Deloitte recently published its Global Millennial Survey of 13,416 millennials from 42 countries and 3,009 Gen Z respondents from ten countries. The survey found that both generations are experiencing economic disruptions that have translated into stress and pessimism about their careers, their social lives, and the entire world around them.
Economic optimism dropped to a low for both generations, with only 25% of respondents expecting a 2H19 rebound in global growth.
About 50% of millennials said their financial wellbeing would continue to deteriorate for the next six months, while 43% expected some improvement.
“From the economic recession a decade ago to the Fourth Industrial Revolution, millennials and Gen Zs have grown up in a unique moment in time impacting connectivity, trust, privacy, social mobility 4and work,” says Michele Parmelee, Deloitte Global Chief Talent Officer.
“This uncertainty is reflected in their personal views on business, government, leadership and the need for positive societal change agents. As business leaders, we must continue to embrace the issues resonating most with these two generations, or risk losing out on talent in an increasingly competitive market,” she said.
About 52% of the millennials said salary growth was a top priority in life, while 56% of Gen Zs said the same. Starting a family was important to about 39% of the millennials and 45% of Gen Zs.
Among 20 challenges facing societies across the world, both generations responded by saying climate change, protecting the environment, and natural disasters were vital to them, but 29% cited it as a worry (not as important). The next-highest concern for both generations is income inequality and how money is distributed through an economy. Terrorism, crime, and World War III placed in the top seven concerns, suggesting that personal safety is essential.
The upcoming 2020 US election will be the first election in which all American millennials and Gen Zs will vote for a president, noted Bloomberg.
Deloitte says the difference between millennials and Gen Zs depend on the country. For example, in China and India, Gen Zs are much more optimistic about the future; meanwhile, the same generation in more developed economies was pessimistic about the economic outlook.
Both generations across all countries surveyed are feeling pessimistic about their economic outlook because of a global synchronized slowdown that threatens to send world trade into a recession.
The IMF recently downgraded its forecast for the global economy for the fourth time in nine months. We are now in a “significantly weakened global expansion,” warned IMF chief economist Gita Gopinath.
The IMF believes that 70% of the global economy will experience a slowdown this year, which is exactly why both generations overwhelmingly didn’t expect a rebound in global growth for 2H19.