According to the firm’s eighth annual millennial survey, just 13% of 25 -36 year-olds think the political and economic situation in the UK will improve over the next 12 months. Generation Zs, the 17-24 year-olds, are even less optimistic than their counterparts, with only 12% believing the situation will improve.

The general view of work and career patterns continues to move away from traditional static careers with 44% of UK millennials and 65% of UK Generation Zs expecting to leave their employer within two years. Flexible working is increasingly popular with three in four millennials and Gen Zs saying they would consider joining the gig economy.

Despite their attitude to long-term careers, millennials and Gen Zs are still aspirational, with over half believing they will reach their career ambitions.

Dimple Agarwal, global leader for talent at Deloitte, said: ‘It is critical that businesses work harder to retain this talent by understanding their needs. Businesses should bolster their diversity and inclusion initiatives and create a culture that fuels millennials’ and Gen Zs’ creativity, providing them with fulfilling experiences. Priority should be placed on reskilling and training to keep this generation engaged.’

Having children, buying homes and other traditional signals of adulthood do not top UK millennials’ list of priorities. Instead, nearly half (48%) cited traveling the world as their top ambition, compared to 57% globally. In the UK, only one in three have an ambition to make a positive impact on their local communities, compared to 46% globally.

Looking to the next generation, in the UK Generation Zs aspire more than millennials to buy a home (59% versus 46%). Globally the figure is even higher with 73% cent of global Generation Zs who aspire to buy their own home.

The poll also found UK millennials’ opinions about businesses continues to diminish, as less than half (48%) said businesses have a positive impact on society, down from 58% in 2018. Globally, the figure also dropped from 61% last year to 55% this year.

Agarwal, said: ‘Millennial and Gen Z 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.’

Deloitte’s 2019 report is based on the views of 500 millennials questioned across the UK, plus responses from 301 Generation Z respondents. At a global level, it is based on the views of 13,416 millennials across 42 countries and 3,009 Generation Zs from 10 countries.

Deloitte Global Millennial Survey 2019

Pat Sweet