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

SINGAPORE, 17 May 2024 – Now in its 13th year, Deloitte’s 2024 Gen Z and Millennial Survey connected with nearly 23,000 respondents across 44 countries, including Singapore. The survey examined the evolving circumstances shaping the workplace and the societal experiences of these generations globally. Results from 300 respondents in Singapore have been collated into a country-specific report, with key findings highlighted below.

“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,” said 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.”

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 globally, (34% and 40% respectively). In Singapore, more than half of Gen Z respondents are most concerned about cost of living (56%). Among millennials, cost of living concerns rank second (31%), after climate change (38%).

There is cautious optimism that circumstances may improve. Globally, 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. Nearly half of Gen Zs (48%) and four in 10 millennials (40%) globally expect their personal financial situations to improve over the next year. Optimism is even higher in Singapore, where 50% of Gen Zs and 61% of millennials share this sentiment.

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%) globally, with this figure even higher among Gen Zs (89%) and millennials (97%) in Singapore.

Increasingly, these generations are willing to turn down assignments and employers based on their personal ethics or beliefs. A majority of Gen Zs (55%) and millennials (71%) in Singapore have rejected assignments for this reason, and nearly as many (52% of Gen Zs and 60% of millennials) said they have rejected employers – more than the global average of 44% and 40% respectively. Reasons for rejecting an employer or an assignment include factors such as having a negative environmental impact, contributing to inequality through non-inclusive practices, or 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. Roughly six in 10 Gen Zs (62%) and millennials (59%) globally, and 63% of Gen Zs and 68% of millennials in Singapore report feeling anxious or worried about climate change in the past month. As such, 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%) globally 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.

In Singapore, 24% of Gen Zs and 28% of millennials have already changed jobs or industries due to environmental concerns, while 21% of Gen Zs and 39% of millennials said they have researched companies’ environmental impact before accepting a job from them.

As consumers, almost two-thirds of Gen Zs (60%) and more than three-quarters of millennials (79%) in Singapore are willing to pay more to purchase environmentally sustainable products or services. Many are taking personal actions, or plan to in the future, to avoid fast fashion, reduce air travel, embark on a vegetarian or vegan diet, or purchase electric vehicles. In Singapore, more than a quarter of Gen Zs (29%) and millennials (28%) have stopped or lessened a relationship with a business because their products or services have a negative impact on the environment.

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 ways in which they work. Globally, 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.

In Singapore, the top emotions Gen Zs report feeling when they think about GenAI are uncertainty and excitement (both at 31%), while millennials feel a sense of surprise (40%). 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 that GenAI will free up their time, improve the way they work, and improve their work/life balance. Conversely, frequent users of GenAI are 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 concerns, both generations are focused on reskilling and training. In Singapore, 59% of Gen Zs and 86% of millennials say their employer is sufficiently training them on the capabilities, benefits, and value of GenAI, significantly higher than the global average, where only about half of Gen Zs (51%) and millennials (45%) feel this way.

Work/life balance is a top priority

Work/life balance remains the top priority for both Gen Zs and millennials globally when choosing an employer. The ability to maintain a positive work/life balance is also the top attribute they admire in their peers, well above other traditional markers of success such as job titles and material possessions. However, many are not achieving the balance they seek. Around a third of respondents globally who regularly feel anxious or stressed say their job and work/life balance contribute significantly to their stress levels, fuelled 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 two-thirds of global respondents (64% of Gen Zs and 66% of millennials) saying their employers have recently implemented a return-to-office mandate, either bringing people back fully on-site or moving to a hybrid model.

This figure is even higher for Gen Zs (74%) and millennials (84%) in Singapore. These mandates have yielded mixed results – Gen Z respondents in Singapore say that they have better routine and structure at work and prefer face-to-face communication in the office. They also feel more engaged and connected with their organisation and colleagues. On the other hand, they feel burdened financially and mentally due to the cost of commuting and increased stress levels and see decreased productivity due to time spent traveling that may otherwise be spent working.

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. In Singapore, 58% of Gen Zs and 75% of millennials rate their mental health as good or extremely good, higher than global figures (51% of Gen Zs and 56% of millennials). About a third of Gen Zs (35%) and millennials (27%) in Singapore say they feel stressed all or most of the time (down from 44% and 34% in 2023). While work is a big driver of this uneasiness, respondents globally and in Singapore emphasise 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 room for improvement when it comes to speaking openly about mental health. In Singapore, majority of Gen Zs (63%) and millennials (76%) say their employer takes the mental health of their employees seriously, higher than global findings where only 54% of Gen Zs and 55% of millennials feel this way.

“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 organisations, the flexibility to balance work and personal priorities, supportive workplaces which foster better mental health, and opportunities to learn and grow in their careers,” added 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.”

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.

Research 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.
 

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