The photograph of Deloitte’s ‘Millennial and GenZ Survey 2022’
Climate change, cost of living and work. Here are the three main concerns of Italian Millennials and GenZ according to Deloitte’s ‘Millennials and GenZ Survey 2022’. The research, conducted on a global sample of over 23,000 between GenZs (born between 1995 and 2003) and Millennials (born between 1983 and 1994), also involved over 800 girls and boys in our country.
“Young Italians are more attentive to climate change than the global average. The data, in continuity with the previous edition, brings out a sensitivity that Italian institutions and companies must acknowledge and transform into concrete and credible sustainability proposals – says the CEO of Deloitte Italy, Fabio Pompei – Another very interesting fact, and which confirms the ability of our research to photograph current events, is the growing concern of young people about the high cost of living: a trend inevitably linked to the inflationary wave we are experiencing. due to the pandemic and the ongoing war in Ukraine. Young people are the first to be affected by the increase in prices and, not surprisingly, this year too the fear of being unemployed is among the top three concerns for both Millennials and GenZs interviewed in Italy “.
As in the previous edition of the Millennial Survey, young people in our country are confirmed to be particularly sensitive to the issue of climate change: interviewed on what, from their point of view, are the five great challenges of the present, for 42% of the Italian GenZ and 37% of Millennials the climate change is the number one challenge to face. Furthermore, the research shows that 80% of the GenZ and 76% of Italian Millennials think we are close to the ‘tipping point’ in the response to climate change. Not only that: 72% of GenZ and 77% of Millennials say they have personally experienced at least one severe weather event in the past 12 months. To respond to the environmental challenge, Italian GenZs and Millennials are willing to change their habits. While on a global level the percentage of Millennials and GenZs trying to reduce their environmental impact is 90%, in the case of Italian respondents it comes to even higher percentages, with 95% of Millennials and 96% of GenZ saying to ‘make an effort to protect the environment’.
Cost of living
While on the Italian podium there is the environmental issue, on a global level inflation and high cost of living are taking place, the latter indicated as the first concern by 29% of the GenZ and by 36% of Millennials. Girls and boys are increasingly worried about the cost of living: only about a quarter of GenZ (25%) and 21% of Millennials say they can pay their expenses without problems and almost half of the respondents live with money counted from month to month. These dynamics affect the saving capacity of young people who, thus, are less and less optimistic about the probability of reaching retirement with ease. Globally, only 41% of GenZs and Millennials believe they will be able to retire and be quiet financially. In Italy the numbers are even more critical: only 28% of the GenZ and 30% of Millennials are optimistic about their retirement prospects.
After two years of experimenting with remote work, GenZ and Millennial have increasingly clear ideas about what they expect from the world of work. And if low salaries and little attention to mental health are the main reasons that push young people to ‘big resignations’ globally, in Italy the factors that matter most for the Millennial and GenZ generations are the work life balance and learning and growth opportunities. The first is especially important for Millennials: for 36% of them, in fact, finding a work environment that guarantees an adequate balance between working life and free time is the first factor of choice when looking for a new job. The numbers on remote work are also significant: currently, almost half of the Italian GenZ and Millennials almost always work in the office, but most (67% GenZ and 63% Millennials) would prefer a hybrid working modelin which greater flexibility is ensured.