2024 Gen Z and Millennial Survey: Living and working with purpose in a transforming world
The 13th edition of Deloitte’s Gen Z and Millennial Survey connected with nearly 23,000 respondents across 44 countries to track their experiences and expectations at work and in the world more broadly.
Gen Zs and millennials are cautiously optimistic about the economy and their personal finances, but uncertainty remains
Just under a third of Gen Zs and millennials believe the economic situation in their countries will improve over the next year, reflecting the most optimism respondents have shown about the economy since our 2020 study fielded just before the COVID-19 pandemic. This optimism is also reflected in Gen Zs’ and millennials’ outlook for their personal financial situations, although financial insecurity continues to plague these generations.
Three in 10 say they do not feel financially secure. And roughly six in 10 live paycheck to paycheck. The cost of living remains their top concern by a wide margin compared to their other leading concerns, which include climate change, unemployment, mental health, and crime/personal safety.
There is some uncertainty about the social and political outlook, with only about a quarter of respondents believing it will improve in their country over the next year.
Purpose
Nearly all Gen Zs and millennials want purpose-driven work, and they are not afraid to turn down work that doesn’t align with their values
Having a sense of purpose is key to workplace satisfaction and well-being. And increasingly, these generations are willing to turn down assignments and employers based on their personal ethics or beliefs. 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.
Those who...
Climate action
Environmental sustainability is everyone’s responsibility
Environmental sustainability continues to be among Gen Zs’ and millennials’ top priorities. It is a personal concern that consistently weighs heavily on them, with roughly six in 10 Gen Zs and millennials saying they have felt worried or anxious about climate change in the last month.
The majority of them take action to minimize their impact on the environment. They feel governments should play a bigger role in pushing business to address climate change. And that business, in turn, could and should do more to enable consumers to make more sustainable purchasing decisions.
Protecting the environment is the societal challenge where respondents feel businesses have the most opportunity to drive change. Gen Zs and millennials are pushing business to act through their career decisions and consumer behaviors.
Percentage of Gen Zs and millennials who...
GenAI at work
Positive perceptions of GenAI increase with more hands-on experience, but so do workplace concerns
Among both generations, frequent users of GenAI are more likely to believe the technology will have positive effects on their work and improve their work/life balance.
But, conversely, the more a respondent uses GenAI, the more likely they are to have some concerns as well, such as believing that GenAI will cause the elimination of jobs, make it harder for younger generations to enter the workforce, or that they’ll have to find job opportunities that are less vulnerable to automation.
In response to these types of concerns, both generations are thinking about how to adapt, with a focus on reskilling and GenAI training.
Respondents who say that GenAI in the workplace will...
Future of work
Gen Zs’ and millennials’ career and workplace expectations are evolving
Many Gen Zs and millennials are choosing career paths based on environmental concerns, or which they believe will be less vulnerable to automation. And, once they do choose an employer, they push for change, particularly when it comes to workload, the services offered to clients, learning and development, DEI, wellness, social impact, and environmental efforts.
Work remains key to Gen Zs’ and, even more so to millennials’, sense of identity, with their jobs coming second only to friends and family. However, they are very focused on maintaining a positive work/life balance. And their strong preference for flexible work is driving greater demand for part-time jobs, job-sharing options, and models such as four-day work weeks for full-time employees.
Meanwhile, roughly a third of Gen Zs and millennials say they work for organizations who have recently implemented a return-to-office policy. These policies have yielded mixed results.
- Six in 10 Gen Zs (61%) and millennials (58%) believe they have the power to drive change within their organizations.
- Consistent with last year’s findings, work/life balance is the top consideration when Gen Zs and millennials are choosing an employer.
- Two-thirds of Gen Zs (64%) and millennials (66%) say they work for organizations who have recently implemented a return-to-office policy.
Mental health
As workplace factors contribute to stress levels, employers must stay focused on providing better workplace mental health
Only about half of Gen Zs (51%) and millennials (56%) rate their mental health as good or extremely good. And while stress levels have improved slightly since last year, they remain high, with 40% of Gen Zs and 35% of millennials saying they feel stressed all or most of the time.
About a third of respondents say that their job and their work/life balance contribute a lot to their stress levels.
Financial concerns, and family welfare are major stressors, alongside job related factors such as long working hours and lack of recognition.
Many respondents believe that their employers are taking mental health seriously. But despite some positive changes, there is room for improvement when it comes to enabling people to feel comfortable speaking openly about mental health at work. Managers and senior leaders need to play an important role to remove stigma.
Percentage of respondents who say...
To learn more about the mental health findings, read the Mental Health Deep Dive.
Learn more
Gen Zs and millennials have played a significant role in pushing the boundaries of what is expected from employers over the last decade, and they will continue to do so. Employers who listen and adjust their strategies will likely have a more satisfied, productive, and agile workforce who are better prepared to adapt to a transforming world.
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