Deloitte Global 2022 Gen Z and Millennial Survey

 Marking its 11th annual edition, Deloitte’s 2022 Gen Z and Millennial Survey – which covered 14,808 Gen Zs and 8,412 millennials across 46 countries – found Gen Zs and millennials navigating a very uncertain time.

The introduction to the report points out that the world was in the midst of the second year of the COVID-19 pandemic, just as vaccines were starting to roll out. “It had been a difficult year, but the survey revealed that Gen Zs and millennials were determined to create a better post-pandemic world. Fast forward to 2022 and, unfortunately, economic conditions and quality of life have deteriorated in many parts of the world.

Now in the third year of the pandemic, we’re also facing alarming geopolitical conflicts, extreme climate events, inequality, and a steep rise in inflation. Rather than being a temporary condition, disruption seems to have become part of the new normal.”

This year’s survey found that Gen Zs and millennials are deeply worried about the state of the world and are fighting to reconcile their desire for change with the demands and constraints of everyday life. They are struggling with financial anxiety, while trying to invest in environmentally sustainable choices.

They feel burned out, but many are taking on second jobs, while pushing for more purposeful –and more flexible – work. They press their employers to tackle climate change, particularly when it comes to efforts they can get directly involved in, but businesses may still be missing opportunities to drive deeper and broader climate action. They have inspired organizations to take action to address workplace mental health, but they are not always comfortable talking about these issues or taking advantage of the resources available.

Some of the specific findings include:

  • Gen Zs (29%) and millennials (36%) selected cost of living (e.g., housing, transport, bills, etc.) as their greatest concern. Of note, 12% of Gen Zs and 11% of millennials selected political instability, war and conflicts between countries as their greatest concern, percentages that likely would have been much higher if the survey had been fielded just a few months later, as Russia invaded Ukraine.
  • Almost half of Gen Zs (46%) and millennials (47%) live paycheck to paycheck and worry they won’t be able to cover their expenses.
  • More than a quarter of Gen Zs (26%) and millennials (31%) are not confident they will be able to retire comfortably.
  • Around three-quarters of Gen Zs (72%) and millennials (77%) agree that the gap between the richest and poorest people in their country is widening. Amid this financial unease, many Gen Zs and millennials are redefining their working patterns. As many as 43% of Gen Zs and 33% of millennials have a second part- or full-time paying job in addition to their primary job. A small, but growing, percentage are also moving to less expensive cities with remote jobs.

According to the report, “the unprecedented circumstances of the past few years have prompted many people around the world to rethink their priorities, leading to the Great Resignation. This time of historic voluntary turnover presents significant opportunities for millennials and Gen Zs. As this year’s survey results indicate, the sustained workplace changes they’ve been asking for – including higher compensation, more flexibility, better work/life balance, increased learning and development opportunities, better mental health and wellness support, and a greater commitment from businesses to make a positive societal impact – are also the strategies that will help employers attract and retain talent.”

Get the report at PowerPoint Presentation (deloitte.com).