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Deloitte’s 2024 Gen Z and Millennial Survey Shows Interesting Data

Deloitte’s latest survey on Gen Z and Millennials offers valuable insights into the attitudes, aspirations, and concerns of these influential generations. The survey includes responses from nearly 23,000 respondents across 44 countries.

The main finding in both groups is that they want to live and work with purpose. They care about work-life balance and the impact their life has on the world.

The top concerns for each group is noted below.

Gen ZsMillennials
Cost of living – 34%Cost of Living – 40%
Unemployment – 21%Climate Change – 23%
Climate Change – 20%Crime – 19%
Mental Health of my Generation – 19%Health Care & Disease Prevention – 19%
Crime – 17%Unemployment – 18%

Some interesting findings from the survey are noted below.

Economics

Financial security is proving to be an issue with 30% of Gen Zs and 32% of millennials stating they do not feel financially secure. Roughly 55% of both groups live paycheck-to-paycheck. These are just two reasons that cost of living remains a top concern.

While economy is a concern, roughly 30% of the respondents do feel their economic situation will improve.

Job Satisfaction and Career Aspirations

Work with a purpose is incredibly important to both groups. They have no problem saying no to a job that will not match their values.

  • 86% of Gen Zs and 89% of Millennials noted that a sense of purpose in their job is somewhat or very important to job satisfaction and well-being.
  • 57% of Gen Zs and 59% of Millennials expressed satisfaction with their current jobs.
  • However, 37% of Gen Zs and 24% of Millennials are actively seeking new job opportunities.
  • “Making a positive impact on society and the environment” emerged as the top career priority for 49% of Gen Zs and 44% of Millennials.

Thoughts on Gen AI

With huge leaps in AI, the survey focused on what these groups thought about the impact on careers.

  • 24% of Gen Zs and 26% of Millennials feel uncertain when they think about GenAI.
  • Roughly 82% of frequent users in both groups of GenAI believe it will free up time and improve work life balance.
  • 78% of Gen Zs and 79% of Millennials who use GenAI frequently plan on looking for careers that are less vulnerable to automation. Only 42% of Gen Zs and 34% of Millennials who do not use GenAI plan on looking for a new career.

“Gen Zs and millennials expect a lot from their employers, and from business more broadly. But what they are asking for is what most employees in the workforce, regardless of age, likely want: meaningful work within purpose-driven organizations, the flexibility to balance work and personal priorities, supportive workplaces which foster better mental health, and opportunities to learn and grow in their careers,” adds Elizabeth Faber. “Employers who work to get these things right will have a more satisfied, productive, engaged, and agile workforce who are better prepared to adapt to a rapidly transforming world.”

Mental Health and Well-being at Work

Roughly a third of respondents who stated they feel stressed or anxious noted their work/life balance was a big contributor. The following are some of the aspects that are adding to their anxiety or stress.

  • 51% of Gen Zs and 53% of Millennials stated the lack of recognition or reward for their work.
  • 51% of both groups stated long working hours.
  • 50% of Gen Zs and 45% of Millennials noted time needed to complete work was inadequate.
  • 46% of Gen Zs and 49% of Millennials stated they felt a lack of support by their leaders.

There are good signs that employers are placing more focus on the mental well-being of their employees. Just over half of Gen Zs (54%) and millennials (55%) agree their employers take the mental health of their
employees seriously. This data is an improvement from prior surveys.

Sustainability

Environmental sustainability continues to be among Gen Zs’ and millennials’ top concerns and priorities. Six in 10 Gen Zs (62%) and millennials (59%) say they have felt worried or anxious about climate change in the last month, up two points for both generations from last year.

In response, the majority of both generations take action to minimize their impact on the environment (73% of Gen Zs and 77% of millennials). And they feel governments should play a bigger role in pushing business
to address climate change (77% of Gen Zs and 79% of millennials). They also believe that business, in turn, could and should do more to enable consumers to make more sustainable purchasing decisions (79% of
Gen Zs and 81% of millennials).

The full survey is available for download at Deloitte.

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