A new global study into the behaviours and desires of Millennials (those aged 18-35) has painted them as a pretty unhappy bunch, with Aussie Ys particularly aggrieved.
The study by financial firm Deloitte and titled Millennial Survey 2017 found Aussie Ys are increasingly pessimistic about their futures and the way the country is run. You can download a copy of the report here.
The main takeouts around Australian Millennials were:
• Only eight per cent believed they would be financially better of than their parents and a worrying four per cent said they’d be happy than them (it was 26 per cent and 23 per cent globally.)
• Only 28 per cent expected the economy to improve and 22 per cent expected society to improve.
• Less than one in 10 young Australians think they will be more financially secure than their parents (the global average was 36 per cent).
• Housing affordability was the Ys number one worry, followed by terrorism, crime, climate change, income inequality and access to healthcare.
• Underemployment or a lack of full-time jobs was a concern for 76 per cent of the Ys or jobs that offered no ongoing security. However, 60 per cent had plans to quit their jobs in the next two years.
The report noted: “Millennials in emerging markets generally expect to be both financially (71 per cent) and emotionally (62 per cent) better off than their parents. This is in stark contrast to mature markets, where only 36 per cent of millennials predict they will be financially better off than their parents and 31 per cent say they’ll be happier.
“But in Australia just eight percent of Millennials believe they will better off than their parents and only four percent believe they will be happier.”
When it came to the Ys globally the report found:
• 76 per cent said businesses, in general, are having a positive impact on the wider society in which they operate.
• Millennials feel accountable for many issues in both the workplace and the wider world. However, it is primarily in and via the workplace that they feel most able to make an impact.
• The Ys are more comfortable with plain, straight-talking language from both business and political leaders; respond to passionate opinions; and identify with leaders who appeal to anyone who might feel “left out” or isolated.
• Millennials tend to have a positive opinion of the Gen Zs (those currently aged 18 or younger), believing the group to have strong information technology skills and the ability to think creatively. Six in 10 Millennials believe Gen Z will have a positive impact as their presence in the workplace expands.