The purpose of the article is to reveal the features of the social construction of reality by representatives of generation Z and to assess, on the basis of the data obtained, the evolution of the social capital of modern society. Based on generational analysis, social constructivism, and research on social capital, the authors surveyed 201 students enrolled in higher education institutions in St. Petersburg. The focus of research attention was such characteristics of respondents as independence in decision-making, the ability to maintain rational thinking and conduct critical discussion, interaction with real and virtual spaces, and the cognitive foundations of social communications. Based on the data obtained, a number of important conclusions were drawn about the loss of social capital and the weakening of social ties, on the need to differentiate between social, cultural and civil capitals, on capital compensation in a virtual environment, as well as on the influence of modern technologies on the way of building social ties. This work is a continuation of the work of a team of authors on the study of the features of Generation Z, begun in 2019.