Formal and Non-Formal Education as Determinants of Career Well-Being: Comparative Evidence Across Generation Z and Generation Y

Rapid technological change and the growing importance of lifelong learning have raised questions about the relative roles of formal and non-formal education in promoting sustainable career outcomes. However, empirical evidence comparing their effects on career well-being across generations remains limited. This study examines how university education and non-formal education influence career well-being and investigates whether these relationships differ between Generation Z and Generation Y. A cross-sectional survey was conducted among 613 young professionals in Azerbaijan. The proposed research model was analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM), while generational differences were examined through Partial Least Squares Multi-Group Analysis (PLS-MGA). The findings indicate that both university education and non-formal education positively influence career well-being, although non-formal education exerts a significantly stronger effect. The results also reveal significant generational differences, with university education exerting a stronger influence on career well-being among Generation Y, whereas non-formal education has a stronger influence among Generation Z. The study advances the literature by providing an integrated comparison of formal and non-formal education within a single analytical framework and demonstrates that the value of different educational pathways depends on generational context, supporting more flexible lifelong learning strategies in higher education and workforce development.