Gen Zers, Millennials choose cost of living, unemployment, climate change as top concerns: Deloitte

The Korea Times

The Korea Times

Finance

Tue, September 26, 2023 | 07:35

Economy

Gen Z, Millennials choose cost of living, unemployment, climate change as top concerns: report

Posted : 2023-05-18 17:01

Updated : 2023-05-19 16:13

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Korea's MZ generation more concerned about cost of living and climate change than global peers

By Anna J. Park

Cost of living turns out to be the issue of the highest concern for those of Gen Z and Millennials across the world, followed by unemployment and then climate change.

This is according to this year's "Gen Z and Millennials Survey" published by Deloitte. The annual report surveyed 14,483 Gen Zers and 8,373 Millennials across 44 countries during the months from November 2022 to March 2023.

The percentage of those who chose cost of living as their main concern rose by six percentage points for both Gen Zers and Millennials, while the percentage of respondents who said they take side jobs also rose by more than three percentage points to 46 percent for Gen Z and 37 percent for Millennials.

Half of the responding Gen Zers and Millennials also said that they live paycheck to paycheck. They worry that a potential economic recession has led companies to backtrack on climate action.

"The last few years have left significant negative legacies: a cost-of-living crisis spurred by the largest surge in inflation in 40 years, the biggest land war in Europe since the 1940s, rising mental health challenges and burnout, and an increase in physical health issues resulting from a lack of preventative care, among other factors. These issues weigh heavily on Gen Z and Millennial respondents," the annual report explained the reasons behind increased concerns on the livelihoods of respondents.

Compared to global peers, a larger proportion of young Koreans chose the cost of living as their top concern, reflecting relatively high levels of anxiety prevalent among Korean Gen Zers and Millennials. While 35 percent of global respondents chose the cost of living as their top concern, 48 percent of Gen Zers and 46 percent of Millennials in Korea responded that it is their top concern.

In matters of climate change, 60 percent of Gen Zers and 59 percent of Millennials said they experienced concerns about the environment during the past month. Korean respondents posted a higher level of concern about climate change, with 64 percent of Gen Zers and 68 percent of Millennials having felt concerns about the environment in the past month.

Despite the fact that climate change is a major concern for Gen Zers and Millennials, finances are making it harder for them to prioritize sustainability. More than half of respondents think it will become harder or impossible to pay more for sustainable products and services if the economic situation stays the same or worsens.

Meanwhile, 49 percent of Gen Zers and 62 percent of Millennials responded that work is central to their identity, adding that work-life balance is something they are striving for. Yet, their overall satisfaction regarding work-life balance has improved, compared to the previous year. The report ascribed it to a wider acceptance of working from home, following the pandemic era.

annajpark@koreatimes.co.kr