Indian Gen Zs, millennials more optimistic about economic situation than global average: Survey

Indian Gen Zs and millennial generations are more optimistic about the economic and sociopolitical situation than the global average, according to a survey. About 28 per cent of Indian millennials are concerned about unemployment, and 25 per cent of Gen Zs consider education, skills, and training as the top concern areas, stated Deloitte’s 2022 Gen Z and Millennial Survey.

 

The survey solicited views of 801 respondents to find an increased financial optimism amongst Indian Gen Z and millennials.

 

Good work/life balance, positive work culture, and access to learning opportunities are the top priorities for these generations when choosing a new workplace. The survey also indicates a growing demand for hybrid/remote work arrangements as it helps them save money and allows them to spend more time for a hobby and with their families.

 

“With the increasing demand for hybrid work arrangements, Deloitte’s survey reveals that if Gen Zs and millennials were in charge, they would prioritise and allow employees to work flexible hours to improve work/life balance. It has become imperative for all organisations and business leaders to play a role in supporting their employees in setting boundaries to protect work/life balance,” said SV Nathan, Partner and Chief Talent Officer, Deloitte India.

 

The survey discovered that over two-thirds of Gen Zs and 8 in 10 millennials feel confident that they’ll be able to retire comfortably and pay all their monthly expenses, while financial concerns are of less importance in India compared with the global average. Furthermore, a large proportion of Indian Gen Zs (62 per cent) and millennials (51 per cent) have a paying job in addition to their primary job.

While 19 per cent of Gen Zs and 23 per cent of millennials state that if they were in charge, they would allow employees to work flexible hours and remotely to improve work/life balance. A third option for Gen Zs would be to experiment with reduced working weeks, the survey said.

 

Over 95 per cent of Indian Gen Zs and millennials try to minimise their personal impact on the environment. Compared with Gen Zs and millennials globally, Indian Gen Zs and millennials strongly agree that large companies are taking substantive/tangible actions to combat climate change and that their national government is highly committed as well.

 

Furthermore, 88 per cent of Gen Zs and 91 per cent of millennials believe that the world is at a tipping point in responding to climate change. Compared with their global counterparts, and a vast majority of Indian Gen Zs and millennials are trying to minimise their personal impact on the environment.

 

Most of the Gen Zs (68 per cent) and millennials (72 per cent) have also persuaded their employers to act on climate change, which is significantly higher than the global average, the survey found.