June 20, 2024

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Work, Mental Health, and Finance for Generation Z and Millennials, Survey Results |  work and job

Work, Mental Health, and Finance for Generation Z and Millennials, Survey Results | work and job

Generation Z, the name given to people born between 1995 and 2003, and millennials, born between 1983 and 1994, are deeply concerned about their future, according to research by Deloitte.

The two generations in Brazil are less likely to leave their current jobs in the next two years – 36% of Generation Z (last year it was 49%) and 28% of Millennials (last year it was 34%).

On the other hand, 30% of Generation Z Brazilians (22% in 2021) and 41% of Millennials (39% in 2021) plan to stay for more than five years in their current job.

Dissatisfaction with salary (17% of Gen Z and 28% of Millennials) and a lack of learning and development opportunities (16% of Gen Z and 10% of Millennials) are the top reasons they leave their jobs.

However, when choosing a new company to work for, the issue of development opportunities comes first (37% Gen Z / 41% Millennials), while getting a better salary, which is the main reason for leaving the company, comes last. (19%) Generation Z / 20% Millennials.

Deloitte surveyed 14,808 Generation Z people and 8,412 Millennials (23,220 total respondents) from 46 countries. In Brazil, 801 people, 500 Generation Z and 301 Millennials, were interviewed between November 24, 2021 and January 4, 2022.

Confidence in finances and retirement

The survey also indicates that millennials in Brazil are more likely than the global average to feel financially secure (55% in Brazil versus 46% globally) and are more confident in their ability to retire comfortably (53% in Brazil versus 41% globally).

Generation Z in Brazil is more in line with the global average – 40% of Brazilians and 40% of global respondents feel financially secure, while 39% of Brazilians and 41% of the global average think they will be able to retire.

Therefore, many are taking on side jobs (39% of Generation Z in Brazil versus 43% globally and 38% of Brazilian Millennials versus 32% globally).

The main additional functions performed by the two generations in Brazil are:

  • Selling products or services through digital platforms (21% of Gen Z and 26% of Millennials)
  • Digital influencer (18% of both generations)
  • Work for nonprofits (18% of Generation Z and 22% of Millennials)

Hybrid work preference

More than half (51%) of Brazilians are Generation Z and about half (48%) Millennials are self-employed. However, the majority of respondents from both generations (65% of Z and 63% of Millennials) prefer the mixed business model.

Those who have had the opportunity to work remotely cite benefits such as letting them see their family more often, giving them time to do other things they enjoy, and helping them save money.

These two generations have been affected a lot in recent years, especially when we talk about work. Since 2020, they have been experimenting with new ways of working, first experimenting with remote work and later the hybrid model. All of these elements brought about by the Covid-19 pandemic have transformed the perception of these audiences and their relationship to work,” says Danny Plissink, Deloitte’s Talent and Culture Leader.

Increased fatigue and anxiety

According to research, anxiety increases among generation Z and decreases among millennials, but burnout is present in both generations.

In Brazil, long-term financial future (62% of Generation Z and 50% of Millennials), everyday finances (57% of Z and 46% of Millennials), mental health concerns (53% and 47%, respectively) and work Workload (35% and 26%) are major factors that generate stress and anxiety.

Burnout levels in Brazil are well above the global average: Here, 59% of Generation Z respondents and 58% of Millennials say they feel overwhelmed by the intensity and demands of work. The global averages are 46% and 45%, respectively.

Many respondents say they have recently left their organizations due to the pressures of their workload: 50% of Generation Z and 51% of Millennials, up from 44% and 43%, respectively, of the global average.

Nearly two-thirds of two generations in Brazil (66% of Generation Z and 68% of Millennials) believe that employers focus more on mental health in the workplace after the pandemic began, but more than half do not think this has resulted. Great impact on employees.

Three in 10 Generation Z and Millennials don’t feel comfortable talking to their managers about stress or other mental health issues. About a quarter of them took time off work due to stress, but more than half did not tell their employer why.

Millennials were somewhat more likely to feel comfortable telling their employer when they needed time off due to stress or mental health reasons.

Leadership priorities

If they were in charge of companies, then Generation Z Brazilian respondents would prioritize initiatives such as:

Brazilian millennials will prioritize, in the following order:

  • Allow professionals to work remotely if they prefer (19%)
  • Allowing employees to work flexible hours (18%)
  • Experience a shorter work week (13%)
  • Solidarity leaders promotion (12%)
  • Create more part-time jobs (11%)

main concerns

Compared to last year, both generations are more optimistic in Brazil regarding the economic, social and political situation in the next 12 months. As for the economic situation, 56% of Generation Z respondents and 61% of Millennials think it will improve in the next 12 months – last year those numbers were 39% and 50%, respectively.

In terms of socio-political status, 51% of Generation Z and 60% of Millennials believe it will improve over the same period – in 2021 the numbers were 32% and 44%, respectively.

Brazilians are far more optimistic than global averages: only 28% of Generation Z respondents and 28% of Millennials believe in economic improvement. The numbers are also lower when asked about socio-political status – 24% of Generation Z and 25% of Millennials.

Brazilians of both generations are more likely to believe that business has a positive social impact than their global peers. Here, 45% of Generation Z and 60% of Millennials think so, while global averages are 45% and 44%, respectively.

However, similar to global averages, these sentiments are slowly decreasing over the years.

The main intergenerational interests in Brazil are:

  • Unemployment (33% of Z / 31% of Millennials)
  • Personal safety/criminality (24% of Z/27% of Millennials)
  • Cost of Living (23% of Z/25% of Millennials)
  • Concern about climate change and environmental protection (22% of Z/19% of millennials)
  • Income inequality (most notably 24% of millennials)
  • Concern about sexual harassment (most notably 21% of Generation Z)