Institut Léger has just unveiled the 6th edition of its major study on youth (Generation Z and millennials). Future, finance, employment… We take stock of tomorrow’s trends.
According to Léger, this is the largest Canadian study to highlight the trends influencing members of Generation Z and millennials (over 3,000 respondents). And for this 6th edition, several lessons can be of interest to marketers and recruiters alike.
The future: a gloomier outlook
The first highlight is not the most pleasing: the younger generations are increasingly pessimistic about the future of the planet (51% believe that the environmental situation will deteriorate in 2024, compared to 43% a year earlier). They are also increasingly concerned about the consequences of climate change (60% vs. 53% in the previous survey).
This fact is stressing them out (61%) but, nevertheless, they believe in the impact of new technologies to limit the effects of climate change (53%) and remain slightly confident in our ability to act, even if this confidence is gradually eroding.
Young Quebecers are significantly more pessimistic than young people in other Canadian provinces. 59% of them believe that the environmental situation in the country will deteriorate over the next year, compared to 48% of young people in the rest of Canada.
It’s also worth noting that more Gen Zers than millennials have experienced a period of anxiety in the past year (60% vs. 54%). On a happier note, 66% of respondents say they are generally happy in life.
Finally, another interesting point: 41% of young people surveyed have already used artificial intelligence technologies for homework and schoolwork.
Finance: the weight of inflation
The picture isn’t exactly rosy when it comes to finance. Over a quarter of young people (29%) consider their personal finances to be in a poor state. Among Quebecers, a higher proportion consider their financial situation to be in good shape (30%) than in bad shape (20%). A radically opposite trend for people in English-speaking provinces
Half of the younger generation (51%) live paycheck to paycheck, up 4 points on last year. And inflation isn’t helping matters: 48% of young people are feeling the impact of the rising cost of living on their regular credit card or bill payments. (2022: 40%, an 8-point increase). This has a noticeable impact on all their activities and purchases (food, leisure, clothing, etc.).
It’s worth noting that only a minority (45%) think they’ll be richer than their parents during their lifetime. What’s more, only 42% find managing their personal finances a pleasant activity, even though the proportion of people who regularly inform themselves about the various financial products offered by financial institutions (41%) is up 5 points this year.
Employment: the Great Resignation is a distant memory
On the employment front, a return to normal seems to be taking place after the pandemic. 15% of young people intend to leave their job in the next year (this figure was 13% last year, and 25% in 2021). This figure rises to 22% among Generation Z.
Why change jobs? For a better salary, according to half of those who intend to leave their job. Other reasons include a desire to take on new challenges, a lack of career development opportunities or… professional stimulation.
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Salary is the main factor of concern in terms of employment conditions for younger generations (44%), ahead of benefits (22%), vacations (14%), workplace (9%) and working hours (7%).
The study shows that Generation Z and millennials still demonstrate a fragile confidence in the future: economic uncertainty and climate upheaval are at the heart of their concerns,” say Charlotte Fortin, Senior Research Director, and Gabrielle Blais, Research Director at Léger.
Methodology :
Léger survey conducted from July 25 to August 7, 2023 among 3,015 millennials (1,508) and members of Generation Z (1,507) across Canada.
