According to a recent poll, the cost of living crisis now tops climate change as the issue that worries Millennials and Generation Z the most.
It was shown that the impact of rising costs was the main source of anxiety for 38% of Millennials and 31% of Gen Z.
Millennials were those born between January 1983 and December 1994, while Gen Z were those born between January 1995 and December 2003, according to data released on Wednesday by consultants Deloitte.
The majority of Gen Zs and Millennials in the UK claim to live paycheck to paycheck and express concern that their monthly salary would not be enough to meet all of their outgoings. 42% of Gen Zers and 39% of Millennials run a side business to supplement their income.
"For the first time in the history of Deloitte's Gen Z and Millennial Survey, now in its eleventh year, cost of living has emerged as the top worry," said Will Gosling, partner and human capital head.
We can see that Generation Z and Millennials are extremely worried about the status of the world and their own futures and that they are actively attempting to strike a balance between the difficulties of daily life and their desire to affect social change. Employers and company leaders must provide their employees the tools they need to succeed immediately.
The study also revealed that money concerns are the main cause of stress for 48% of Gen Zers and 51% of Millennials, who both report feeling anxious all the time. The majority of UK Millennials and nearly half of UK Gen Z believe their workloads have left them feeling burnt out.
Concerns about the expense of living and climate change are expected to keep upsetting the lives and mental health of Gen Zers and millennials, according to Mr. Gosling. Employers must take a more active part in assisting them by paying attention to their needs and acting on them.
By offering better mental health services, establishing boundaries to safeguard the work-life balance, fostering stigma-free cultures, and equipping their employees to lead change, business leaders may lessen the causes of stress and burnout.
However, the study also revealed that young people continue to place a high premium on environmental problems. 72% of Millennials and 56% of UK Gen Z respondents to the study claim they frequently strive to safeguard the environment.