The Deloitte Global Millennial Survey 2020 found nearly half of all Gen Z and millennial respondents were stressed during the COVID-19 pandemic as job mobility declined.
The survey reveals that close to half (48%) of Gen Z and 44% of millennial respondents said they’re stressed all or most of the time.
“Pandemic-related shutdowns have hit these generations hard, especially younger members. Almost 30% of Gen Zs and a quarter of younger millennials (25–30 years old) who took our pulse survey in late April or early May reported either losing their jobs or having been placed on temporary, unpaid leave. At that point, about one in five millennials around the world had been put out of work,” the study said.
Origins of the stress are directly related to the virus-related socio-economic collapse, resulting in one of the deepest recession, if not, depression, since the 1930s. The labor force is severely damaged, with tens of millions of unemployed and recovery that could take several years.
As the economy deteriorates, so does a dynamic labor market, and that means changing jobs will become even harder as mobility declines.
The share of millennial respondents who said they would leave a job within two years plunged to 31% from 49% – while those who said they would stick with their current job for more than five years rose to 35% from 28% in last year’s survey.
Gen Z respondents showed about half of these folks would like to change careers within two years, down from 61% in last year’s survey.
Six in 10 of all respondents said they would like the opportunity of working remotely rather than relocating for a job, although Gen Zers were more interested in moving. A little more than half of all respondents said they would work from home and live outside major cities.