Millennials gloomy on prospects

AUSTRALIAN Millennials have a bleak outlook on the future with the majority saying they expect to lead unhappier lives than their parents while also being financially worse off.

The annual Deloitte Millennial Survey found Millennials, the generation born between 1983 and 1994, are uneasy about the future with significant concerns about terrorism, robots taking their jobs, climate change and unemployment.

Worryingly they also had little confidence in political and business leaders to make positive changes with 63 per cent saying politicians had a negative impact on society.

Deloitte Australia chief operating officer David Hill said Australian Millennials were more gloomy about the future than their global counterparts with more than 10,000 young people from across 36 countries surveyed.

“Considering the relative strength of the Australian economy globally, it’s notable that our Millennials are so pessimistic,” Mr Hill said. “However, youth unemployment is at 12.5 per cent, well above the national average of 5.6 per cent, and the rise of the gig economy means work is more uncertain for many.

“There is a pressing need for us as a nation to prioritise opportunities for our young; they are our future and as digital natives, they hold the keys to our future competitiveness on the global stage.”

The concerns of Millennials have also significantly shifted over the past year with terrorism, climate change and income equality the biggest issues this year compared to last year when crime, corruption, war and political tension dominated.

An astonishing 44 per cent of Millennials and 59 per cent of Generation Z said they would leave their current job within two years with less than a quarter expecting to still be in the same job in five years.

Mr Hill said Millennials had lost confidence in the motivation and ethics of Australian businesses.