Deloitte’s 2024 Gen Z and Millennial Survey finds these generations stay true to their values as they navigate a rapidly changing world

Now in its 13th year, Deloitte’s 2024 Gen Z and Millennial Survey connected with nearly 23,000 respondents across 44 countries, examining the evolving circumstances shaping the workplace and the societal experiences of these generations globally.

“This year’s survey spotlights two generations who are grappling with financial insecurity, high stress levels, and mounting climate anxiety. They are also considering how rapidly evolving technology, like GenAI, will impact their jobs and their longer-term career decisions,” says Elizabeth Faber, Deloitte Global Chief People & Purpose Officer. “But they see reasons for optimism in the year ahead and they continue to push for the changes they want to see, in the workplace and society more broadly.”

Carol Zheng, Deloitte China Chief Talent Officer, says, “Gen Zs and millennials symbolise boundless vitality and innovation. Deloitte deeply appreciates their enormous potential, which is why we adopt a “people-first” approach and adhere to our Employee Value Proposition (EVP) of “Shaping future talent through impact that matters”, with talent as a key driver of organisational growth. We offer tailor-made, fast-track growth opportunities through a range of innovative, iconic talent development programs, covering not only initiatives to nurture high-potential talent, but also awards for empowering female in tech.

“Additionally, we provide our talent with one-on-one i-coaching and promote a coaching culture that accelerates their career growth. Our Internal Career Marketplace also opens opportunities and flexibility for Deloitte people to change their career paths, enabling them to find a sense of self-worth and make an impact that matters by doing meaningful work. We also stay up-to-date with the latest trends in AI by launching our own AI and Generative AI learning curriculum, which helps our talent leverage human-machine collaboration to cope with future challenges as experts in commercial AI applications.”

Economic optimism on the rise despite continued financial concerns

For the third year in a row, the cost of living is Gen Zs’ and millennials’ top concern. Roughly six in 10 Gen Zs (56%) and millennials (55%) live paycheck-to-paycheck—up five points for Gen Zs and 3 points for millennials since last year. And around three in 10 say they do not feel financially secure.
Yet, there is cautious optimism that circumstances may improve. Just under a third of Gen Zs and millennials believe the economic situation in their countries will improve over the next year—the highest percentage since the 2020 Millennial Survey, fielded just before the onset of the COVID-19 pandemic. And, nearly half of Gen Zs (48%) and four in 10 millennials (40%) expect their personal financial situations to improve over the next year.

Purpose is key to job satisfaction

Purpose is key to workplace satisfaction and well-being, according to nearly nine in 10 Gen Zs (86%) and millennials (89%). And increasingly, these generations are willing to turn down assignments and employers based on their personal ethics or beliefs—half of Gen Zs (50%) and just over four in 10 millennials (43%) have rejected assignments. Nearly as many (44% of Gen Zs and 40% of millennials) said they have rejected employers. Reasons for rejecting an employer or an assignment include factors such as having a negative environmental impact, or contributing to inequality through non-inclusive practices, and more personal factors such as a lack of support for employees’ mental well-being and work/life balance.

Businesses have an opportunity and the necessary influence to drive climate action

Protecting the environment is the societal challenge where Gen Zs and millennials feel businesses have the most opportunity and necessary influence to drive change. And, as roughly six in 10 Gen Zs (62%) and millennials (59%) report feeling anxious or worried about climate change in the past month, Gen Zs and millennials are using their career decisions and consumer behaviour to push for action.

Around half of Gen Zs (54%) and millennials (48%) say they and their colleagues are putting pressure on their employers to take action on climate change, a trend that has increased steadily in recent years. And two in 10 Gen Zs (20%) and millennials (19%) have already changed jobs or industry due to environmental concerns, with another quarter planning to in the future.

As consumers, about two-thirds of Gen Zs (64%) and millennials (63%) are willing to pay more to purchase environmentally sustainable products or services. And many are taking personal actions, or plan to in the future, such as avoiding fast fashion, reducing air travel, eating a vegetarian or vegan diet, or purchasing electric vehicles.

Gen Zs and millennials are uncertain about GenAI, but positive perceptions largely increase with frequent use

Gen Zs and millennials believe GenAI will have a significant impact on their career paths and the way in which they work. Nearly six in 10 Gen Zs (59%) and just over half of millennials (52%) believe the prevalence of GenAI will make them look for job opportunities that are less vulnerable to automation, such as skilled trades or manual labour.

Uncertainty is the top emotion Gen Zs and millennials report feeling when they think about GenAI. The survey also finds that women in particular express greater uncertainty about GenAI than men do and are less likely to feel comfortable working alongside it. A lack of familiarity may accentuate feelings of uncertainty. Gen Zs and millennials who use GenAI at work all or most of the time are more likely to feel trust and excitement than uncertainty. They are also more likely to believe GenAI will free up their time, improve the way they work, and improve their work/life balance. But, conversely, frequent users of GenAI are also even more likely to have certain concerns, such as believing that GenAI-driven automation will eliminate jobs and make it harder for young people to enter the workforce.

In response to these types of concerns, both generations are focused on reskilling and training. However, only about half of Gen Zs (51%) and millennials (45%) say their employer is sufficiently training them on the capabilities, benefits, and value of GenAI.

Work/life balance is a top priority

Work/life balance remains the top priority for both Gen Zs and millennials when choosing an employer. The ability to maintain a positive work/life balance is also the top thing they admire in their peers, well above other traditional markers of success like job titles and material possessions. Yet many are not achieving the balance they seek. 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%).

The last year has seen a continued shift towards more on-site work, with nearly two-thirds of respondents saying their employers have recently implemented a return-to-office mandate, either bringing people back fully on-site or moving to a hybrid model. These mandates have yielded mixed results, with some reporting benefits like improved engagement, connection and collaboration, while others are experiencing increased stress and decreased productivity.

Despite a dip this year, stress and workplace mental health stigma remain

Stress levels and mental health continue to be a concern, although there are some signs of improvement this year. Only about half of respondents rate their mental health as good or extremely good. And up to four in 10 Gen Zs (40%) and millennials (35%) say they feel stressed all or most of the time (down from 46% and 39% in 2023). While work is a big driver of this uneasiness, respondents emphasize their finances and the health and welfare of their family as the top stress drivers.

Employers are making some progress when it comes to better workplace mental health, but there is still much room for improvement when it comes to speaking openly about mental health. Nearly three in 10 Gen Zs and millennials worry their manager would discriminate against them if they raised stress or other mental health concerns, and roughly three in 10 don’t believe senior leaders are prioritizing mental health in the workplace.

“Gen Zs and millennials expect a lot from their employers, and from business more broadly. But what they are asking for is what most employees in the workforce, regardless of age, likely want: meaningful work within purpose-driven organizations, the flexibility to balance work and personal priorities, supportive workplaces which foster better mental health, and opportunities to learn and grow in their careers,” adds Elizabeth Faber. “Employers who work to get these things right will have a more satisfied, productive, engaged, and agile workforce who are better prepared to adapt to a rapidly transforming world.”

Carol Zheng adds, “At Deloitte, we are committed to building a work environment underpinned by values of ‘diversity, equity and inclusion’ for our employees. By creating a total wellbeing ecosystem – “Deloitte Wellbeing Planet” – we help Gen Zs and millennials harmonise work and wellbeing and reduce anxiety from multiple perspectives including health and wealth, work-life balance, mission and value.”

“In addition to actively advancing social progress and sustainable development, we strive to fulfil our corporate social responsibility through implementing the WorldClimate initiative, which demonstrates our recognition of the importance of climate change and environmental issues to human society. Through our Impact Every Day 2.0. initiative, we encourage our people to contribute to protecting the environment, thereby promoting a win-win outcome for our talent, enterprises and society.”

To learn more about the Deloitte Global 2024 Gen Z and Millennial Survey and the Mental Health Deep Dive based on the findings, please visit: www.deloitte.com/genzmillennialsurvey.

Methodology

The Deloitte Global 2024 Gen Z and Millennial Survey reflects the responses of 14,468 Gen Zs and 8,373 millennials (22,841 respondents in total), from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific. The survey was conducted using an online, self-complete-style interview. Fieldwork was completed between 24 November 2023 and 13 February 2024. The report includes quotes from respondents who provided feedback to open-ended questions in the main survey. These quotes are attributed to respondents by age, gender, and location. As defined in the study, Gen Z respondents were born between January 1995 and December 2005, and millennial respondents were born between January 1983 and December 1994.