Chennai: Indians are ahead of the world when it comes to looking forward to the future, for they are very optimistic about the economic and social outlook and are overall satisfied with their lives, according to a survey.
The findings come even as millennials and Gen Z are disillusioned with traditional institutions and social progress.
Deloitte’s eighth annual Millennial Survey showed that Indian millennials and Gen Z are among the most optimistic in the world. About 59 per cent of millennials and 57 per cent of Gen Z in India expect the country’s economic outlook to improve in the next 12 months.
The figures stand at 47 per cent and 38 per cent, respectively, for an improved social or political outlook. Both numbers are significantly higher than the global average. The report is based on the views of 13,416 millennials questioned across 42 countries, including India.
In mature markets where millennials and Gen Z are facing continuous technological and societal disruption, the groups are disillusioned with traditional institutions, skeptical about motives of businesses, and pessimistic about economic and social progress, said the survey.
The generation also aspires to make a positive impact in the community and society at large (57 per cent millennials and 77 per cent of Gen Z).
Indian respondents said climate change and corruption are grave concerns, and (in comparison to their global counterparts) are convinced that businesses are best able to solve the world’s most pressing challenges. Interestingly, they are less confident about the ability of universities to solve the problems, it added.
Furthermore, the survey revealed that perceptions of loyalty towards employers have changed over previous generations.
Millennials and Gen Z are more inclined to leave their current place of work in the next two years and are much more inclined to join the gig economy as compared to global respondents.
Dissatisfaction with pay and the lack of advancement opportunities are the top reasons for potential near-term exits. Less than three in ten Millennials expect to stay at their current job for the next five years. They also express a keenness to start their own business, it added.
Only 52 per cent of the Millennials surveyed responded that earning a high salary was a top priority while 56 per cent of their Gen Z peers did so.
In China and India, Gen Zs were more optimistic about the future. Meanwhile, youth in major economic powers were pessimistic about the world and whether their place in it will improve.
Despite global economic expansion and opportunity, younger generations are wary about the world and their place in it.
“It is the sea of possibilities that makes our young generation so optimistic, even when they face headwinds. Consequently, they are not afraid to dream and find a way to achieve that dream. The millennial and post-millennial generations in fast developing countries like India have seen progress and opportunities that previous generations could only imagine, leading to an overall optimism,” chief talent officer, Deloitte India, S V Nathan said.
| About it |
| The survey took into consideration responses of 13,416 millennials (born between 1983 and 1994) spread across 42 countries and 3,009 Gen Z respondents (born between 1995 and 2002) from 10 countries. Deloitte conducted the survey for the past eight years. |