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- Gen Z and millennials are grappling with a myriad of concerns that are defining their collective experiences.
- Deloitte’s Global 2023 Gen Z and Millennial Survey sheds light on the worries of Gen Zs and millennials in 2023, with the cost of living emerging as the top societal concern.
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In an era characterised by unfavourable economic conditions, unprecedented social changes, transforming workplaces, and artificial intelligence on a mission to revolutionise almost everything - Gen Zs and millennials are grappling with a myriad of concerns that define their collective experiences.
The 2023 Gen Z and Millennial survey by Deloitte, an extensive study which interviewed 22 000 Gen Zs and millennials in 44 countries, offers some valuable insights into the worries that weigh on the minds of these two generations.
Cost of living top of the list
Gen Zs and millennials highlighted today’s high cost of living as their top societal concern, with 35% of Gen Zs and 42% of millennials citing high prices as a major worry. This was followed by unemployment and climate change.
One South African female Gen Z commented: “I am worried my mother won’t be able to get a well-paying job as she is now 60 years of age. I can’t keep supporting her by myself, so I need her to be able to find a job.”
As a result, side jobs are on the rise with 51% of Gen Zs and 52% of millennials saying that they live paycheck to paycheck.
Those who have been in their jobs for less than two years were 10% more likely to live paycheck to paycheck compared to those with the same employer for more than five years.
“Many of these side jobs leverage technology and social media platforms,” the report said.
- Selling products or services online (21% of Gen Zs and 25% of millennials).
- Engaging in gig work like food delivery or ride-sharing apps (20% of Gen Zs and 19% of millennials).
- Pursuing artistic ambitions (18% of Gen Zs and 15% of millennials).
- Social media influencing (16% of Gen Zs and 15% of millennials).
40% of Gen Zs and 43% of millennials said their care duties, which involved caregiving responsibilities for children, parents and/or elderly relatives, have a significant impact on their finances.
Financial strain
The financial strain that a large number of this demographic face has hindered their ability to plan for the future and pursue big life decisions, such as buying a house.
“In addition to taking on side jobs, Gen Zs and millennials are also adopting simple, everyday behaviours that save money and support the environment - these range from buying second-hand clothes and avoiding fast fashion, to choosing not to drive a car and eating a vegetarian or vegan diet,” the report said.
“While [they] are adapting to their uncertain environment, financial precarity makes it harder to plan ahead and invest in their futures.”
- 56% of Gen Zs and 55% of millennials think it will become harder or impossible to ask for a raise.
- 50% of Gen Zs and 47% of millennials expect starting a family to become harder or impossible.
- 61% of Gen Zs and 62% of millennials think buying a house will become harder or impossible.
Even as this is the case, the majority of them are hesitant to ask their employers for raises and/or promotions. The study found that 23% of Gen Zs and 13% of millennials who are planning to leave their current jobs in the next year are doing so with pay being the top reason for their exit.
Remote work and hybrid set-up critical for Gen Zs and millennials
The survey revealed that three quarters of respondents who currently work in remote or hybrid roles would consider leaving their employers if they were asked to go into the office full-time.
This is consistent throughout the survey across countries and regardless of gender, sexuality, caretaking responsibilities, and identification with a minority group.
This presents a talent retention risk for many organisations calling their employees back to the office full-time.
Interestingly, there are a number of versions of what "hybrid" looks like.
The survey said:
“This might mean working remotely all or most of the time and going to a common workplace or meeting with colleagues once a week, once a month, or even once a year. Or it could mean working on-site more regularly while occasionally working from home.”
Some of the reasons the survey respondents cited for preferring a remote or hybrid set up is that they believe it enables better work/life balance, helps save money, drives greater productivity, and is positive for their mental health.
On the other hand, 22% of Gen Zs and 15% of millennials were not necessarily in favour of remote or hybrid set ups saying that they’ve experienced proximity bias where workers who are physically closer are treated more favourably, that connecting with their colleagues was harder, finding mentorship opportunities from leaders in their organisations was more difficult, and that it can be isolating.
Stressed all the time
Whether remote, hybrid or going in full-time, about three quarters of surveyed individuals agreed that even though some progress seems to have been made towards enabling a better work/life balance, they are struggling with their workloads.
“Gen Zs and millennials say their workload and poor work/life balance contribute to their stress levels,” the survey said.
“Despite many benefits, the ability to work from anywhere has contributed to ‘always-on’ workplaces which can make it hard to disconnect, with seven in 10 Gen Zs and millennials responding to work emails/messages outside of normal working hours at least one day a week.”
About 52% of Gen Zs and 49% of millennials feel burned out citing workplace pressures as a key driver.
The effects of the burnout leave many feeling exhausted all or most of the time, feeling mentally distanced from their work and often struggling to perform to the best of their ability.
For stress, Gen Zs and millennials cited finances and the wellbeing of friends and family as the top driver.
And while they do agree that their employers have been taking mental health issues more seriously than before, they still don’t feel comfortable speaking openly to their managers about anxiety or stress.
“The continued hesitancy to disclose the reasons for mental health related absences or use mental health resources is likely due to a persistent mental health stigma in the workplace.”
Harassment in the workplace emerged as a key concern for those surveyed, particularly for Gen Z where six in 10 said that they’ve experienced it at work in the past year.
Climate change was also a major concern, but they expressed that finances have made it harder for them to prioritise sustainability.
As Gen Zs and millennials continue to grow and shape the world around them, their collective concerns serve as a call to action for leaders across several sectors.
The survey reinforces the need for intergenerational dialogue and collaboration to navigate the uncertainties of the modern world effectively.
