Understanding Generation Y Globally and Locally

Monday, February 20, 2017

Generation Pessimism

We think of the younger generations having youthful idealism and optimism yet the 2017 Global Millennial Study by Deloitte shows that the 20’s and early 30-somethings are not feeling optimistic. Just 1 in 4 believes the year ahead will see an improvement politically and again a minority- only 1 in 3 believe we will see an uptick economically.

Where’s our share?

While it is little surprise that their number one concern is terrorism/political tension (56% are concerned), the second biggest concern (43%) is income inequality. There is a strong feeling amongst Generation Y (Millennials) that they are being left behind in this era of flat wages growth and massive home and living cost increases. Our recent ABS income and wealth analysis shows that Gen Y as a whole have 7% of Australia’s private wealth while they are more than twice this (15%) of the population while the older Boomers have an economic share three times that of their population share. There is a growing series of forecasts indicating that this may well be the first generation since the Great Depression which will end up behind their parents economically.

Big challenges but are they too big…

This study shows that Millennials, particularly in the developed world feel somewhat disempowered with a sense of high responsibility yet low influence to shape the challenges of the environment, social equality and direction of the country. They are key contributors to society and believe that working within the system rather than radically fighting against it in a revolutionary approach is the best way forward.

Moving on…but to full time roles

Almost 1 in 2 (48%) expect to leave their current role within 2 years while less than 1 in 3 (31%) plan on still being there in 5 years. While the gig economy sounds exciting, almost three times as many (70%) would prefer full time work than a freelance work life (25%). Yet the challenge for Australian Gen Y’s is that while unemployment is still quite low (5.7%), the workforce is trending away from full time roles. In the last year, the Australian economy has added 130,000 part time roles but lost 40,000 full time roles.

The dot com kids see the downside of tech

Millennials are more negative than positive when it comes to technology particularly regarding the impacts it is having in the workforce. While it aids productivity, economic growth and flexibility, the majority of this generation believe that it will force them to retrain (51%) and that it is making the workplace more impersonal and less human (53%).

But they are warm towards Gen Z

The new next generation (Gen Z, born since 1995) is well regarded by Gen Y with most Y’s (53%) believing that the next generation will positively transform the workplace. They also believe that Gen Z are well equipped and “futureproofed” in the workplace because of their creativity, flexibility and engaging leadership style.

WATCH MARK'S FULL INTERVIEW ON WEEKEND SUNRISE HERE

Welcome to our blog...

We have a passion for research that tells a story, that can be presented visually, that brings about change and improves organisations. And we hope these resources help you know the times.

Our Social Media Sites

Facebook | McCrindle Research Social Media YouTube | McCrindle Research Social Media Twitter | McCrindle Research Social Media Flickr | McCrindle Research Social Media Pinterest | McCrindle Research Social Media Google Plus | McCrindle Research Social Media LinkedIn | McCrindle Research Social Media Mark McCrindle Slideshare


Last 150 Articles


Tags

life tuesday village new york times socialising house price Financial Planning Association of Australia TAS Territory results cash Charlotte Real Estate conference experience neutral bay forecasting census fears domestic Wellington hopes student ipswich Engineering Manager 24 million graphs thrive know the times woolworths mother's day qualitative research population map pyrmont renter of the future anzac overcast urban infographic society jobs of the future curiosity organisations year 7 land of the middle class marketing world mover and shaker learning daily commute house price rise cancel plans 23 million google work in depth interviews responsive educated VIC gen z conference presentation participants optimistic slideshare data analyst Social Trend summer FOMO year 12 identity ashley fell Sydney Kiwi unemployment data ACF 2016 repayments entertainment digital McCrindle Speakers hills shire affordable Wodonga housing affordability dare to dream communicate Aussie shbc selfie goals Adelaide australians staying home more social researchers Geoff Brailey equip food men prince george communications social researcher Mark McCrindle Real Estate Institute of Victoria geomapping generations property price thought leadership wellbeing women case study Australian Census megatrends ashley mckenzie study millionth technology real The Daily Edition family Australian Trends toys brand perth public speaking future of work national private wealth politics generation home ownership program Sydney keynote speaker rain new office investment dreaming the changing face of tv baby boomers Channel Seven 2013 World Water Day media housing growth dream personal growth social media Queensland: QLD mccrindle research water data visualisation safe property capital city Christmas presents schools students australian social research CBD presentations poker master innovative collaborative divorce Christchurch home owner teleworking dessert cost of living earning marrickville Tuesday Trends university FPA mythbusting social change going out Australian Communities Trends high density apartments Crime Rates DIY average aussie professional lifestyle resilience rise of local staff aged care entrepreneurs of today panel young people growing population rule keeper change SA analysis New Zeland criminal income huffington post crime plans sydneysiders Northern Beaches sector wide study cancelling plans mortgage Love online Christmas lunch JOMO supply and demand Hornsby Shire Council facts focus group public holiday townhouses 1968 meetings energy sun Northern beaches Event cloudy days EFF Australian demographics work-life house prices challenge education research Australia Day 2017 future proof holidays news sydney speaker Scouts learner cultural diversity city 1994 annual income household The ABC of XYZ suburban living 1975 insight economy focus groups entrepreneur priorities infographic wall hobart "know the times" social enquiry parents salary baby boom survey event newspaper financial jobs optus my business awards Do It Yourself shopper's pick not-for-profit Channel 7 REIV National Conference teaching national crime rates world youth day population milestone happiness Births rich Word Up communities winter blues hello fresh staying in paying to work Canberra australian communities trends report house NT Assistant Store Manager leadership Queensland personalities 2016 English goal engage office space etiquette teacher future social life employers training wage define mateship demographer urban taskforce faux-ciliser mobile Australia Day wedding brands baby name predictions 1980 school satisfaction group session social lives housing market ultimo wolloomooloo cost non profit research pack internship tattoos emerging generations networking research financial independence friendship builders acf15 rising house prices area royal baby eliane narcissism wealth distribution socialites ABS proactive NSW workforce professional speaker global generations Research Executive vegetarian relevant vegemite baby name trends conferences workshop 24,000,000 language residents pharmacy christmas eliane miles mccrindle tea Population Clock hornsby faux-cilising resource emerging technologies click presentation visualisation finance 2020 keynote futurist students speakers education future report researcher names generation Z government Res Vis middle class youth unemployment research data group high school education local communities lalor park social commentary Australian Home motivate leadership workshop ACF charity Aussies google for education forecast ageing population product workplace culture outsourcing increasing densification greatness millennials marriages intern February 16 Generation Y GPO blaxland transport mccrindle moreton bay global financial crisis statistics high density living menai religion future proofing work mates christianity sentiments manly victoria population housing stats parenting seasons trends analyst wealth and income distribution organisational culture wealth and income celebration millenials stay home Gen X buildings property market daily telegraph Tuesday Trend living marriage 10 years professional development suburbs Education Future Forum future-proof bureau research visualisation couple pharmacies offenders ageing community event award tableau educhat demographic trends housing trends alpha tea monarchy deloitte small business bondi cancelling event Australian Bureau of Statistics Australian communities holiday NEETs survey design New Zealand gen alpha young australians Myth Merry Christmas population growth twentyseventeen Australian Families PSI ACT logan wages capital cities generational trends snapshot conference speaker post rationalism growth consumerism divorce rate retirement sector future of education mythbusters report local renting relational career baby names Deaths cold teach earn poor customer media activity national wealth New South Wales royal commute schools Northern Beaches Christian School tips rent father's day communication environment brisbane debt video social sunburnt country brand experience society trends generation alpha nfp low density investor school coffee IT Specialists tertiary education australia baby name Bathburst princess charlotte HSC South Australia spend ideas mentor healthy future events norwest states trends of 2017 cooking Financial Planning Association trend tuesday affordability school students emerging trends trends leader Northern Territory media release in the media social research sydneycity business children not for profit easter darwin consumer SMSF social impact owning a home cars employment high density environmental scanning community forum REIV Conference budget sunny days urban living skills unaffordable January 26th Gen Y friends market research households interactive social trends families potts point financial future workplace learn earnings meals easy rider church social commentator Kirsten Brewer 2014 Financial Planning Week careers Christmas season culture financial dreams apartment aged care puzzle the australian dream social shifts rental stress trends of 2016 research services litter 2015 storytelling publication DESTEL economic community engagement weekly earnings home ethnography sports winter kate middleton royal influence ease of travel Western Australia optus learning styles medicine global entrepreneurial visual trend list investing debate university degree TDE state 2017 gender engagement sector wide youth aussie culture education future office media commentary authenticity faux-cilise cartodb recap insights Australian Dream Caregiver mccrindle in the media omnibus mining boom australian communities forum wealth Generation X teachers innovation Netflix quote royal family child care online shopping waverton Melbourne Australian schools moderators guide baby keynote speaker shifts collaboration grandparents volunteers Valentine’s Day office opening clothing sustainable fresh shopping follow Royals demographic transformations 40 million Tasmania education sector Wagga Wagga demographic urban living index suburb sydney event Duchess of Cambridge demographics gold coast balance WA weather long weekend business index social analysis Australians 2012 System's Architect typical australian crows nest internships internet

Archive