June 25, 2024

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Cost of living is a top concern for Generation Z and millennials in Greece as well, according to the research

Cost of living is a top concern for Generation Z and millennials in Greece as well, according to the research

For the third year in a row, the cost of living has become the top concern for Gen Z and Millennials.

The cost of living is a top concern for Gen Z and Millennials, but there are signs of optimism about the economy and their personal finances, according to this year’s Deloitte “2024 Gen Z and Millennial” survey.

As reported in a related announcement, Deloitte’s “2024 Gen Z and Millennial” survey, now in its 13th year, was conducted with nearly 23,000 respondents from 44 countries (300 of whom were from Greece), and examines the conditions that shape workplace and social conditions. . The experiences of these generations around the world.

“This year’s survey highlights two generations struggling with financial insecurity, high levels of stress and growing concerns about the climate. It also looks at how quickly cutting-edge technology like GenAI will impact jobs and career decisions over the long term,” says Elizabeth Faber, global head of people and purpose at Deloitte. “Range.” “But they see reasons for optimism for next year and continue to push for the changes they want to see in the workplace and wider society.”

“Greek survey data indicates that post-Millennials and Millennials, overwhelmingly (nine out of ten), want their work to serve some purpose to which they are attracted. They are more stressed compared to the global average (53% in Greece vs. 50% in (41% worldwide for Millennials (41% in Greece versus 35% worldwide for Millennials)) and are therefore looking for workplaces that favor better mental health and offer flexibility, but also opportunities to… They learn and grow in their careers.” “Employers who strive to implement the above will have a more satisfied, productive, engaged and resilient workforce, who will be better prepared to adapt to a rapidly changing world.”

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Economic optimism is growing despite persistent financial concerns

For the third year in a row, the cost of living has become the top concern for Gen Z and Millennials. For Greece in particular, Gen Z (40%) and Millennials (48%) rank cost of living as their top concern. Globally, about six in ten Gen Z (56%) and Millennials (55%) live month to month – five points more for Gen Z than last year and three points more for Millennials, while about three in ten say they They do it. You don’t feel financially secure.

However, there is modest optimism that conditions may improve. Just under a third of Gen Z and Millennials believe the economic situation in their countries will improve over the next year – the highest percentage since 2020 as recorded in the Millennium Survey, conducted just before the COVID-19 pandemic began, i.e. nearly half of Generation Z (48%) and four in ten Gen Zers (40%) expect their personal financial situation to improve in the next year.

Goal is the “key” to job satisfaction

Purpose is the “key” to satisfaction and well-being in the workplace, according to nearly nine out of ten Gen Z (86%) and Millennials (89%) globally and in Greece. Increasingly, these generations are willing to turn down projects and employers based on their ethics or personal beliefs — half of Gen Z (50%) and just over four in ten Millennials (43%) say they have already done so. Nearly as many (44% of Gen Z and 40% of Millennials) said they had been rejected by employers. In Greece, Generation Z was a bit more critical in terms of how they evaluated the alignment of their values ​​with those of the organization in which they worked. Only 64% said they were somewhat/very satisfied, ten percentage points lower than Millennials and seven points lower compared to Generation Z worldwide.

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Businesses have the opportunity and influence to advance climate action

About six in ten Gen Zers (62% worldwide and 64% in Greece) and Millennials (59% worldwide and 55% in Greece) reported feeling stressed or anxious in the past month about climate change. It’s common for Gen Z and Millennials to use their career decisions as well as their consumer behavior to drive action in this direction. About half of Gen Z (54% globally, 45% Greece) and Millennials (48% global, 41% Greece) say they and their colleagues are putting pressure on their employers to take action on climate change, a trend that has been steadily increasing in recent years. Two in ten Gen Zers (20%) and Millennials (19%) have already changed jobs or industries due to environmental concerns, while another quarter plan to do so in the future. For Greece specifically, 17% of both Gen Z and Millennials said they have either stopped or limited their interaction with a company whose products or services have a negative impact on the environment.

As consumers, about two-thirds of Gen Z (64%) and Millennials (63%) are willing to pay more to purchase environmentally sustainable products or services.

GenAI creates uncertainty and influences career decisions, but positive perception of it increases significantly with frequent use, while work-life balance is a top priority, according to the survey.