Millennials v Gen Z: How they spend, save and work

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May 21 2019
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New global research shows that Millennials and Gen Z have surprising attitudes towards work, money and the world around them.

Gen Zs are generally accepted as people born in the mid-1990s and early 2000s. Millennials are generally accepted as people born in the early 1980s to the mid-1990s.

According to a survey from Deloitte, both Millennials and Gen Z can be uneasy and pessimistic about their careers, lives and the world around them.

On the flip side, Millennials and Gen Z are eager for social changes and to align with businesses that adapt to this way of thinking.

How they work

Millennials and Gen Z make up more than half the world’s population and, together, they account for nearly all of the global workforce. According to Deloitte, they are no longer the future, they are the present, meaning enterprises need to react or risk being alienated.

For business leaders who tackle social issues, Millennials and Gen Z show a deeper loyalty.

As consumers, they are inclined to spend with ethical businesses than previous generations.

Millennials and Gen Z want to see purpose and meaningful action in their work, and expect business to enhance lives and livelihoods. Typically, they don’t see enough businesses acting in such a way.

Organisations that are able to make the world a brighter place for Millennials and Gen Z are the one’s themselves that are having the brightest futures.

Millennials indicated they would not hesitate to do freelance or contract work. Overall, the gig economy appeals to four out of five Millennials and Gen Z, citing the opportunity to earn more money and working flexible hours as the main reason for taking on such work.

How they spend and save

For Millennials, while earning a high salary is still a priority, a vast majority do not see having children, buying a home, and other traditional signs of adulthood as successful marketers.

Instead, travelling and seeing the world is top of their priorities. They are also more attracted to the idea of making a positive impact on their communities and society than having children of their own.

Positive economic sentiment among Millennials is at its lowest in the last six years with only 26 per cent of respondents believing the economy is going to improve in their respective countries.

The younger generations are more likely to speak with their wallets in ways that differ from previous generations. Millennials and Gen Z start and stop relationships with businesses for very personal reasons, often due to the impact they are having on society.

For example, 42 percent of Millennials said they have begun or deepened a business relationship due to how a business impact on society, while 37 per cent have lessened a business relationship due to poor business ethics.

What they’re scared of

In the past two years especially, there has been a steep decline in respondents’ views on the economy, their countries social/political situations and institutions like the government, the media, and businesses as a whole.

Among the 20 challenges facing society, Millennials and Gen Z rated climate change/protecting the environment as number one.

Secondly was personal safety, as terrorism, crime and war all placed in the top seven for the youths.

How they see society and politics

Two-thirds of Millennials believe that because of their backgrounds, some people never have a chance of success, no matter how hard they work. However, an equal number believe anyone can succeed if they put their minds to it.

In March, nearly a million secondary students worldwide skipped school to protest against climate change. Both Millennials and Gen Z appreciate government as an institution, embrace its promise and look for it as leadership. However, they are frustrated with inaction and, as a result, have a low opinion of the government.

Are they scared of robots?

Millennials are using technologies that did not exist at the start of their careers with 49 per cent of them believing their job will be augmented. Only 15 percent fear it will replace their job entirely.

Despite being known as generation disrupted, Millennials are profoundly disrupting businesses and society alike. Some decisions are passive, such as the delay of having children, while others are more proactive with the shaking up of established norms.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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