A survey based on the opinions of 8,000 people born after 1982 across 30 different countries found that millennials in Australia no longer consider their home to be the “lucky country” and are less optimistic about the future than their counterparts in developing economies, such as Philippines, Indonesia and India.
Only 8 percent of Australia’s youth believe they will get by better than their parents, compared to the greater optimism shown in Europe and the U.S., where 36 percent of the people surveyed feel like they will be financially more secure than their parents, according to the Deloitte Millennial Survey 2017.
The optimism is even greater in Asian emerging markets, where 71 percent of young adults believe they will do even better than previous generations.
According to David Hill, Deloitte Australia’s chief operations officer, the pessimism is partly due to the booming house prices in the major cities of Sydney and Melbourne, with many young Australians believing that owning their own home would be a mirage.
In last year’s Deloitte survey, 46 percent of Australian millennials planned to leave their job in the next two years. That proportion has scaringly grown to 58 percent this year.
But there was also a growing proportion, 24 percent compared to 19 percent last year, who decided to stay with their employer for five years or more, a greater loyalty linked to organizations’ values and purpose.
The Deloitte study put great emphasis on the key role of employers in providing a general sense of empowerment and stated that “where workplace opportunities are offered, millennials are significantly more likely to say they can influence social equality, the environment, the behavior of big businesses and even the overall directions of their country.”