The Blog

Think Gen Z and Millennials are ‘woke’? Time to reconsider.

By Ms Millennial Money, Sarah Penney

Gen Z voted for Trump in their droves, with the Harris campaign turning its attention to the younger generation in the final days of campaigning proving to be too little too late. 41 million members of Gen Z were eligible to vote in this election–8 million of whom were first-time voters. The stakes were far too high for the Democrats to regard the young vote as a given.

On top of this, the economy played a bigger role in this election than ever before. According to CNBC, 50% of Americans believe that the 2024 election will directly impact their personal finances, while 99% of voters indicated that economic factors influenced their voting decisions. Trump delivered a strong message on financial stability and managed to sway great swathes of Americans to vote with their wallets vs their conscience.

Between 2020 and 2024, Trump increased his support among the 18-29 age group by 6%, garnering a total of 42% of their votes, redrawing the political map.

For Sheryl Cuisia, TEA CEO and an active trader, this wasn’t unexpected. Having observed that the crypto, and wider trading communities, are dominated by Gen Z and Millennial investors who are laser-focused on financial prosperity, she saw the writing on the wall, with pro-Trump conversation dominating in the lead-up to November 5th. Many in this demographic have accumulated significant wealth and are primarily concerned with its protection and growth, shutting out many other issues.

Trump’s unconventional approach and authentic brand of leadership resonate strongly with these young investors, as they seek an alternative to traditional political norms. And while for older generations, prioritising economic performance over ethical considerations raises concerns about a shift back to shareholder primacy, reminiscent of the corporate scandals involving companies like Enron, Gen Z haven’t experienced these consequences just yet.

Moreover, Trump’s unilateral decision-making style appeals to those in search of a decisive leader, at the cost of collaborative governance. In contrast, the liberal agenda, often perceived as overly ‘woke,’ is alienating voters who find it out of touch or extreme. This polarisation leaves many trapped between two extremes.

As Gen Z grapples with financial challenges, their voting behaviour suggests a departure from the ‘woke’ label typically associated with them. Instead of prioritising social agendas, many chose to focus on their economic well-being, reflecting a generation that is more financially focused than the stereotypes allow.

This election serves as a reminder that stereotypes can be misleading; Gen Z is not merely ‘woke’ but is navigating a complex world where financial considerations influence their decisions. And, let’s be honest, there are many in the City who will be secretly delighted with their choice.

This reality underscores the need for companies to deepen their understanding of retail investors through meaningful engagement. Stereotypes can be dangerous and misleading, two way engagement is essential for grasping the diverse priorities and values that shape public sentiment.

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