Wealthy parents across America are voicing Gen Z job market fears to their wealth advisors, with one managing director saying the concern is ‘very real’ among ultra-affluent families whose children are struggling to find and keep work.
Patrick Dwyer, managing director at Aligned by NewEdge Wealth, a boutique wealth management firm in Miami, works with clients worth between roughly $100 million and more than $1 billion. He told CNBC earlier this year that his clients are worried their adult children, typically aged between 22 and 35, cannot hold on to roles historically linked to security and status, including technology, law, and health care.
‘Families have to rethink what it means to support their children,’ Dwyer said. ‘And we’re not talking about spoiling your kids. We’re talking about: What if your kid needs retraining at 33?’
Gen Z job market fears reach the ultra-wealthy
Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S. Bank, said the anxiety is widespread among his clients. ‘This is a very real concern I’m hearing from ultra-affluent families right now,’ he said. ‘On the surface it can sound irrational: “Why would a billionaire worry about their child getting a job?” But realistically, no matter how much money you have, parents still want their children to succeed and lead fulfilled lives.’
Thiegs said the concern is less about financial survival and more about identity. ‘They’re not usually worried about the financial security of their children; rather they worry that the job market will impact their child’s sense of purpose, identity, and confidence,’ he said.
That concern has statistical backing. According to The Interview Guys, 89% of Gen Zers consider a sense of purpose important to their job satisfaction and well-being, underlining why parents fear a difficult labour market could affect more than their children’s pay packets.
Dwyer said his clients are also aware that the rules have changed entirely. ‘Millionaires and billionaires are recognizing this is not the same game they had to play,’ he told CNBC. Without stronger career foundations, he warned, children could end up with less agency over their lives than their parents had, regardless of any inheritance.
Phased wealth transfers replace one-off windfalls
The financial planning response is shifting. Trent Von Ahsen, a certified financial planner and managing partner at Cedar Point Capital Partners, said his ultra-high net worth clients are more concerned about over-supporting their children than under-supporting them.
‘This cohort of parents seem more concerned about over-supporting their children, than under-supporting them,’ Von Ahsen told Fortune.
Thiegs echoed that position. Rather than simply bankrolling adult children, he recommends ‘creating a system that provides opportunities for growth and development rather than just a financial safety net’. He added it is more important to support a child’s self-worth than just their net worth.
Von Ahsen said his firm is seeing ‘more emphasis on education funding flexibility, mentorship, and phased wealth transfers’, with the goal of ‘providing opportunity without removing initiative’.
Gen Zers themselves are already adapting. A 2025 Deloitte global survey found just 6% of Gen Z respondents cite reaching a corporate leadership role as a primary goal, with most instead prioritising work-life balance, personal fulfillment, and learning. Many are turning to blue-collar trades, creator careers, or even six-figure nanny and tutor roles in elite households.
The financial insecurity driving those choices runs broad. The Deloitte 2025 Gen Z & Millennial Survey found 48% of Gen Zers and 46% of millennials do not feel financially secure, up sharply from prior years, a figure that cuts across income brackets and gives billionaire parents little reason to believe their children are insulated.
