Gen Z

Deloitte has released its 2024 Gen Z and Millennial Survey. Now in its 13th year, the survey collected responses from nearly 23,000 individuals across 44 countries, examining the workplace and the societal experiences of these generations globally.

The survey found that the cost of living is Gen Zs’ and millennials’ top concern for the third year in a row. Indeed, fifty-six per cent of Gen Zs and 55 per cent of millennials live paycheck-to-paycheck – this is up five points for Gen Zs and three points for millennials since last year. Around three in ten say they do not feel financially secure.

However, just under a third of Gen Zs and millennials believe the economic situation in their countries will improve over the next year.

Nearly half of Gen Zs (48 per cent) and four in 10 millennials (40 per cent) expect their personal financial situations to improve over the next year.

Within the workplace, purpose was found to be key to satisfaction and well-being for nearly nine in 10 Gen Zs (86 per cent) and millennials (89 per cent). Indeed, half of Gen Zs and just over four in ten millennials have rejected assignments based on their personal ethics or beliefs, while 44 per cent of Gen Zs and 40 per cent of millennials said they have rejected employers.

Reasons for rejecting an employer or an assignment include:

• Having a negative environmental impact,  
• Contributing to inequality through non-inclusive practices, and
• Lack of support for employees’ mental well-being and work/life balance.

Further, around six in 10 Gen Zs (62 per cent) and millennials (59 per cent) report feeling anxious or worried about climate change in the past month.

Gen Zs and millennials are also using their career decisions and consumer behaviour to push for action.

Around half of Gen Zs (54 per cent) and millennials (48 per cent) say they and their colleagues are putting pressure on their employers to take action on climate change.

Two in 10 Gen Zs (20%) and millennials (19%) have already changed jobs or industries due to environmental concerns, with another quarter planning to do so in the future.

Regarding GenAI, nearly six in ten Gen Zs (59 per cent) and just over half of millennials (52 per cent) believe the prevalence of GenAI will make them look for job opportunities less vulnerable to automation, such as skilled trades or manual labour.

Uncertainty was found to be the top emotion experienced when thinking about GenAI. The survey also found that women express greater uncertainty about GenAI than men and are less likely to feel comfortable working alongside it.

Frequent users of GenAI were found to be more likely to believe that GenAI-driven automation would eliminate jobs and make it harder for young people to enter the workforce. Meanwhile, only about half of Gen Zs (51 per cent) and millennials (45 per cent) said their employer is sufficiently training them on the capabilities, benefits, and value of GenAI.

Work/life balance also remains the top priority for both Gen Zs and millennials when choosing an employer, according to the 2024 Gen Z and Millennial Survey.

Around a third of respondents who regularly feel anxious or stressed say their job and work/life balance contribute a lot to their stress levels, fuelled significantly by long working hours (51% of both generations), and a lack of control over how or where they work (44%).

Only about half of respondents rate their mental health as good or extremely good.

Up to four in 10 Gen Zs (40 per cent) and millennials (35 per cent) say they feel stressed all or most of the time (down from 46% and 39% in 2023).

Nearly three in 10 Gen Zs and millennials also worry their manager would discriminate against them if they raised stress or other mental health concerns, and around three in 10 don’t believe senior leaders are prioritising mental health in the workplace.

Read the full report here.