KUALA LUMPUR (May 30): Gen Zs and millennials continue to cite cost of living as their top societal concern above unemployment and climate change,  with more than half of the respondents in a global survey by Deloitte claiming to live paycheck to paycheck and worried about being unable to cover their expenses.

And notwithstanding their desire for better work-life balance, and a reduction in working hours, many Gen Zs and millennials have taken part-time or additional full-time paying jobs to make ends meet.

Malaysian Gen Zs and millennials appear to be feeling the pressure more. “In Malaysia, this number is significantly higher, with 60% of Gen Zs and 62% of millennials taking up part-time or full-time paying jobs in addition to their primary job,” the financial advisory firm said, citing findings from the Deloitte Global 2023 Gen Z and Millennial Survey. “Twenty-five per cent of Malaysian Gen Zs prefer flexible ‘gig’ work, while 29% of millennials favour selling products or services on online platforms.”

In addition, the survey found that only 32% of Malaysian Gen Zs and 21% of Malaysian millennials are satisfied with their current work/life balance, compared with the global average of 34% for Gen Zs and 31% for millennials.

In terms of the economy, Deloitte noted that globally, roughly six in 10 Gen Zs and two-thirds of millennials think the economy will worsen or stay the same in their country over the next year.

“Many think that it will become harder or impossible to ask for a raise or promotion, get a new job, or seek greater work flexibility.  

“More than 60% of Malaysian Gen Zs and millennials believe that getting a new job will be harder or impossible if the economy doesn’t improve.”

Deloitte said that economic concerns impacted their ability to plan for their future.

It observed that more than half of the Malaysian respondents said it will become harder or impossible to buy a home or start a family.

In the recently released survey, the financial advisory firm interviewed 22,000 Gen Zs and millennials in 44 countries. For Malaysia, a total of 303 respondents, involving 201 Gen Zs and 102 millennials, were polled.

Deloitte focused on Gen Z respondents that were born between January 1995 and December 2004, and millennial respondents born between January 1983 and December 1994.

The survey was conducted using an online, self-complete-style interview, and the fieldwork was conducted between Nov 29 and Dec 25, 2022.

For Malaysian Gen Zs polled, their concerns in order of priority were cost of living, crime/personal safety, and economic growth. As for Malaysian millennials, their top concerns were cost of living, economic growth, and food supplies/hunger/famine.

Deloitte Southeast Asia human capital consulting director Lee Yun-Han said that Gen Zs and millennials are striving for better work-life balance.

“They are value-driven, concerned about the environment, state of the world, and the future they see developing ahead of them.”

Lee also stated that Gen Zs and millennials are also looking for employers who can help empower them to make a difference.

It is crucial that Malaysian employers understand the needs of these generations and continue to drive progress on the challenges that matter to them, he added.

“This will not only help boost productivity and retain talent — it will ultimately build trust and value for businesses on a broader scale.”

As businesses face new headwinds, it is important for employers to maintain progress they have made in talent recruitment and retention efforts, which drive greater momentum, said Deloitte.