2 to 15%. The exact tax value depends been bandying new excuses around. years have seen the government- Ahead of the protest, in an open looming over Poland.
knocking at the door of the Polish on the size of the revenue, the type of The levy would allow the government controlled outlets taking a particularly letter to the government, the private Although the current lay of land
media landscape in the disguise of an media in which the ad was published, to collect money from digital giants, heavy toll on the private companies. sector of Polish media publicly does not seem promising, there is still
advertising tax. and the product advertised. In reality, including Facebook and Google. As The information about the government- condemned the media tax, calling something the Generation Z can do
On the 10th of February, the largest the rates are to be arbitrary: some a matter of fact, the revenue from the run company, PKN Orlen SA, buying it a freedom constraint. It is simple to alter the state of affairs. As Agata
independent broadcasters and radio media companies would pay higher big corporations would amount to Polish newspapers owned by German extortion, states the official letter that Jaszczura said, “Our generation can
stations suspended news coverage amounts than others. In this manner, around 50–100 million PLN, while the publisher Verlagsgruppe Passau, made contains speculation that the advertising basically respond to this through either
for 24 hours, airing symbolic blacked- although advertising tax is to be paid by local media outlets are predicted to big waves within the Polish society contributions will significantly weaken social media channels or through strikes
out screens in a concerted protest all publishers, the public media outlets generate approximately 800 million afraid of following in the footsteps of some media agencies, liquidating the and protests allowing us to be heard;
against a new media tax introduced might expect favorable treatment from PLN (217 million dollars) per year. In the Hungary. least fortunate ones. this would be a similar response to what
by the United Right, a ruling political the Polish authorities. Moreover, as the meanwhile, the public sector receives Relative to Budapest, the government In the wake of the public outcry, happened in relation to the abortion ban
alliance. The levy was denounced as an levy is planned to come into force in twice as much from the taxpayers, not to in Warsaw seems not to lounge around. government spokesman Piotr Muller passed lately.”
attack on independent journalism not July 2021, instead of recovering from a mention the expected 35% of the media When the Hungarian Prime Minister officially announced that a new project Today, media pluralism constitutes
without reason. Agata Jaszczura, the lockdown, the media outlets will have to tax revenue that would be allocated to Viktor Orban was constructing a system of the Finance Ministry is in the making. a healthy democratic state, in which
President of the Bocconi Polish Student focus on eking out an existence. the Fund for Supporting Culture and of reliable media outlets, the Law and Supposedly, the new draft takes into unrestricted flow of information is to be
Association, told us that, “due to this The tax was forced through on the National Heritage in the Media Area. The Justice Party were trying their best to account concerns raised by the existing a requisite for a public debate underlying
tax, while the public media is going to pretense of COVID-19. “Given the rest is set aside for the National Health shun the unchecked media agencies. proposal, all the while remaining the concept of free society.
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15
FINANCE
The rise of
micro investing Emma Velasquez Mariucci
emma.velasquez@studbocconi.it
How gen Zer’s financial trends have transformed finance
A
fter the GameStop drama in hit by an unexpected global pandemic all optimistic about their financial future. highly tech competent and great at mul- ed before, risk averse individuals, these 780 us dollars. Not everyone can afford
February, it became even clearer that has affected every aspect of human Below, a table from a Morningstar study titasking. A survey conducted by the fi- apps allow them to invest small amounts to buy a share of Tesla stock. But, by
that working from home, stimu- life. Although generation Z might be per- shows the anticipated retirement age at nancial services company Morningstar to of their money, and if the investment investing say $10, a micro-investor can
lus checks and higher personal savings ceived as the least affected generation by which the 91% of the 1,100 surveyed around 1,100 US respondents aged be- goes bad, the losses are minimal. These acquire approximately 1/78th of a Tesla
levels, as well as social media platforms Covid-19, a Pew Research Center study believed they would do so. tween 18 and 25 concluded that, overall, apps let consumers bypass the usual share. Although the stock market pro-
like Reddit, have accelerated the boom released in March 2020, found that 50% And since they have shown a clear these respondents believed they had a brokerage account minimum, which hibits fractional investing, micro-investing
in trading. At the same time, Generation of those ages 18 to 23 reported that they interest in having financial stability in “moderate amount of financial knowl- eliminates the previously expensive bar- apps will typically buy the entire share
Z who is said to be on track to overtake or someone in their household lost a job the long run, this is where micro invest- edge”. The same study also showed that rier to entry. What was once considered and then split it into fractions for users.
Millennials in income by 2031- is enter- or took a pay cut due to the pandemic. ing and the rise of investing technology 35% of respondents considered them- an activity reserved for wealthy adults is Additionally, the benefits of not putting
ing a very different trading environment They were the highest compared to mil- come to play. Often referred to as “Spare selves investors, and 57% were inter- now changing. all your eggs in one basket have shown
compared to its predecessors. Even if lennials (40%), gen Xers (36%) and Baby change” investment apps, these apps ested in investing. A new financial era is But how is the financial market exactly their effectiveness. On top of allowing
they are just starting to explore the mar- Boomers (25%). With this information in are extremely useful to beginner inves- on its way, and businesses and investors changing? you diversify your portfolio, these apps
ket through what is known as Micro In- mind, one might think that gen Z would tors or college students who have limited need to start adjusting their strategies to The first obvious observation is that, also encourage consistent investing.
vesting, it is fundamental to look at their be quite pessimistic when it comes to income. Since Generation Z individuals accommodate the 2.5 billion generation, since micro investing has eliminated the Time is one of the most important as-
financial and economic trends and deci- their financial future. But, once again, have shown to be risk averse, yet at the coming soon, maybe as soon as in 10 expensive entry barrier, the market has sets an investor can have. Investors can
sions to further understand why micro they have proven this wrong. These past same time understand the benefits of years. now become more accessible and di- largely benefit from the power of com-
investing has become so popular. experiences, although they have affected investing, they have expressed their ex- So, how do they carry out their fi- verse. Traditional investing platforms im- pounding interest, and online investment
Born between 1995 and 2005, gen- them severely, have also taught them the pectations to the financial world. And, in nances? A study conducted by Bank pose certain conditions on the user, such platforms that automate small invest-
eration Z has been shaped by both the necessary lessons for them to be more return, they have been heard. Taking into of America also showed that close to 1 as establishing a minimum amount for ments can help instill the investing habit.
Great Recession and the coronavirus conscious about finance. This has made account that they have never known life in 3 Gen Z would trust a robot to make a deposit. Lower income individuals, or Once the investing routine is established,
pandemic. Although a more complete them more practical with their money. without Google, Generation Z is known their financial decisions. In addition, the people with irregular incomes who could and you realize how much you were able
picture of Gen Z’s financial preferences Despite the current and past econom- as the online generation. Having all of same study carried out by Morningstar not put together a certain amount of mon- to invest with small amounts, you want
is not fully developed yet, due to the fact ic uncertainties, this generation is over- this information around, they tend to be confirmed that out of the 1,100 Gen Zers ey at a time were usually excluded. Now, to start investing more. On top of that,
that most of them are just in college, re- surveyed, every single one said they use micro investing platforms allow users to micro investing can play a role in spread-
cent studies have been showing some in- at least one financial app. So, it is now build their savings without worrying about ing financial education among young
teresting patterns. In order to understand clear that by taking advantage of the new raising large amounts. The times where people because it is a way to approach
how this generation carries out their fi- digital platforms, Gen Z’s have been or investing in the stock market was almost the ‘world if investments’.
nances, it is important to understand could be using micro-investing apps to entirely confined to privileged, wealthy in- But, is micro investing enough to meet
their background. While they did not go save and invest money in small amounts. dividuals is coming to an end. retirement goals? With today’s interest
through the 2008 Great Recession as Micro investing has become very ap- The second observation is that micro rates and expensive stock prices, a goal
adults, they saw their parents’ struggle. pealing to Gen Zers because they have, investing platforms offer easy and profit- like retirement is going to require more
During their early childhood and mid- as stated before, a remarkable drive to able investment to users who lack knowl- than spare change. Micro investing apps
teenage years, they experienced one of think long-term. Recent innovations in edge of financial markets. In addition to can create a false sense of security about
the most severe economic recessions. micro-investing technology could be the ‘spare change’ facility that these plat- what they can realistically achieve. In-
This is when the idea of savings and the thought of as the catalyst that democra- forms offer, these small amounts can also vesting small amounts of money through
perception of the volatility of the stock tized the global financial system. Thanks be used to purchase fractions of shares. apps should not be a substitute for con-
market was first introduced to them. to the expansion of democratized invest- Investors don’t need big amounts to pur- tributing to an individual retirement ac-
And now that they are entering the ing, this generation is being introduced chase the whole share of a company. count, it should be a supplement. Pas-
‘real’ world, either by starting university or to an easier, safer, simpler and more ac- Take for example a Tesla stock. As of sive micro-investing, while simple and
entering the job market, they have been Data and table courtesy of Stan Treger and Courey Gruszauskas (Morningstar, May 2020) cessible market. Since they are, as stat- February 19, 2021, it is now at around convenient, can only take you so far.
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