Move over X and Y - Z is all set to take its place as the next generation. Financially intelligent and with a strong work ethic and who live on a staple diet of Facebook, Twitter and social networking - they belong to the future.
Born between 1995 and 2009, Gen Z makes up for 18 per cent of the Australian population, reports The Courier Mail.
In stark contrast to Generation Y, these youngsters know the importance of saving money and working hard and are even more computer savvy, social researcher Mark McCrindle says.
"If Gen Ys were regarded as pretty empowered and the 'me now' generation, superficial and appear to flit between jobs, we're seeing the pendulum swing back with Gen Z to traditional values, a strong work ethic and financial conservatism," he said.
"They have been significantly impacted by the economic downturn when in one's formative years they see parents downsize or lose their jobs . . . they realise you have to prepare for a rainy day," he added.
McCrindle believes that Gen Z had been exposed to a more mature upbringing.
"Traditional trades struggle to market themselves to Gen Z - they think in the dot.com world what's the point of those traditional trades but that's wrong thinking," he said.
The next generational cycle begins on January 1, 2010 and is christened Generation Alpha.