Deloitte’s most recent survey finds the impact of the last few years has led the youngest generations in the workforce to reassess their priorities and expect more from business leaders. The survey findings call for business leaders to act urgently to shape work models that support work/life balance, learning and development and wellbeing, and prioritise climate action.
Deloitte’s Gen Z and Millennial Survey connected with 14,808 Gen Zs and 8,412 millennials across 46 countries. Their responses present a picture of vivid contrasts, as these generations strive to balance their desire to drive change with the challenges of their everyday lives.
Struggling with the cost of living and financial concerns
Gen Zs (29%) and millennials (36%) selected cost of living (e.g., housing, transport, bills, etc.) as their greatest concern. Of note, 12% of Gen Zs and 11% of millennials selected political instability, war, and conflicts between countries as their greatest concern, percentages that likely would have been much higher if the survey had been fielded just a few months later, as Russia invaded Ukraine.
Concerns about cost of living may be a symptom of the times, given high levels of inflation, but they also speak to issues that these generations have been expressing for years: they don’t feel financially secure personally, and at a broader societal level, they are deeply concerned about wealth inequality.
Almost half of Gen Zs (46%) and millennials (47%) live paycheck to paycheck and worry they won’t be able to cover their expenses.
More than a quarter of Gen Zs (26%) and millennials (31%) are not confident they will be able to retire comfortably.
Around three-quarters of Gen Zs (72%) and millennials (77%) agree that the gap between the richest and poorest people in their country is widening. Amid this financial unease, many Gen Zs and millennials are redefining their working patterns. As many as 43% of Gen Zs and 33% of millennials have a second part- or full-time paying job in addition to their primary job. A small, but growing, percentage are also moving to less expensive cities with remote jobs.