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#underZtanding. Mental Health & Wellness technologies will be growing - what does it have to do with generation Z?

#underZtanding. Mental Health & Wellness technologies will be growing - what does it have to do with generation Z?

27 Jul 2020

For the past few months, I have been studying Generation Z — those who were born in 1995–2010 — as it will determine the next decade (and also because I am now working on my own startup for them — EduDo that you can read about in this article). There are already more Zoomers than representatives of any other generation, and they are becoming solvent. In this article, we will focus on their mental state.

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Generation Z is rightfully considered the most unfortunate. Its representatives have experienced global and growing competitors combined with increasing speed of information dissemination. They feel pressure since school and technology doesn’t let them relax. As a result, the suicide rate among 10–24 year olds has increased by 56% since 2007.

Zoomers are also called the loneliest generation. The share of teens who spend time with friends on a daily basis has decreased by 40% over the past 15 years. The proliferation of social media does not seem to help, but rather makes the situation even worse.

Zoomers believe in the link between social media and depression. Most of them believe that social media advertisers are trying to make people feel inferior, thereby forcing them to buy more.

45% think social media makes them feel judged and another 38% believe it makes them feel inferior. Besides, 59% of teens in the United States have experienced online bullying and harassment, from insults and spreading false rumors to exchanging fake images and threats of physical harm.

Zoomers, like no other generation, are aware of their mental problems. 70% of teens rate anxiety and depression as the most pressing problems of their peers, and 27% of zoomers rate their mental health as bad or terrible.

And they not only recognize the problems, but also try to solve them. 37% of zoomers have received psychotherapy. This is about the same as millennials (35%) and significantly more than “Xs” (26%), baby boomers (22%) and older people (15%). However, only half of the zoomers think they are putting in enough effort to cope with stress and mental problems.

Obviously, there will not be enough psychotherapists for everyone in a situation of such scale, and zoomers have grown up in a world where problems are solved by technology. Therefore, I truly believe that the current surge in interest in digital Mental Health & Wellness solutions is a long-term trend that is just beginning to gain momentum.

Top venture capital funds such as Khosla Ventures and Andreessen Horowitz are already claiming the Mental Health & Wellness vertical to be their top priority. There are already big deals happening in the vertical, like the 100 millionth round of Mindstrong Health 2 months ago.

Telemedicine applications and platforms have tremendous potential in this vertical, digitizing various spiritual practices that help develop a sense of awareness, calmness, and balance the rhythm of life.

I hope you find my thoughts helpful. Stay in harmony with yourself and the world around you. In the next articles of the UnderZtanding series, I will talk about other features of zoomers and how this will affect the startup industry.Venture to yaall!

Let’s sum up. Zoommers:

  1. Live in an atmosphere of tension, multiplied by the tremendous speed of information dissemination since childhood;

  2. Are the most unfortunate and lonely generation;

  3. Are aware of their mental problems, and don’t just realize, but try to solve them;

  4. Grew up in a world where problems are solved by technology, so the surge of interest in digital Mental Health & Wellness solutions is a long-term trend.

Hope my thoughts are helpful to you. Stay in harmony with yourself and the world around you. In the next articles of the UnderZtanding series, I will talk about other features of the buzzers, and how this will affect the startup industry. Venture to all!

Sources: The AtlanticTime, Pew Research Center, Pacific StandardErnst & Young, American Psychological Association

27 Jul 2020

 

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