A recent survey of Generation Z and Millennials worldwide found that many young people are highly concerned about their financial future.

The survey, conducted by Deloitte between November 2021 and January 2022, included responses from more than 14,000 members of Generation Z (defined as those born between 1995 and 2003) and 8,400 Millennials (born between 1983 and 1994).

46 percent of Generation Z and 47 percent of Millennials said they live paycheck to paycheck and regularly worry that they will not be able to cover expenses.

Michelle Parmely, Executive Vice President of Deloitte Global, said in a press release: "This year’s report shows that many Generation Z and Millennials are reassessing what matters most to them as they struggle with the ongoing disruption and uncertainty over the past few years."

More than a quarter of Generation Z and nearly a third of Millennials said they are not confident in their ability to retire comfortably.

On the other hand, about 30 percent of all respondents said they do not feel financially secure.

For both Generation Z and Millennials, the cost of living was cited as their top concern, followed by climate change.

Additionally, 43 percent of Generation Z and 33 percent of Millennials said they have taken on a second part-time or full-time job.
 

Deloitte says this may be due to financial worries, but it may also be driven by a desire to sharpen new skills.

The great resignation continues

The Deloitte survey also indicates that it may be some time before we see the end of the "Great Resignation," which refers to the ongoing phenomenon of employees increasingly quitting their jobs since the start of the COVID-19 pandemic.

The survey found that 40 percent of Generation Z and 24 percent of Millennials want to leave their jobs within two years.

Additionally, 35 percent of Generation Z and 32 percent of Millennials said they would resign even without having another job lined up.

Both Generation Z and Millennials said that a good work-life balance, career development opportunities, and a high salary were the most important factors when choosing an organization to work for.
 

On the other hand, Deloitte says the survey results confirm the need for employers to make changes in order to retain talent.

Parmely also said: "There is an urgent need and opportunity for business leaders to redefine the talent experience to better meet people’s needs."

Preferring hybrid work, with more employers ending work-from-home options, three-quarters of young people say they are not keen to return to the office permanently.

Among Generation Z participants, 63 percent said they prefer a hybrid work model, while 12 percent prefer to work fully remotely.

For Millennials, 62 percent said they prefer hybrid work while 14 percent prefer permanent remote work.

Currently, 49 percent of Generation Z and 45 percent of Millennials said they are already working from home or have the option to work remotely at least some of the time.

Respondents say they like the flexibility of remote work and how it helps them save money.

However, Deloitte says employees may face challenges if remote work is not implemented effectively.

One in five participants said building relationships with colleagues has become more difficult due to remote work, and nearly 14 percent said remote work has made finding mentoring opportunities harder.