Even billionaires are worried their Gen Z kids can’t keep a job—and their wealth advisors say the fear is ‘very real’

Even the wealthiest parents in America are worried about their kids’ financial futures.

Millions of Gen Zers face unemployment as entry-level hiring has slowed , competition has become fiercer , and AI takes over tasks that were historically performed by recent grads.

In a world where seemingly no one is immune to the impacts of AI on the workforce and an increasingly stiff job market, ultra-high net worth people are starting to have the same concerns as middle-class and low-income families: Will my kid be able to get a job and support themself? “Billionaires have the financial resources to support their children, but they sometimes struggle to determine what else is needed for their children to succeed,” Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S.

Bank, told Fortune .

Millionaires and billionaires “are recognizing this is not the same game they had to play,” wealth manager Patrick Dwyer told CNBC earlier this year.

“Families have to rethink … what it means to support their children.

And we’re not talking about spoiling your kids.

We’re talking about: What if your kid needs retraining at 33?” Dwyer is managing director at Aligned by NewEdge Wealth, a boutique wealth management firm based in Miami.

He works with clients with net worths between roughly $100 million and more than $1 billion.

Dwyer said his clients are concerned their children, typically between age 22 and 35, are struggling to secure and hang on to jobs that are historically associated with security and status, including technology, law, and health care.

That means the wealthy will have to plan for a future in which they’re passing on more of their fortune to their kids.

“[They’re] realizing that if they don’t pass on more meaningful wealth to their children, or their children are not able to accumulate wealth … their kids could have [less] agency over their lives than they did,” he told CNBC .

While this may sound like an irrational fear from America’s wealthiest, it’s a reality more wealth managers recognize.

“This is a very real concern I’m hearing from ultra-affluent families right now,” Thiegs said.