Millennials and Gen Z are disillusioned about business, work and more: Survey

A recent survey by Deloitte — ‘The Deloitte Global Millennial Survey 2019’— shows that the younger lot of workers, such as GenZ and millennials— are pessimistic about work, economy, business leaders, financial institutes and more.

The 2019 report is based on the views of 13,416 millennials questioned across 42 countries and territories, and 3,009 members of Gen Z from 10 countries. Comprising a diverse group of respondents, the survey aims to generate a more comprehensive perspective of the two generations as a whole.
Millennials are those born between January 1983 and December 1994 and Gen Z comprises those born after 1994 and before 2003.

The results from the survey clearly point out the fact that this group is disrupted and radically different at the core. Changes have hit them hard—economically, socially, and perhaps psychologically.

Apparently, they are living in difficult times, as suggested by the report. When the millennials were ready for the job market, the economic recession of 2000 was a roadblock, which caused them to feel disillusioned about work. Such disillusionment has a long-term negative effect and is a reason for pessimism.

The survey highlights several disruptions –

Aspirations have changed: Having children and buying homes, which were considered as indicators of adulthood and “success markers” do not top their list of ambitions. Instead, travelling and seeing the world was at the top of the list (57 per cent) of aspirations. A little less than half said they wanted to own a home (49 per cent).

Pessimism towards eco-socio-political environment: Positive economic sentiment among millennials is at its lowest in six years. This year, only 26 per cent of the respondents expect the economic situations in their countries to improve, whereas last year this was at 45 per cent.

Incidentally, this pessimism continues towards the socio-political climate as well. Less than a quarter—about 22 per cent of millennials— said they expect improvement in their countries in the next year. Consistent with past surveys, millennials expressed low opinions of political and religious leaders. A significant 77 per cent said that political leaders are failing to have a positive impact on the world. Perhaps even more concerning are respondents’ thoughts regarding traditional media. More than four in 10 said that mass media is having a negative impact on the world, and 27 per cent have zero trust in the media as sources.

Take on business: Respondents are not optimistic about business leaders’ impact on society. In fact, they are apprehensive of them being able to commit to improving the world, or even being trustworthy.

Only 37 per cent of respondents believe business leaders make a positive impact on the world, 26 per cent said they don’t trust business leaders as sources of reliable and accurate information.

Industrial Revolution 4.0

Millennials feels that the changing nature of work may make it tougher to find or change jobs. Nearly half — 46 per cent— agreed overall, while 45 per cent of those currently unemployed or performing unpaid work said they foresee greater challenges. Half of the respondents who are optimistic about economic improvement also think it may be more difficult since only one in five employees feel they have the skill required to match the advanced technologies of the Fourth Industrial Revolution.

Incidentally, this cohort is disrupting the workplace too. More than 49 per cent are ready to quit their current jobs in the next two years.

The respondents indicated their interest in opting for freelance or contract work. Overall, the gig economy is a favourable option for four in five millennials and Gen Z. Only six per cent of millennials said they’ve chosen to be part of the gig economy instead of working full time, but 50 percent said they would consider it, and 61 per cent will take gig assignments to supplement existing employment.

Overall, almost half of the millennials believe gig workers can earn as much as those in full-time jobs, and the same number think gig workers have a better work–life balance.