Judging by Global 2022 Gen Z and Millennial survey (organized by Deloitte) 29% of Gen Z respondents and 36% of Millennials claim the cost of living (such as housing, transport, and bills) is their greatest concern.
While these concerns come as no surprise due to today’s high inflation rates, they also reflect problems that these generations have been vocalizing for years. I.e., 30% of Gen Zs and 29% of Millennials don’t feel financially secure, and they are worried about wealth inequality at a national level.
The survey also shows us that 46% of Gen Zs and 47% of Millennials live from one paycheck to another, while 26% of Gen Zs and 31% of Millennials believe their retirement years will not be so comfortable.
Furthermore, many Gen Zs and Millennials are reevaluating their career paths amid this economic uncertainty. In addition to their main employment, 43% of Gen Zs and 33% of Millennials have a second part- or a full-time paying job.
Some are even moving to cities with lower living costs, and working remotely in order to reduce their costs. In fact, this looks to be a growing trend, given that 15% of Generation Z and Millennial respondents reported moving out of a major city, up from 9% in last year’s poll.
In addition to that, a mere 28% of Millennials and Gen Zs believe that the economic situation is about to improve in the next 12 months.
Stress remains prevalent among both respondents, especially Gen Zs. 46% of Generation Z and 38% of Millennials — feel stressed at work all or most of the time.