Indian millennials, Gen Z optimistic about economic, social outlook: Survey

Even as millennials and Gen Z are disillusioned with traditional institutions and social progress, Indians are very optimistic about the economic and social outlook and are overall satisfied with their lives, according to a survey.

Deloitte's 8th annual Millennial Survey showed that Indian millennials and Gen Z are among the most optimistic.

About 59 per cent of millennials and 57 per cent of Gen Z in India expect the country's economic outlook to improve in the next 12 months.

The figures stand at 47 per cent and 38 per cent, respectively, for an improved social or political outlook.

Both numbers are significantly higher than the global average.

Especially in mature markets, millennials and Gen Z, facing continuous technological and societal disruption, are disillusioned with traditional institutions, skeptical about motives of businesses, and pessimistic about economic and social progress, it said.

Despite global economic expansion and opportunity, younger generations are wary about the world and their place in it.

"I think it is the sea of possibilities that makes our young generation so optimistic, even when they face headwinds. Consequently, they are not afraid to dream and find a way to achieve that dream.

"The millennial and post-millennial generations in fast developing countries like India have seen progress and opportunities that previous generations could only imagine, leading to an overall optimism," Deloitte India Chief Talent Officer S V Nathan said.

The 2019 report is based on the views of 13,416 millennials questioned across 42 countries, including India.

The generation also aspires to make a positive impact in the community and society at large (57 per cent millennials and 77 per cent of Gen Z).

They said climate change and corruption are grave concerns, and (in comparison to their global counterparts) are convinced that businesses are best able to solve the world's most pressing challenges.

Interestingly, they are less confident about the ability of universities to solve the problems, it added.

Furthermore, the survey revealed that perceptions of loyalty towards employers have changed over previous generations.

Millennials and Gen Z are more inclined to leave their current place of work in the next two years and are much more inclined to join the gig economy as compared to global respondents.

They also express a keenness to start their own business, it added.