Climate change, cost of living and work. These are the three main concerns of Italian Millennials and Gen Z according to Deloitte’s “Millennial and Gen Z Survey 2022”. The research, conducted on a global sample of more than 23,000 Gen Z (born between 1995 and 2003) and Millennials (born between 1983 and 1994), also covered more than 800 girls and boys in our country.
As in the previous edition of the Millennial survey, young people in our country are particularly sensitive to the issue of climate change: interviewed on what, from their point of view, are the five great challenges of the present, for 42% of Italian Gen Z and 37% of Millennials, climate change is the number one challenge to be faced. In addition, research shows that 80% of Gen Z and 76% of Italian Millennials believe that we are close to the “point of no return” in our response to climate change. In addition to “eco-anxiety”, which seems increasingly prevalent among the young and very young, 72% of Gen Z and 77% of Millennials claim to have personally experienced at least one severe weather event in the last 12 months. To meet the environmental challenge, Italians Gen Z and Millennial are willing to change their habits. While globally the percentage of Millennials and Gen Z who seek to reduce their environmental impact is 90%, in the case of Italian respondents the percentage is even higher, with 95% of Millennials and 96% of Gen Z stating that they are “making an effort to protect the environment”.
Inflation and cost of living fears
While in Italy the environmental issue is the primary concern, on a global level inflation and cost of living hold sway, the latter indicated as the first concern by 29% of Gen Z and 36% of Millennials. Girls and boys are increasingly concerned about the cost of living: only about a quarter of Gen Z and 21% of Millennials say they can pay their expenses without problems and almost half of respondents live on a month-to-month basis. These dynamics affect the savings capacity of young people who are less and less optimistic about the likelihood of reaching retirement with peace of mind. Globally, only 41% of Gen Z and Millennials are convinced that they will be able to retire and be financially comfortable. In Italy, the numbers are even more critical: only 28% of Gen Z and 30% of Millennials are optimistic about their retirement prospects.
Growth and flexibility
In Italy, the factors that matter most to the Millennial and Gen Z generations are work-life balance and opportunities for learning and growth. The former is especially important for Millennials: for 36% of them, finding a work environment that provides an appropriate work-life balance is the primary factor when looking for a new job. The numbers on remote working are also significant: at present, almost half of Italian Gen Z and Millennials work mostly in the office, but the majority (67% Gen Z and 63% Millennial) would prefer a hybrid working model, where more flexibility is guaranteed.
