The high cost of living remains the biggest concern for Gen Zs and millennial, followed by unemployment and climate change according to the latest report by Deloitte.
According to Deloitte’s Gen Z and Millennial Survey connected with 14,483 Gen Zs and 8,373 millennials across 44 countries, half of Gen Zs and millennials say they live paycheck to paycheck.
“They worry that a potential economic recession has led employers to backtrack on climate action. They also worry that it will hamper their ability to ask for much-needed pay increases, continue pushing for flexibility, or find new jobs,” the report says.
Gen Zs are more likely to expect their personal financial situation to improve in the next year (44% of Gen Zs versus 35% of millennials).
This year’s survey explores how Gen Zs and millennials are navigating economic challenges, the progress they feel their employers have made. It also examines how concerns about the economy may be impacting their ability to plan for their futures.
Young Kenyans respond to cost of living crisis with ‘side hustles’
Gen Zs and millennials are responding to financial pressures by taking on side jobs (on the rise compared to 2022), postponing big life decisions like buying a house or starting a family, and adopting behaviors that save money (and help the environment) such as buying second-hand clothes or not driving a car.
The cost of living crisis and maintaining a work/life balance
Maintaining a work/life balance is very key for both Gen Z and Millennials and is a top consideration when choosing a new employer. “While 49% of Gen Zs and 62% of millennials say work is central to their identity, work/ life balance is something they are striving for. Having a good work/life balance is the top trait they admire in their peers,”
” Improving career advancement opportunities for part-timers is the highest-ranked solution among respondents for achieving better work/ life balance”.
The flexibility of hybrid and remote jobs is a major appeal to this generation with three-quarters of respondents, who are currently working in remote or hybrid roles, citing that they would consider looking for a new job if their employer asked them to go on-site full-time.
This year, approximately one-third of Gen Zs and millennials in full- or part-time work reported that they are very satisfied with their work/life balance, compared to only one in five in 2019. Satisfaction with workplace flexibility is also on the rise.
Concerns on climate change
Although Gen Z and Millennials recognize the impacts of climate change, financial woes make it difficult to clump their efforts on climate action.