The cost of living is the main concern of 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.

The Greek data

As stated in a related announcement, Deloitte’s “2024 Gen Z and Millennial” survey, now in its 13th year, was conducted with nearly 23,000 participants from 44 countries (300 of them from Greece), and studies the conditions that shape the workplace and social experiences of these generations worldwide.

“This year’s survey highlights two generations struggling with financial insecurity, high levels of stress and growing climate concerns. It also looks at how rapidly evolving technology such as GenAI will affect jobs and long-term career decisions,” says Elizabeth Faber, Deloitte’s Global Chief People & Purpose Officer. “But they see reasons for optimism for the year ahead and continue to push for the changes they want to see in the workplace and society more broadly.”

“The Greek research data points out that Gen Zs and millennials, by an overwhelming majority (nine out of ten), want their work to serve some purpose with which they are drawn. They are more stressed compared to the global average (53% for Greece Vs 50% worldwide for GenZs and 41% for Greece Vs 35% worldwide for millennials) and therefore seek workplaces that favor better mental health and to offer flexibility, but also opportunities for learning and development in their career”, said Analia Kokkori, Audit Partner and People & Purpose Leader of Deloitte Greece. “Employers who strive to implement the above will have a more satisfied, productive, engaged and flexible workforce, which will be better prepared to adapt to a rapidly changing world.”

Economic optimism is rising despite ongoing financial worries

For the third year in a row, the cost of living is the top concern of Gen Z and millennials. Especially for Greece, Gen Zs by 40% and millennials by 48% rank the cost of living in the first place of their concerns. Globally, about six in ten Gen Zs (56%) and millennials (55%) live month to month – five points more for Gen Zs compared to last year and three points more for millennials, while about three in ten say they they 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 millennial survey, which was conducted just before the start of COVID-19 pandemic. Nearly half of Gen Zs (48%) and four in ten millennials (40%) expect their personal financial situation to improve over the next year.

Purpose is the “key” to job satisfaction

Purpose is the “key” to satisfaction and well-being in the workplace, according to almost nine out of ten Gen Zs (86%) and millennials (89%) both globally and in Greece. Increasingly, these generations are willing to turn down projects and employers based on their personal ethics or beliefs – half of Gen Zs (50%) and just over four in ten millennials (43%) say they have already does. Almost as many (44% of Gen Zs and 40% of millennials) said they have turned down employers. In Greece, Gen Zs are a bit more critical regarding how they assess the alignment of their values ​​with those of the organization they work in. Only 64% state that they are somewhat/very satisfied, ten percentage points below millennials and seven points down compared to Gen Zs worldwide.

Businesses have the opportunity and the necessary influence to promote climate action

About six in ten Gen Zs (62% worldwide and 64% for Greece) and millennials (59% worldwide and 55% for Greece) report feeling stressed or worried in the last month about climate change. It is typical that Gen Zs and millennials are using their career decisions as well as their consumer behavior to push for actions in this direction. About half of Gen Zs (54% globally and 45% for Greece) and millennials (48% globally and 41% for Greece) say they and their colleagues put pressure on their employers to take action on climate change, a trend that has been steadily increasing in recent years. And two in ten Gen Zs (20%) and millennials (19%) have already changed jobs or industries due to environmental concerns, while another quarter plan to do so in the future. Specifically for Greece, 17% of both Gen Zs 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 affects career decisions, but positive perception of it increases greatly with frequent use, while work-life balance is a top priority, according to the survey.