Monday 20 May 2019 1:33 pm

Millennials increasingly pessimistic about the economy, finds Deloitte

Pessimism among younger people about the economy is growing in the UK and worldwide, according to a comprehensive new survey of millennials and generation z workers.

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Only 26 per cent of respondents said they expected the economies in their countries to improve in the coming year, according to a survey of 13,416 millennials and 3,009 Generation Z workers by accountancy firm Deloitte.

In the last six years, the previous lowest figure was 40 per cent, and for the past two years the figure stood at 45 per cent.

Just 13 per cent of millennials (25-36 year-olds) think the political and economic situation in the UK will improve over the next 12 months.

Sentiment in emerging countries is more optimistic than in mature markets, but even in emerging countries there has been a dramatic fall in sentiment with 36 per cent of millennials expecting improvement in the next 12 months, a drop of 21 points in just two years.

In developed markets the figure stands at just 18 per cent, down from 37 per cent last year.

From a personal perspective, slightly more than half of millennials think their financial situation will worsen or stay the same, while 43 per cent anticipate an improvement next year.

The number of respondents who thought business has a positive impact on society fell to 55 per cent from 61 per cent the previous year.

Only 37 per cent of millennials think business leaders make a positive impact on the world and more than a quarter said they do not trust business leaders as sources of information.

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Dimple Agarwal, partner and global leader for organisation transformation and talent at Deloitte, said: “Millennials’ and Gen Z’s trust in business has decreased, in part, because they believe that businesses focus solely on their own agendas rather than considering the consequences for society. Both generations want business not only to talk about purpose, but for it to become meaningful action.”