Redefining Wealth & Work: Gen Z, Multi Retirements, and the Reality

HSBC’s Quality of Life report highlights a fascinating shift—especially among Gen Z—away from traditional markers of success like wealth accumulation towards fulfilment, balance, and purpose. Nearly half of Gen Z now define wealth in non-material terms, and a third say work-life balance is their ultimate marker of financial success. One of the most striking expressions of this is the rise of Multi Retirements – planned pauses throughout a career to focus on what matters most.

But as Sabina Dewan pointed out in her recent interview with NDTV, this story looks very different in developing countries like India:

• The HSBC report pertains to affluent, privileged Gen Z individuals. In many developing countries and in India, a majority of young people are struggling to find good jobs. One out of every two youth between 15-29 have an average monthly per capita consumption expenditure of less than Rs 2,981.
• Even those employed often face a reality where retirement isn’t an option – given the lack of social security and healthcare; any family event or crisis (the pandemic, or a health incident) can erode their savings.
• For those that are in regular wage jobs, 53% do not receive any social security benefit – not just no retirement, but no benefit at all. ⁠
• The report mentions, “Nearly half of those surveyed consider mini retirements as a route to enhance their overall quality of life.” There are many factors that influence this sentiment, but what we need to ask is what kinds of jobs are these. Even when they pay a lot and enable multi-retirement – are these jobs that are meaningless, purposeless, jobs that dehumanize people under the guise of efficiency and productivity. Such jobs are isolating.
• We must move away from notions that characterize work only as an opportunity to make money. Jobs also fuel dignity, confidence and purpose. We seem to be forgetting that work has value beyond just making an income. And when jobs don’t serve that inherent need, people feel compelled to leave (when they can afford it).

Watch the full interview here:

𝗥𝗲𝗮𝗱 𝗛𝗦𝗕𝗖’𝘀 𝗿𝗲𝗽𝗼𝗿𝘁 𝗵𝗲𝗿𝗲: