Millennials and Generation Z are urging social change and social responsibility. At least, so say the authors of the tenth study by Deloitte company.
Most young people believe that humanity has reached a critical point where key societal issues, such as climate change, inequality, and discrimination, can no longer be ignored.
In July 2021, the company summed up a year of complete uncertainty due to the COVID-19 pandemic, political instability, racial strife, and extreme climatic events. Given all these events, millennials and Generation Z representatives worldwide are convinced that the responsibility for the most acute problems of society lies with them and other people. These generations have been calling for social change for a long time, but right now is a turning point in the world. Millennials and Generation Z demands responsibility for fostering change that will help build a more sustainable world with equal opportunities for all.
The Deloitte Global 2021 Millennial and Gen Z Survey study can be downloaded here (PDF).
Deloitte 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, young people expect institutions like businesses and governments to do more.
“In the ten years Deloitte has been conducting the Millennial Survey, millennials and Gen Zs’ lives have changed, but their values have remained steadfast. They have sustained their idealism, their desire for a better world, and their belief that business can and should do more to help society,” said Michele Parmelee, Deloitte Global Deputy CEO and Chief People and Purpose Officer.
The main concern of millennials and Generation Z worldwide remains the environment: some respondents are concerned about the irreversible nature of the damage caused by climate change. However, the changes that are taking place in the environment during the pandemic inspire some optimism.
Although there is a further decline in interest in business among millennials and Generation Z in general, they actively support companies that positively impact society.
Details of the Deloite study
Millennials (~1985-1996) and Generation Z (~1995-2005) worldwide are united by concerns about the environment and climate change, the authors of the survey state.
41% of millennials in the world and 47% of Generation Z in the world are constantly under stress.
The main reasons are finances, family well-being, and employment prospects.
Many millennials (37%) and Generation Z (40%) believe that after the end of the global pandemic, people will pay more attention to measures to preserve the environment and prevent climate change. According to them, this will primarily affect the change of lifestyle: citizens will collect things for further processing, use more public transport, and change eating and shopping habits.
Almost 60% of Generation Z in the world and 56% of millennials in the world talk about the significant spread of systemic racism in society.
30% of respondents in the world choose politicians who talk about reducing income inequality.
60% of respondents in the world believe that this problem can be solved at the legislative level. For example, to narrow the gap between the level of remuneration of managers and the average amount of remuneration of employees and oblige the business to pay employees at least the minimum amount necessary for life.
However, more than 50% of respondents believe that the most effective measure to solve this problem is introducing a total basic income (money for everyone for basic needs just like that).
Read our author column with theses about basic income here. Also, we’ve written about popular online petitions in Germany and the UK calling for a universal basic income to be implemented to protect those threatened by job loss and poverty due to COVID-19.
Today, less than half of young people worldwide believe that business has a positive impact on society. This figure has begun to decline over the past few years. And it was in 2021 that it fell below 50% for the first time (since 2017, it has fallen by almost 30 points).
A few facts
Millennials like Tesla’s general policy of not showing off-brand, status or wealth, but that its developers care about the environment.
For millennials, travel is the meaning of life. No generation has been so interested in traveling to other countries. They often save money on travel, which many consider a life priority.
For millennials, balancing work and leisure is essential, which positively affects productivity and overall health.
Their desire for idealism is vast – for them, the workplace often has to be a “matter” of life that brings meaning and benefit. They usually work very efficiently in a team with others and cope quite well with many functions.
Raising money is not an easy task for millennials. Many studies indicate that it is more difficult for them to save money for various reasons than for other generations. Some see why they earn less, while others think otherwise – millennials simply have different life priorities.
Millennials eat in restaurants much more than other generations. Mobile applications for ordering food play a key role in shaping their routine.
Generation Z
It is expected that by 2030 they will account for 30% of the workforce (for example, the United States).
Generation Z is the most racially diverse in human history.
Generation Z goes to work with less experience than their predecessors.
A quarter of them start looking for a job in the first year of college, and only 1 in 10 would like to wait for graduation.
At the same time, almost a quarter (24%) of Generation Z hope to earn $60,000 or more on their first jobs outside of school (for example, the United States).
“Zelennials” are well aware of how technology is changing lives. 80% want to work with advanced developments; 91% said that technology will influence the choice of work among similar proposals; 80% believe that technology and automation will create a more comfortable working environment.
The majority (59%) assume that their current jobs will not exist in the same way in 20 years.
Generation Z representatives strive to gain the necessary soft skills and work experience.
52% of respondents believe that they have sufficient technical skills to meet the requirements of employers. 57% believe that their education has prepared them well for their future careers.
Unlike millennials, Generation Z is driven by financial incentives and career growth. 59% gain additional professional skills to earn more money. 65% believe that the salary is extremely important.
Generation Z considers itself less wasteful compared to millennials.
55% of greens use their smartphones more than 5 hours a day, and 26% – more than 10 hours a day.
88% of Generation Z are optimistic about the future.
What is the most significant youth’ concern globally?
Climate change and environmental protection were significant causes of concern for millennials around the world a year ago. This year, the first two in the list of millennials’ personal concerns in the world are their fears about their health and the possibility of losing their jobs – and this fact is not surprising. However, their long-standing concerns about the state of the environment (third place) and the fact that this problem remains number one for Generation Z, even during a global pandemic, when other threats to their health, family well-being, and career are looming, demonstrates the importance of this issue for young people.
Young people choose employers who care about the environment
Many millennials (37% of the world) and Generation Z (40% of the world) believe that after the pandemic, more people will pay attention to measures related to environmental protection and climate change. Such actions can include anything from collecting various items for further processing or using mainly public transport to changing eating and shopping habits. As consumers, millennials, and Generation Z continue to make decisions based on their values. More than a quarter of people in these two generations say that the impact of business on the environment (both positive and negative) is an essential factor that they consider when making decisions when buying something.
However, almost 60% of millennials and Generation Z fear that business leaders will reduce their efforts to combat climate change, as they will tackle the problems posed by the pandemic a higher priority.
Methodology
The 2021 survey surveyed 14,655 millennials and 8,273 Generation Z representatives (a total of 22,928 respondents) from 45 countries in North America, Latin America, Western and Eastern Europe, the Middle East, and Africa. The survey was conducted through online interviews of respondents who had to fill in the proposed form independently. Data collection took place between January 8 and February 18, 2021.
For the first time in its study this year, Deloitte Global covered millennials and Generation Z people in an equal number of countries. Last year, Generation Z surveys were conducted in only 20 countries. The added 25 geographical regions influenced the results of the annual comparison of Generation Z responses; therefore, they should be considered in light of new data.
Millennials in the respondents were born between January 1983 and December 1994. Generation Z was born between January 1995 and December 2003.
The study covered a wide range of respondents: from people in management positions in large organizations to freelancers who work for free or are unemployed. In addition, the Generation Z group included students who have completed or are pursuing a degree, those who have completed or plan to complete vocational training, and high school students who may or may not receive higher education.
About Deloitte
Deloitte is a global network of companies providing audit, consulting, financial advice, risk management, taxation, and related services. With global revenue of $47.6 billion for the fiscal year 2020, Deloitte is the world’s largest professional services company.You may read our author’s column about living in the future shock era and getting rid of infantilism here.
