Is 2024 the End of Hustle Culture? See Why Gen Z Isn’t So Sure

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Are you into “hustle culture” or do you want “soft-life culture” with better work-life balance? See what this KeyBank survey means for your personal finances. [[{“value”:”

After several years of pandemic, high inflation, decreased savings accounts, and global economic uncertainty, Americans are re-evaluating their priorities and how they define success in life. Instead of chasing higher paying, higher status careers, a recent survey says that more Americans are seeking a “softer” definition of financial success.

A whopping 72% of Americans define success as having a “soft-life culture,” with a focus on happiness and personal fulfillment, according to the KeyBank 2024 Financial Mobility Survey. Only 28% of Americans say that they identify with “hustle culture” — focused on career achievement, wealth, and status.

Let’s look at the details of what the debate of soft-life culture vs. hustle culture means for the economy — and for your personal finances.

Americans are under financial stress and burning through savings

With the past few years of higher interest rates and rising inflation, Americans are feeling a lot of stress on their personal finances. They’re depleting their savings accounts and cutting back on spending just to keep up with the rising prices of groceries, housing, car ownership, and other everyday costs of living.

The KeyBank Financial Mobility Survey found:

77% of Americans believe that the cost of living has gotten worse in the past five years30% of Americans feel daily financial stress from the cost of living51% have pulled more money from their savings this year than they did before59% have cut back on non-essential spending like entertainment or dining out

Americans are more likely to say that they are “spending more and saving less,” compared to previous years. The survey found that, as of 2023, 25% of Americans said they’re spending more and saving less, while only 15% felt this way in 2022, and 13% in 2021.

What’s the new status symbol? Work-life balance

However, despite the stress of having less money in the bank, Americans seem less likely to believe that “money can buy happiness.” The survey also found that Americans are seeking work-life balance more than ever:

63% of Americans say they value work-life balance more than a high-paying salary (up from 57% in 2022)Only 27% say they value a high-paying salary over work-life balance (down from 33% in 2022)

Americans are also redefining their boundaries around work and life, and how much they’re willing to sacrifice for their jobs. The survey found that 66% of Americans would rather make less money at a job they love, than get paid a higher salary at a job they hate.

Why Gen Z is debating hustle culture vs. soft-life culture

The survey also found that 72% of Americans are more interested in soft-life culture instead of a hard-charging hustle culture. Understandably, many Americans might be more interested in having a softer existence and better work-life balance after the past few stressful years.

However, there’s a generation gap in the question of hustle culture vs. soft-life culture. Some younger people are still likely to identify with a hustle culture focused on making money and building successful careers. The survey found that, even though only 28% of Americans prefer hustle culture, Gen Z was most likely out of all generations to identify with hustle culture.

The following percentages of each generation of survey respondents chose hustle culture over soft-life culture to define their success:

47% of Gen Zers37% of millennials24% of Gen Xers15% of baby boomers

As people get older, they usually (hopefully) make progress in their careers, get promoted, earn higher incomes, buy homes, invest in stocks, and build wealth. Sometimes getting more financially comfortable can make people more likely to crave work-life balance. After a certain point, more money doesn’t make people happier.

If you’re a well-established senior-level professional who already owns your dream home and is on track for a comfortable retirement, you might not want to “hustle” as hard anymore. But if you’re young, ambitious, and feeling overburdened by expenses (and underpaid at your job), it’s understandable why you might want to choose hustle culture to guide your career efforts.

Bottom line

The KeyBank 2024 Financial Mobility Survey shows some powerful trends in American economic life. Even though they have less money than they used to, many Americans are still choosing work-life balance and a slower, softer way of life, instead of never-ending hustle. But younger Americans who are at the earlier stages of building careers and investing are more likely to say that they value hustle culture.

No matter the stage of your career, or where you stand on the soft-life vs. hustle culture debate, it’s important to boost your emergency savings fund. Use a budgeting app to manage your spending and automatically save for your most important goals. Having more cash in the bank can help you reduce your stress and enjoy life even more.

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