A survey recently conducted by Deloitte has determined that the cost of living is the primary societal concern for millennials and Gen Z. The survey involved almost 23,000 respondents from over 40 countries worldwide. Its objective was assessing the changing circumstances shaping the societal and workplace experiences of these generations around the globe.
Elizabeth Faber, the company’s global chief people and purpose officer, stated that this year’s survey sheds light on two generations dealing with high levels of stress, financial insecurity and increasing climate anxiety. Faber added that the two generations were also considering how rapidly evolving technology would affect their jobs and long-term career decisions.
The survey found that purpose was the main driver of well-being and workplace satisfaction in 89% of millennials and 86 % of Gen Z. It also found that 43% and 50% of millennials and Gen Z would willingly reject employers and assignments based on their beliefs or personal ethics. Reasons for rejection included having a negative impact on the environment or personal issues such as lack of support for work-life balance and the mental well-being of employees.
In addition, 59% of millennials and 62% of Gen Z also reported that they were worried and/or anxious about climate change, with some revealing that they used their career decisions to call for action. Both generations feel businesses have the influence and opportunities needed to drive change when it comes to protecting the environment. About 48% of millennials and 54% of Gen Z are also pressuring their employers more to do something about climate change.
Furthermore, 19% of millennials and 20% of Gen Z have admitted to changing jobs or pivoting to new industries because of environmental concerns, with another 15% planning to do so in the near-term. As consumers, roughly 63% and 64% of millennials and Gen Z respectively are okay with paying more to buy environmentally sustainable services and/or products.
Many are also trying to live more sustainably as individuals or planning to do so in the future by buying electric cars, reducing travel by air, avoiding fast fashion, and consuming a vegan or vegetarian diet, among other actions.
The survey also determined that work-life balance was a top priority for both millennials and Gen Z when they were choosing employers. This is in addition to finding that 55% and 56% of millennials and Gen Z respectively lived paycheck to paycheck. About 30% also revealed that they didn’t feel secure financially.
There is some optimism that circumstances will improve though. The survey found that almost one-third of both millennials and Gen Z believed their countries’ economic situations would improve over the next 12 months. Additionally, about 40% and 48% of millennials and Gen Z respectively, expect their personal financial situations to improve in the same period.
These statistics on how millennials and Gen Z think about sustainability suggest that entities such as Coyuchi Inc. may be onto something by choosing to espouse environmental, social and governance (“ESG”) principles throughout their operations.
NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU
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