Though the pandemic has hit millennials and Gen Z hard, with about a quarter experiencing job loss or unpaid leave, new data from Deloitte’s 2020 Global Millennial Survey shows some bright spots:
- Though nearly half of millennials (44%) and Gen Z (48%) reported being stressed “all or most of the time” in a primary survey conducted from November through January, anxiety levels had fallen by eight percentage points for both generations by late April or mid-May. In a panel discussion, Deloitte Global’s Meredith Gonsalves suggested the surprising drop may be due to a shift during the pandemic in the “one-up culture” of younger generations and the role social media plays in perpetuating it. “Traveling to the best places or being backstage at a concert don’t exist in this reality, so the pressure to keep up doesn’t exist either,” Gonsalves said.
- Having the option to work from home when the pandemic is over would relieve stress for more than 60% of millennials and Gen Z. More than half of respondents said that they would choose to live in cities where the cost of living is less if given the opportunity to work from home.
- Both generations reported feeling a heightened sense of responsibility because of the pandemic. Almost 75% say it has made them “more sympathetic toward others’ needs and that they intend to take actions to have a positive impact on their communities.” The overwhelming majority said they will make a more concerted effort to support small local businesses post-crisis.