Irish millennials pessimistic about economic and social future, survey finds
Only about one in four young people think there will be an upturn in the economy in the next year, researchers found.
Irish millennials are disillusioned with traditional institutions and are pessimistic about economic and social progress, a recent survey has found.
According to the 2019 Deloitte millennial survey, just 28% of Irish young people believe the economy will improve in the next 12 months and nearly half cited climate change and protecting the environment as their most pressing concern.
The findings of the survey also show the ambitions of this generation remain strong.
Around 67% of Irish respondents say that travelling and seeing the world is their top ambition while nearly two-thirds also want to earn high salaries and be wealthy.
In comparison to their global counterparts, more Irish respondents wish to buy their own home and have children.
Climate change and protecting the environment is the top concern amongst Irish millennials, as indicated by 48%, significantly higher than the global average of 29%.
Recent research has revealed that millennials have an increasingly pessimistic outlook on economic, social and political affairs.
Only 28% of Irish respondents believe the economy will improve in the next 12 months, down from 56% just two years ago while only 21% believe that the social/political situation will improve in the next year.
The survey’s findings show that the majority of young people believe that reduced usage of social media would have a positive effect on their physical and mental health.
Some 67% believe that, on balance, social media does more harm than good, and 42% would like to completely stop using social media.
They are also sceptical when it comes to cybersecurity.
Similarly, 76% are worried about how organisations obtain personal information and 75% feel they have no control over who has their personal data or how they use it.
As business leaders, we must continue to embrace the issues resonating most with this generation, or risk losing out on talent in an increasingly competitive market Valarie Daunt, Deloitte Ireland
This year’s report sees a further negative shift in Irish millennials’ feelings about business’ motivations and ethics.
Under half of respondents think businesses in general have a positive impact on the wider society in which they operate, down from 61% in 2018.
The decrease was driven, in part, by views that businesses focus solely on their own agendas rather than considering the consequences for society, as identified by 82% of Irish respondents.
Valarie Daunt, head of human capital at Deloitte Ireland, said: “From the economic recession a decade ago to the fourth industrial revolution, millennials have grown up in a unique moment in time impacting connectivity, trust, privacy, social mobility and work.
“This uncertainty is reflected in their personal views on business, government, leadership and the need for positive societal change agents.
“As business leaders, we must continue to embrace the issues resonating most with this generation, or risk losing out on talent in an increasingly competitive market.”