Mind the gap: Generation Y and Z socio-economic choices 

Abstract

The differentiation of generation's under the influence of technology has caused rapid and radical changes in the 21st century in social and economic aspect. The development of new technology is constantly changing the ways that people look for work, perform tasks, buy and make decisions. Generation Y and generation Z are the most technologically and media driven generations, experiencing the 4 th industrial revolution, economic and social turbulences and global changes. Hence, understanding the characteristics of generations Y and Z, and its chronological difference as well as the characters of the individuals is of importance not only for present analyses, but also for forecasting the future. In Macedonia, the rather high unemployment rate and risk of poverty create particular difficulties to economic progress of generations Y and Z. Minding the gaps in professional rise of Generation Y that occurs because of the unfavorable economic environment, we can optimistically rely our forecast that, the negative effects can be reduced for Generation Z, taking into account the positive trend of internet use and access to data, education and socialization. However, this assumption must be modeled properly in frame of proposed measure in order to create effective and sustainable furthering of Generation Z professional development, education and socialization. Appropriate economic policies on the national level are required in order to benefit the most from the potentials of generations Y and Z.