A majority of millennials, Gen Zs anxious and stressed all the time — Deloitte

KUALA LUMPUR: After a year of intense uncertainty because of the Covid-19 pandemic, political instability, racial discord, and severe climate events, millennials and Gen Zs around the world are determined to hold themselves and others accountable on society’s most pressing issues, Deloitte says based on its recent survey.

In a press statement, it explained that these generations have long pushed for social change, but many now feel the world is at a pivotal moment. They are demanding accountability to drive changes that will result in a more equitable and sustainable world.

Deloitte’s 2021 Millennial and Gen Z Survey, now in its 10th year, finds respondents are channeling their energies toward meaningful action – increasing political involvement, aligning spending and career choices with their values, and driving change on societal issues that matter most to them.

In turn, as we have repeatedly found over the years, these generations expect institutions like businesses and governments to do more.

“It is clear that millennials and Gen Zs, are more persistent, vocal, and apt than others to question and even upset the status quo. Coming of age at the same time as online platforms and social media, these give them the ability and power to share their opinions, influence distant people and institutions, and question authority in new ways,” said Deloitte Malaysia talent leader Tan Hooi Beng.

This year, health and unemployment fears topped the list of personal concerns for millennials. Yet, their continued focus on environmental issues (coming in third), and the fact that it remains the main concern for Gen Z - even during a global pandemic, when other threats to their health, family welfare, and careers may feel more imminent demonstrate show important this issue is for younger generations.

In Malaysia, 47 per cent of millennials and 48 per cent Gen Zs surveyed believe that more people will commit to take action on environmental and climate issues after the pandemic. This could include anything from recycling more to increasing use of public transportation, to changing their eating and shopping habits. As consumers, millennials and Gen Zs continue to make decisions aligned with their values.

The role of business in the conversation is uncertain and is potentially downplayed by millennials and Gen Zs.

Business’ perceived potential to help bring about significant change is about half that of individuals, education systems, and government. And in terms of who is making the greatest effort to address systemic racism, businesses and business leaders ranked last among the eight choices offered.

To fill the void left by institutions, millennials and Gen Zs are taking change into their own hands.

Respondents say they are educating others, sharing informational content on social platforms, voting for progressive politicians, and boycotting businesses and brands that don’t share their values on the topic of discrimination.

More than a quarter of respondents say businesses’ impact (both positive and negative) on the environment has influenced their buying decisions.

However, approximately 60 per cent of millennials and Gen Zs fear business’ commitment to helping combat climate change will be less of a priority as business leaders cope with challenges brought on by the pandemic.

Millennials and Gen Zs believe discrimination is widespread, likely enabled by systemic racism across society and major institutions.