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

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

Archive