PETALING JAYA: The latest Deloitte Millennial Survey observed Malaysian millennials and Gen Z’s are recommitting to improving society, pushing for a world in which businesses and governments mirror their own commitments.
The survey consists of two parts: a “primary” survey of 18,426 millennials and Gen Zs across 43 countries conducted between November 2019 and early January 2020, and a “pulse” survey of 9,102 individuals over 13 countries taken between April and May of 2020 in the midst of the worldwide Covid-19 pandemic.
Signature of both generations, stress and mental wellness – often amplified by work and financial concerns – remained critical issues.
Prior to the pandemic, it found 46% of Malaysian millennials felt anxious or stressed all or most of the time and respondents cited personal long-term financial future (57%), family’s welfare (54%), and job/career prospects (50%) as primary sources of stress.
Interestingly, stress levels fell in the second survey, possibly indicating that the slowdown of life in lockdown may have reduced stress levels.
However, 39% and 29% of millennials and Gen Zs in Malaysia and globally took time off work due to stress before the pandemic, though 44% of all the respondents told their employers it was for a different reason.
“Encouragingly, flexible working arrangements – which were widely implemented as a result of the pandemic – may present one solution,” Deloitte reported. As 69% of millennials and 64% of Gen Zs surveyed agreed having the option to work from home in the future would relieve stress.
It also pointed out that financial concerns are a particularly acute stressor for millennials, as many started their careers in the wake of the great recession and now face another downturn.
“Still, there is some short-term optimism as more than half of millennials in the pulse survey, and nearly half of Gen Zs, say they have savings of roughly three months of income, which may help them as the financial ramifications of the pandemic come to bear,” said the firm.
Younger generations take the issue of social purpose as a personal calling, and this focus on doing good is reflected in their purchasing habits as well.
About 60% said they plan to buy more products and services from large businesses that have taken care of their workforces and positively impacted society during the pandemic. Around three-quarters will make an extra effort to buy products and services from smaller, local businesses.
The survey also reported that the general view of business continues to decline, as 56% of Malaysian (51% globally) millennials saw business as a force of good, down from 76% reported three years ago and 55% registered last year.
Subsequently, the pulse survey saw the numbers continue to decline to 41% for millennials and 43% for Gen Zs.
On the other hand, for the first time since introducing the question, the firm found that 34% Malaysian millennials (35% globally) stated they want to stay with their employers for five or more years, while those who would leave in two years or less dropped from 38% to 23% in Malaysia from 2019-2020.
“Respondents were also largely receptive to how employers were navigating the Covid-19 crisis – two-thirds said they were pleased with the speed and manner by which employers acted. Around 60% believe these actions have made them want to stay with their employers for the long term.”
