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Summary of Deloitte Global Millennium Survey 2019

Core Content

The Deloitte Global Millennium Survey 2019 explores the mindset, aspirations, and concerns of millennials and Gen Zs across 42 countries and 10 countries respectively. The report highlights a "generation disrupted" due to societal discord and technological transformation, resulting in a lack of trust in traditional institutions and a redefinition of personal and professional goals.

Main Findings

1. Economic and Social Pessimism

• Economic optimism is at a six-year low, with only 26% of millennials expecting improvement in their countries' economic situations in the coming year.
• Personal financial expectations are bleak, with slightly more than half (54%) believing their financial situations will worsen or stay the same.
• Millennials are more skeptical of the economy and have a strong sense of financial caution, often delaying major life decisions such as buying homes or starting families.

2. Altered Aspirations

• Millennials prioritize experiences over material success, with travel and seeing the world ranked highest (57%) as an aspiration.
• Owning a home is less of a priority than making a community impact (46% vs. 39%).
• Women are more inclined to travel than men (62% vs. 51%).
• Despite these aspirations, only 60% believe their ambitions are achievable, though most still think they are within reach.

3. Distrust in Institutions

• Trust in traditional institutions is low, including employers, the stock market, and political and religious leaders.
• Mass media is viewed with skepticism, with 43% believing it has a negative impact on the world.
• NGOs and not-for-profits are seen as more reliable sources of information and societal impact than government or business.

4. Social Progress and Government

• Two-thirds of millennials believe social mobility is possible, but they feel that government has the most responsibility for improving it.
• Government is not seen as a priority for social mobility, with only 40% (1/4 high, 37% moderate) viewing it as a high or moderate priority.
• Political leaders are largely viewed negatively, with 57% seeing them as having a negative impact on their lives and 45% having no trust in them as sources of reliable information.

5. Business Perception

• Millennials have a negative view of business, with only 55% believing it has a positive impact on society.
• They question business motives, believing that companies focus more on profit than societal improvement.
• Business is seen as underperforming in key areas such as employee livelihoods, societal improvement, and environmental protection.

6. Industry 4.0 Impact

• New technologies are expected to enhance jobs, with 49% of millennials believing they will augment their work.
• Only 15% fear job loss due to automation and digital transformation.
• Skill gaps are a concern, with 70% of millennials feeling they may only have some of the required skills and will need to evolve them.

7. Workplace Disruption

• 49% of millennials would quit their jobs within two years, indicating a high level of job dissatisfaction.
• Common reasons for leaving include low pay, lack of advancement, and limited professional development.
• Despite this, 28% plan to stay with their employers for five years or more, often due to better alignment with company values and support for diversity and inclusion.

8. Gig Economy Appeal

• The gig economy is appealing to many millennials and Gen Zs, with 80% expressing interest in it.
• 46% of millennials would consider gig work, with 61% open to taking gig assignments to supplement income.
• Main attractions include higher earnings, flexibility in work hours, and better work-life balance.
• Uncertainty around income and hours remains a major deterrent for some.

Key Insights

• Millennials and Gen Zs are more concerned with personal and societal issues than economic growth, with climate change and personal safety being the top concerns.
• There is a clear generational shift in values, with a strong emphasis on experiences, community impact, and ethical practices.
• Trust in institutions is declining, and younger generations are seeking alternative sources of reliability and support.
• The gig economy is reshaping the workplace, with younger generations more open to flexible, non-traditional employment arrangements.
• Businesses must adapt to meet the expectations of millennials and Gen Zs, especially regarding social responsibility, diversity, and employee development.

Conclusion

The survey underscores a significant shift in the values and expectations of younger generations. These changes are driven by economic hardship, social disillusionment, and technological transformation. Businesses and governments must respond to these shifts with greater transparency, inclusivity, and alignment with the values of millennials and Gen Zs to rebuild trust and foster positive societal impact.