According to the Deloitte Global Millennial Survey 2020 found that younger generations including both Millennials and Gen Z have had values, including sustainability, reinforced during the pandemic. While half of the millennial and Gen Z respondents said they believe it is too late to repair the damage caused by climate change during the company’s initial survey taken late 2019 and early 2020, a pulse survey conducted later in 2020 found a more hopeful response due to the pandemic’s environmental impact.
A pulse survey found that almost 30 percent of Gen Z and a quarter of younger millennials have lost jobs or have been put on temporary, unpaid leave due to COVID-19. This demographic has also experienced a change in work including working fewer hours or longer hours without a raise in pay. Only a third of millennials and 38 percent of Gen Z respondents said their employment or income status had been unaffected by the pandemic.
Overall, the report found a pessimistic view from respondents as it pertained to personal financial prospects. More than half of respondents expected their finances to stagnate or worsen over the next year before the pandemic, an increase from previous surveys. Further, almost half of Gen Z and 44 percent of Millennials told Deloitte they felt stressed all or most of the time during the initial survey, but the pulse survey saw anxiety levels fall eight points for both generations. According to the authors of the report, this decline in stress levels suggests resiliency and indicates a positive side effect of the pandemic.