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All generations have been influenced by their circumstances, and Millennials and Generation Z are no exception. At one end of the spectrum, older Millennials were entering the job market during the economic recession of the late 2000s. At the other, Gen Zs, have spent half their lives in a post-crash world. To paint a picture, Millennials who grew up in the United States have experienced less economic growth in their first decade of work than any other generation. This translates to lower real incomes and fewer assets than previous generations at comparable ages, coupled with higher levels of debt (Kurz, Li, and Vine, 2018).
In a year characterised by high profile global geo-political and economic events (e.g., Brexit and US-China trade), what are our younger generations saying about the world and business at large in 2019? Each year, Deloitte’s annual Millennial Survey sets out to ask Millennials about global societal challenges and their opinion to see how they’re trending. |
The 2019 Deloitte Global Millennial report is based on a survey conducted among a pool of 13,416 Millennials across 42 countries and 3,009 Gen Z’s from 10 countries, which is a combined sample size of 16,425 respondents.
The overall sample size of 16,425 represents the largest survey of Millennials and Gen Zs completed in the eight years Deloitte has published this report.
The key findings of the 2019 survey are:
Economic, social and political optimism is at record lows.
This year, positive economic sentiment among Millennials is at its lowest in the six years Deloitte has conducted the Survey. The respondent’s positivity towards traditional societal institutions, political leaders, religious leaders and mass media has declined. Key statistics include:
Millennials and Gen Zs are disillusioned.
The data suggest that respondents are not particularly satisfied with their lives, financial situations, jobs, government, social media or the way their data is used:
Millennials value experiences.
Priorities of Millennials and Gen Z have evolved:
Millennials are skeptical of business’ motives.
Respondents generally do not think highly of leaders’ impact on society, their commitment to improving the world, or their trustworthiness:
Millennials let their wallets do the talking (and walking).
In general, Millennials and Gen Zs cite societal impact and ethics as one of the most common reasons why they would change their relationships with businesses”:
23% would start or deepen relationships based on the diversity of the company’s leadership group or the company’s diversity and inclusion policies.
The results of this survey indicate that Millennials are increasingly pessimistic and mistrustful of the economy, their countries’ social mobility, political situations, and institutions including their government, the media and businesses.
This year, the survey suggests that Millennials and Gen Zs want the business talk to turn into meaningful action, and for business leaders to be the agents of positive change. They expect businesses to enhance lives and careers but are not seeing enough businesses rising to the challenge to fill the gap.
The key lessons businesses can take from this year’s survey to reengage younger generations and inspire loyalty include:
To read the full report, please click here.
Christopher Kurz, Geng Li, and Daniel J. Vine, “Are Millennials different?,” Finance and Economics Discussion Series, Federal Reserve Board, 2018.
For more information about the article, please contact Parul Gupta.
Parul is a senior analyst specialising in tax in the financial services industry in Melbourne. She has experience providing taxation compliance and advisory services to the wealth and asset management sector, specialising in funds management (domestic and offshore), superannuation and Shariah compliant arrangements. Parul holds a Bachelor of Law and Bachelor of Business and is admitted to practice as an Australian lawyer.