Deloitte Millennial Survey 2019 Report – Summary

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Deloitte has brought out its 8th annual millennial survey on Indian millennials and Gen Z. The report has revealed the views of the respondents on economic, social, political, career, and other aspects.
The survey included millennials who were born between January 1983 and December 1994. During the survey, 13,416 millennials shared their views from 42 countries and 3,009 Gen Z respondents from 10 countries.

Key Findings of the Millennial Survey

Low Optimism towards Economic, Social and Political Progression

 Both millennials and Gen Zs have shown their pessimistic views due to ongoing economic and social progress. They have expressed little faith in traditional institutions and have doubts about business motives.  
The primary reason behind this lack of optimism has been economic downturn of the late 2000s. It is because the sluggish labor market during the recession has left negative effects on wages and career paths.

Priorities and Aspirations of Millennials and Gen Zs

The aspirations of these two generations are below:
§  57% millennials and Gen Zs want to travel the world
§  52% millennials and 56% Gen Zs want to be wealthy
§  49% millennials and 52% Gen Zs want to buy their own homes
§  46% millennials and 47% Gen Zs wish to leave a positive impact on the society
§  39% millennials and 45% Gen Zs want to start their families and have children.

Concern about Climate Change

 Nearly 29% of millennials and 29% of Gen Zs expressed their concerns on climate change and the need for protecting the environment.

Frustration over Slow Economy

Very few respondents had a positive view on economic progression. Merely 26% of respondents said that they expect the country’s economic situation to improve in the future.

Low Trust on Media

 Among respondents, more than 43% (four in 10) have an opinion that the mass media has a negative impact on the world. Nearly 27% of respondents have zero trust in the media.

Lack of Social Mobility

When it comes to responsibility for improving social mobility, millennials have the following views:
§  36% think the government is most responsible for social mobility
§  20% believe businesses are most responsible
§  18% think individuals themselves are responsible
§  10% put the onus on educational institutions
§  9% think NGOs are most responsible.

Perspective on Businesses

§  Nearly 36% of millennials believe that businesses should put more priorities on producing high-quality goods and services.
§  Around 35% think that businesses should prioritize generating more jobs.
§  As much as 55% view that generating profit is the main achievement of businesses.

The Industry Impact

§  49% of millennials think that new technologies will boost their chances of getting jobs.
§  22% expect that Industry 4.0 to have no impact
§  16% expressed concern that Industry 4.0 will replace their job responsibilities.

Main Reasons for Millennials and Gen Zs to Quit their Jobs

§  43% millennials and 34% Gen Zs are dissatisfied with pay and rewards
§  35% millennials and 33% Gen Zs think there are not enough opportunities to progress
§  28% millennials and 27% Gen Zs believe there are lack of opportunities for learning and development
§  23% millennials and 15% Gen Zs do not feel appreciated
§  22% millennials and 19% Gen Zs feel there is poor work/life balance.

Social Media

Nearly 71% of millennials said they feel fairly positive/very positive about using digital devices and social media. Download the Full Report on Millennial Survey 2019 Here

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