Malaysia – 44% millennials and 37% Gen Zs anxious and stressed all the time

KUALA LUMPUR- 24 July 2021 - After a year of intense uncertainty because of the COVID-19 pandemic, political instability, racial discord, and severe climate events, millennials and Gen Zs around the world are determined to hold themselves and others accountable on society’s most pressing issues. These generations have long pushed for social change, but many now feel the world is at a pivotal moment. They are demanding accountability to drive changes that will result in a more equitable and sustainable world. 

Deloitte’s 2021 Millennial and Gen Z Survey, now in its 10th year, finds respondents are channeling their energies toward meaningful action—increasing political involvement, aligning spending and career choices with their values, and driving change on societal issues that matter most to them. In turn, as we have repeatedly found over the years, these generations expect institutions like businesses and governments to do more.

“It is clear that millennials and Gen Zs, are more persistent, vocal, and apt than others to question and even upset the status quo. Coming of age at the same time as online platforms and social media, these give them the ability and power to share their opinions, influence distant people and institutions, and question authority in new ways,” said Tan Hooi Beng, Talent Leader of Deloitte Malaysia.

Environment remains a top issue 

This year, health and unemployment fears topped the list of personal concerns for millennials. Yet, their continued focus on environmental issues (coming in third), and the fact that it remains the No. 1 concern for Gen Z—even during a global pandemic, when other threats to their health, family welfare, and careers may feel more imminent—demonstrates how important this issue is for younger generations. 

In Malaysia, 47% of millennials and 48% Gen Zs surveyed believe that more people will commit to take action on environmental and climate issues after the pandemic. This could include anything from recycling more to increasing use of public transportation, to changing their eating and shopping habits. As consumers, millennials and Gen Zs continue to make decisions aligned with their values. More than a quarter of respondents say businesses’ impact (both positive and negative) on the environment has influenced their buying decisions.

However, approximately 60% of millennials and Gen Zs fear business’ commitment to helping combat climate change will be less of a priority as business leaders cope with challenges brought on by the pandemic.  

Millennials and Gen Zs believe discrimination is widespread, likely enabled by systemic racism across society and major institutions

Globally, six in 10 Gen Zs and 56% of millennials say systemic racism is widespread in general society. However, the past year has prioritised the issue of racial discrimination in such a way that 75% of Malaysian millennials and 69% of Malaysian Gen Zs believe society is “at a tipping point and there will be positive change from this point forward.” Millennials and Gen Zs are doing what they can to address the problem. However, they are also looking to the government and other institutions to accelerate change. 

The issue is personal for many. Globally, at least one in five respondents say they feel personally discriminated against “all of the time” or frequently because of an aspect of their backgrounds. A quarter feel they have experienced discrimination by their governments, and approximately the same number feel they have been targeted on social media. 34% of millennials and 38% of Gen Zs believe racism in the workplace is systemic.

Because discrimination can become embedded in organisations over time, more than 70% of Malaysian millennials and Gen Zs agree that positive change will only come from the top down—from a change in attitude and actions from those in power. Yet, they don’t believe institutions are living up to their potential. When asked to rank who is making the greatest effort to reduce systemic racism, individuals and activists topped the list ahead of education systems, the legal system, and governments. 

The role of business in the conversation is uncertain and is potentially downplayed by millennials and Gen Zs. Business’ perceived potential to help bring about significant change is about half that of individuals, education systems, and government. And in terms of who is making the greatest effort to address systemic racism, businesses and business leaders ranked last among the eight choices offered.

To fill the void left by institutions, millennials and Gen Zs are taking change into their own hands. Respondents say they are educating others, sharing informational content on social platforms, voting for progressive politicians, and boycotting businesses and brands that don’t share their values on the topic of discrimination. 

Stress and anxiety permeate the workplace, highlighting a growing need for business to focus on better workplace mental health 

The COVID-19 pandemic has brought stress to the forefront of social consciousness— In Malaysia, 44% of millennials and 37% of Gen Zs feel stressed all or most of the time. Finances, family welfare, and job prospects have been the main stress drivers.

This stress spills over into the workplace. About a third of all respondents—31% of millennials and 35% of Gen Zs —have taken time off work due to stress and anxiety caused by the pandemic. However, nearly half of this group gave their employer a different reason for their absence, likely due to a continuing stigma around mental health in the workplace. In fact, only 38% of millennials and 35% of Gen Zs have felt comfortable enough to speak openly with their supervisors about the stress they’re feeling. And approximately 40% say their employers have done a poor job supporting their mental health during the pandemic.

Very few millennials (32%) and Gen Zs (23%) expressed that their employers in Malaysia took action to support mental/physical well-being. “Talking about mental health may not be easy, but it often means a lot to the person having a tough time. It is critical for workplaces to promote an open and inclusive environment where people feel comfortable speaking up about stress, anxiety, or other mental health challenges they are experiencing,” said Tan. 

“As movements restriction persists and with many still working from home, it is on us as employers, to take responsibility in supporting their mental health and well-being. We must constantly promote active listening, encourage openness, respect each other’s boundaries and personal time as well as encourage team members to take annual leave and “switching-off” during holidays,” he added. 

Pandemic heightens financial worries and concerns about wealth inequality 

The COVID-19 pandemic has heightened millennials’ and Gen Zs’ uncertainty about their financial futures. Half of the Malaysian respondents say they “often worry or get stressed” about their financial situations. The same number say that the pandemic has caused them to reassess and alter their financial goals.

Looking ahead, only 36% of millennials and 40% of Gen Zs believe their personal financial situations will improve by 2022. 

While personal financial concerns are increasingly on their minds, so is wealth inequality as a larger societal issue. Locally, 60% millennials and 51% Gen Zs think wealth and income is distributed unequally throughout society. 

Many believe government intervention may be needed to drive change. Nearly a third have voted for or otherwise supported politicians who want to reduce income inequality. Roughly 60% of respondents say legislation to limit the gap in rewards between senior executives and average employees would significantly help, as would legislation that requires business to pay workers at least the minimum required to live on. More than half of respondents also say that having a universal basic income could help remedy this issue.

Views on business’ social impact continues to decline, as job loyalty slips 

Continuing a steady decline over the last few years, Millennials perception on businesses in Malaysia dropped significantly, from 79% in 2019. Today, only slightly more than half (58%) of millennials and (56%) Gen Zs think businesses are having a positive impact on society. 

Job loyalty also slipped a bit from last year’s record high. More millennials and Gen Zs would, if given the opportunity, leave their current employers within two years (36% and 53% respectively, compared to 31% and 50% in 2020) while about the same say they plan to stay at least five years (34% millennials, 21% Gen Zs). And, 44% of millennials and 49% of Gen Zs say they have made choices over the type of work they are prepared to do and the organisations they are willing to work for based on their personal ethics over the last two years.

“Over the years, this survey has consistently shown that millennials and Gen Zs are values-driven and action-oriented, and they are holding themselves, and businesses, accountable. Even during a difficult year, they continue to push for positive societal change. Businesses that share their vision and support them in their efforts to create a better future will come out on top,” said Michele Parmelee, Deloitte Global Deputy CEO and Chief People and Purpose Officer.

For more information and to view the full results of Deloitte's 2021 Millennial Survey, visit: www.deloitte.com/millennialsurvey.

Methodology

The 2021 report solicited the views of 14,655 millennials and 8,273 Gen Zs (22,928 respondents total) from 45 countries across Asia Pacific, North America, Latin America, Western Europe, Eastern Europe, the Middle East, and Africa. The survey was conducted using an online, self-complete-style interview. Fieldwork was completed between 8 January and 18 February 2021.

This year’s report marks the first time Deloitte Global researched millennials and Gen Zs in the same number of countries. Last year, Gen Zs were surveyed in just 20 countries. Year-to-year comparisons of Gen Z responses were influenced by the addition of 25 new geographies and should be considered accordingly.

Millennials included in the study were born between January 1983 and December 1994. Generation Z respondents were born between January 1995 and December 2003. 

The report represents a broad range of respondents, from those with executive positions in large organisations to others who are participating in the gig economy, doing unpaid work or are unemployed. Additionally, the Gen Z group includes students who have completed or are pursuing degrees, those who have completed or plan to complete vocational studies, and others who are in secondary school and may or may not pursue higher education.

The views and opinions expressed in this article are those of Tan Hooi Beng, Talent Leader of Deloitte Malaysia

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