Uneasiness and pessimism abound among the majority of the world’s population

The difference between Gen Zs and Millennials is, according to the survey, much more visible when making a comparison across countries. In China and India, Gen Zs were more optimistic about the future. Meanwhile, youth in major economic powers were pessimistic about the world and whether their place in it will improve.

 

Starting a family, buying homes and other traditional markers of achievement are no longer coveted by millennials and Gen Z, whose habits have been an obsession for marketers seeking to tap their spending power.

 

In its Global Millennial Survey 2019, Deloitte has mapped the changing life priorities of these two cohorts of young people (Gen Z: those born between 1995 and 2002; and millennials: those born between 1983 and 1994) and their perception of society and work.

 

The difference between Gen Zs and Millennials is, according to the survey, much more visible when making a comparison across countries. In China and India, Gen Zs were more optimistic about the future. Meanwhile, youth in major economic powers were pessimistic about the world and whether their place in it will improve.
 

Only 52% of the Millennials surveyed responded that earning a high salary was a top priority while 56% of their Gen Z peers did so. And 39% of the Millennials saw starting a family as very important, while 45% of the younger cohort agreed.

 

Because some among the Gen Z age group are still studying, they are generally more likely to expect educators to provide them with the skills they’ll need in the labor market. Millennials, on the other hand, expect businesses to give them access to more skills.

 

Fifty-seven per cent of both age groups surveyed globally said travel and seeing the world was top priority for them, while slightly fewer than half said they wanted to own a home (49%). Women (62%) were more interested in seeing the world compared to men (51%).

 

Priorities are slightly different in India, although they are just as unconventional. As many as 57% of millennials in India aspire to make positive contributions to society (46% globally). This is followed by their desire to earn a high salary (50%). Gen Z, on the other hand, first wants to be wealthy (68%), followed by travelling the world (60%).

 

The Deloitte survey is based on the views of 13,416 millennials surveyed across 42 countries and territories, and 3,009 members of Gen Z from 10 countries, including India, the US, the UK, China and Japan.


The firm has conducted the survey for the past eight years.

 

The percentage of respondents who think that businesses are making a positive impact dropped six points from 61% in 2018 to 55%.

 

“I would say that for businesses, the most important takeaway is the continuously diminishing trust of Millennials and Gen Zs, " says Deloitte Global Chief Talent Officer Michele Parmelee.

 

While the two generations have strikingly similar views of the world, Parmelee said survey data shows that their points of view differ in a few significant areas, such as life priorities and their perception of society and work.


Gen Zs are less likely to be dissatisfied with their work situation than Millennials.

 

I Can’t Get No Satisfaction
Climate change, protecting the environment and natural disasters topped the list of most respondents on a personal level, but less than three in ten of both the Millennial and Gen Z cohorts cited it as a worry. The next-highest concern for Millennials is income inequality or distribution of wealth. Terrorism, crime and concerns about personal safety were also high on the list.

 

The 2020 U.S. election will be the first in which nearly all members of Generation Z will be able to cast their vote for president.

 

 


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