The Wellness Generational Shift: The Young Value Wellbeing Over Wealth

By Thierry Malleret, economist

The unprecedented emphasis that younger generations place on wellbeing is a major paradigm shift, and one that suggests a very bright future for the wellness industry. All over the world, and especially in higher-income countries, younger gens have an appreciation very different from their parents of what success looks like. In the simplest terms, they value wellness above wealth. A recent EY global study, charting 18- to 34-year-olds in 10 countries around the world, reveals the profound shift: a majority prioritize mental and physical health as the top two measures of their future success, while money, contrary to previous generations, moves to their third priority. For most young Americans and Europeans, salaries are no longer the gold standard that defines achievement. It’s rather how well they feel and the meaning in their lives, a mindset that is spreading to young adults across the world.

THE WELLNESS GENERATIONAL SHIFT: A CERTAINTY

In today’s world of heightened uncertainty, some features emerge as “structural inflection points”: they are almost certain to occur, and driven by a paradigm shift that (1) seems irreversible, (2) with long term effects, and (3) will entail strategic consequences for the economy or a specific industry. Such is the case for the young generations and the overarching emphasis they place on wellbeing. All over the world (but so far more strongly in high-income countries), younger generations have an appreciation very different from their parents of what success means and looks like. Put in the simplest possible terms, they value wellbeing and health above wealth.

A recent EY global study, charting 18- to 34-year-olds in 10 countries around the world, reveals a disruptive shift in how young adults approach life’s traditional milestones. It shows that a majority prioritize mental and physical health as a measure of their future success (money, contrary to the previous generations, moves to their third priority, although “financial wellness” remains an essential consideration).

For most young Americans and Europeans, salaries are no longer the gold standard that defines achievement. It is rather how well they feel and the meaning they find in their lives. The younger generations recognize the importance of wellbeing in every aspect of a meaningful life, and, clearly, mental and physical health and wellbeing considerations are spreading across the world, transcending borders and cultures. In aggregate, the wellness industry has an expanding market and a bright future ahead of it.