High cost of living top concern of Gen Zs; nearly 50% Gen Zs have side jobs: Report

Mumbai: Nearly half of Gen Zs interviewed felt more concerned about the high cost of living followed by unemployment and climate change as they live from paycheck to paycheck, a survey has said.

The high cost of living is top societal concern of Gen Zs, who say they live paycheck to paycheck and growing numbers are taking on side jobs to address financial concerns, according to Deloitte's 2023 Gen Z and Millennial Survey.

About 46 per cent of Gen Zs and 37 per cent of Millennials have taken on either a part or full-time paying job in addition to their primary job, it said.

This has postponed their big life decisions like buying a house or starting a family, and adopting behaviours that save money such as buying second-hand clothes or not driving a car, the survey added.

Gen Zs are people who were born between the late 1990s and the early 2010s, while Millennial are those born in the 1980s or 1990s.

The Deloitte Global 2023 'Gen Z and Millennial Survey' is based on responses of 22,856 respondents of which 14,483 were Generation Zs and 8,373 were Millennials from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific.

This report includes responses of 800 respondents from India.

While 49 per cent of Gen Zs and 62 per cent of Millennials said work is central to their identity, work-life balance is something they are striving for, the survey further revealed.

Having a good work-life balance is the top trait they admire in their peers, and their top consideration when choosing a new employer, it added.

Gen Zs and Millennials would like to see their employers offer better career advancement opportunities for part-time employees, more part-time jobs overall, and the option for more flexible hours for full-time employees, the Deloitte report said.

It said that Gen Zs and Millennials valued remote and hybrid work and see its benefits as three quarters of respondents, who are currently working from remote or in hybrid roles, would consider looking for a new job if their employer asked them to go on-site full-time.

Nearly half of Gen Zs (46 per cent) and four in 10 millennials (39 per cent) said they felt stressed or anxious at work most of the time, it stated.

Their longer-term financial futures, day-today finances, and the health/ welfare of their families are top stress drivers, while concerns about mental health and workplace factors such as heavy workloads, poor work/life balance, and unhealthy team cultures are also at play, it said.

Gen Zs and Millennials are reporting increasingly high levels of burnout due to work-related pressures, it added.

Deloitte India Chief People and Experience Officer Deepti Sagar said that Gen Zs and Millennials are seeking an equilibrium between their professional and personal lives.

"They are also guided by a strong sense of purpose, deeply concerned about global issues, and aspire for a future where they can be active change agents. It is incumbent on employers to align with this mindset, fuelling their drive for positive impact. Businesses that respond to these needs and concerns will not only enhance their own resilience but will also contribute to meaningful societal transformations," she added.