Deloitte recently released its annual global Millennial survey for 2019. They titled this year’s report “generation disrupted.” According to Deloitte, the generation is disrupted, the generation has grown up in a world of accelerated transformation and it has left them feeling unsettled about the future. The survey shows that Millenials and Generation Z are expressing uneasiness and pessimism about their careers, their lives and the world around them. According to Deloitte, there has been a steep decline in their views on the economy, their countries’ social/political situations, and institutions like government, the media and business. If an organization is able to make the future brighter for the generation, they stand to have the brightest futures themselves.
On this post, we are going to discuss some major takeaways from the Deloitte Global Millennial Survey 2019.
Deloitte’s Global Millennial Survey 2019 Research Scope
To come up with the report, they surveyed 13, 416 millennials from across 42 countries and territories. The millennials in the study were born between January 1983 and December 1994. The report also includes responses from 3,009 Gen Z respondents in 10 countries. Gen Z respondents were born between January 1995 and December 2002. Deloitte’s overall sample size was 16, 425 and this makes it the largest survey of millennials and Gen Zs completed in the eight years.
Major Takeaways from the Deloitte Global Millennial Survey 2019
Millennials Prioritize Experiences over Traditional Success Markers
According to survey millennials value experiences over traditional success markers. They are no less ambitious than the previous generations. They still want to be wealthy and high salaries but they have different ideas of how they want to use wealth. Their priorities have shifted and valuable things like travel and seeing the world. The study revealed that 57% of millennials will rather travel and see the world than owning a home (49 per cent). They also are more attracted to making a positive impact in their communities or society (46 per cent) than in having children and starting families (39 per cent). The study also revealed that they think that their dreams are delayed by financial constraints.
Millennials are not Optimistic and Have Trust Issues
The survey revealed that they are not optimistic and that they have major trust issues. It showed that they were not optimistic about their economies. According to the study, this is the lowest they have seen in the six years of asking the question. Deloitte study also revealed that they don’t trust media as a reliable source of information. 43 per cent said traditional media is negatively impacting the world. They also don’t trust political and religious leaders.
Millennials Speak with their Wallets.
According to the survey, they speak with their wallet. They will only support and patronize businesses that align with their values. A third of the millennials surveyed stated that they have stopped or lessened business relationships because of a company’s ethical behaviour. More than a quarter of millennials said they’ve backed away from organizations because of their positions on political matters.
Millennials Have a Love/Hate Relationship with Technology
According to the survey, 71% feel positive about their personal use of digital devices and social media. But more than half believe that social media does them more harm than good. 64% said they would be physically healthier if they reduced the time spent on social media. Six in 10 said it would make them happier.
For the full report, please click here