Gen Zs and Millennials Find Reasons for Optimism Despite Difficult Realities – Deloitte
Deloitte Global’s latest Gen Z and millennial survey reveals how they’re finding balance between uncertainty and optimism and how organizations can create positive momentum
The past few years have been difficult for even the most die-hard optimists, and Gen Zs and millennials, in particular, have faced a battery of challenges. Navigating the COVID-19 pandemic took a toll on their education, career opportunities, and mental health. They’re uncertain about what their futures will look like, and if they’ll even be able to afford it when it comes, given the rising cost of living. Global instability, climate change, and the unpredictable impact of artificial intelligence/technologies all loom large for them.
But Deloitte’s 2024 Gen Z and Millennial Survey, which surveyed more than 22,800 respondents in 44 countries, shows growing optimism among Gen Zs and millennials, despite their concerns about what their futures might look like. This year’s survey identified five key areas where Gen Zs and millennials are becoming more adept at managing the tension between reality and optimism as they look to the future.
They’re uncertain about what will happen at the polls but optimistic about their ability to drive change on social issues
As nearly half of the world’s population heads to the polls this year – including in 23 of the 44 markets covered in this survey—the year seems to represent one of global choice and opportunity. While the role and significance of upcoming elections this year vary across countries, for many markets, the results of their elections promise to have significant impacts on the issues that matter most to Gen Zs and millennials around the world.
Roughly a quarter of Gen Zs (28%) and millennials (26%) believe that the social and political situations in their countries will improve over the next year—a one-point increase for both generations since last year. But fewer than half of respondents (42% of Gen Zs and 40% of millennials) believe they have an influence on the overall direction of their countries. Both generations are likely to believe they have the agency to drive change on major societal challenges, such as protecting the environment, raising awareness for mental health, increasing access to education, and addressing social inequality.
They’re struggling financially but are optimistic about their economic futures
Financial insecurity continues to plague Gen Zs and millennials. Three in 10 (30% of Gen Zs and 32% of millennials) say they do not feel financially secure. And roughly six in 10 (56% of Gen Zs and 55% of millennials) live paycheck to paycheck. The cost of living remains their top concern by a wide margin compared to their other top concerns, which include climate change, unemployment, mental health, and crime or personal safety.
But despite these statistics, Gen Zs and millennials are hanging on to hope. Three in 10 (32% of Gen Zs and 31% of millennials) are optimistic that the economies in their countries will improve within the next year, a sentiment that has trended up since last year and is at its highest since the 2020 survey conducted prior to the pandemic. This optimism also extends to their personal finances, with more than four in 10 Gen Zs (48%) and millennials (40%) expecting their financial circumstances to improve as well over the next year.
Read the full 2024 Gen Z and millennial survey
Click here to read complete article at Deloitte.
Categories: Sales and Marketing