Financial Condition | Values & Life-Saving Drones

Saving for the Future: It’s not an uncommon goal for parents to want to leave a better life for their children. As a result, generational wealth is a common topic of conversation for our advisors when it comes to financial planning. However, a recent Wall Street Journal-NORC poll revealed parents aren’t confident their children’s lives will be better than their own. With growing skepticism about the value of a college degree and record low levels of overall happiness, the survey showed pervasive economic pessimism. Four out of five respondents described the state of the economy as not good, showing fresh anxiety about the current and future state of the job market. This chart shares general feelings about personal finances:

Notice that nearly half (44%) of respondents said their finances are in worse condition than they expected at this point in their lives. Of course, quite a bit of other data points goes into the overall pessimism, but it’s safe to say that it’s pervasive.

Finding Jobs with Meaning: According to a February 2023 survey of over 1,000 Millennial and Gen-Z-aged young people conducted by the workwear brand Carhartt, 48% of respondents expressed uncertainty about their future careers. A similar percentage reported that “finding a job that aligns with my values” was their top challenge in today’s job market. Surprisingly, a high percentage (85%) are at least somewhat open to a job in nature conservation or the outdoors. The aversion to office jobs may be a result of the forced work-from-home environment the pandemic created. The 4-year college degree is also in question with this generation. Tuition inflation alone seems enough to cause many to press pause on enrolling in a traditional four-year degree.

When It Comes to Values: Values change with generations, typically. For better or for worse, there’s a natural ebb and flow to core and common values among generations. A recent survey showed receding importance in the areas of patriotism, religious faith, and having children. On the rise are values divided by political party over social trends. Not entirely surprisingly, money is a neutralizing value—not because it’s neutral, but because it’s something commonly agreed upon.

As many of you know, living generously is one of our most important values as a firm. Find more about our efforts on our website under the ‘Guide for Good’ section. We have a listing of most of the 501c3s we’ve given to over the years since our founding and are always on the lookout for new places to make an impact.

Business Briefing

• Tightening Bank Regulations: On Thursday, President Biden urged financial regulators to tighten rules for midsize banks, arguably his strongest response to the financial turmoil triggered by the failure of two banks last month. Biden called for requiring banks to shield themselves from potential losses and keep enough cash on hand to get through a crisis. Regulators could accomplish the proposals without congressional action. (The New York Times)
• AI and Job Loss: Artificial Intelligence could replace the equivalent of 300 million jobs globally, according to a new report by economists at Goldman Sachs. About 18 percent of global work could be automated in the shift to the new generation of AI seen in chatbots like ChatGPT, the researchers said in a report widely reported Tuesday. The impact will be concentrated in advanced economies. About two-thirds of jobs in the United States and Europe “are exposed to some degree of AI automation,” and as much as a quarter of work in those markets could be done by AI. (BBC) Buckle up, as the longer-term implications of artificial intelligence are only beginning to come into view.

Clever Engineering: Quiet drones are helping to save lives in countries like Rwanda. We love this idea, the creativity, the ingenuity, and the problem-solving. A team of four entrepreneurs started the company in 2014, developing a medical drone delivery system. In 2016 they primarily delivered blood to urgent medical situations in rural Rwanda. In the near future, Zipline’s tasks will include delivering prescriptions, groceries, and even Sweetgreen salads to backyards. Watch Mark Rober’s video here about these amazing machines!