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.
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.