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Study: The cost of living and the evolution of the economy worry Romanians from the Millennials and Z generations
The main causes for concern for Romanian Millennials and Zs are the rising cost of living (for 44% of Millennials and 33% of Gen Zs) and the evolution of the economy (for 27% of Millennials and 22% of Gen Zs), according to Deloitte Global Gen Z and Millennial Survey 2023, conducted in 44 countries, including Romania.
In this context, young people in our country postpone or cancel plans in their personal life, such as purchasing a new home (63% of Millennials and 60% of Gen Zs) and starting a family (33% of Millennials and 48% of Gen Zs), as well as in their professional life, such as asking for a raise or a promotion (48% of Millennials and 47% of Gen Zs) or changing their job (47% of Millennials and 46% of Gen Zs). The ranking of young Romanians’ concerns is completed by the education and development of personal and professional skills (for 20% of Millennials and 35% of Gen Zs).
Globally, the cost of living is also the top concern among younger generations (42% of Millennials and 35% of Gen Z), but it is followed by climate change (23% of Millennials and 21% of Gen Z) and the unemployment rate (20% of Millennials and 22% of Gen Zs).
At the same time, 58% of Millennials and 38% of Gen Zs in Romania state that they live from paycheck to paycheck and are worried that they will no longer be able to cover their monthly expenses, so they opt for a part-time or full-time side job (33% of Millennials and 38% of Gen Zs) to ensure an additional source of income (43% of Millennials and 31% of Gen Zs).
“The study reveals that the concerns of young people have slightly changed compared to last year. They are still worried about the cost of living but have also become concerned about development opportunities, which highlights both the desire to evolve and remain relevant to the labor market and to secure extensive job options and additional income sources in the current economic context. However, responding to this professional and financial pressure is draining. This fact is also confirmed by the study, as the number of those who feel exhausted (burned out) due to the intensity and demands of their workloads increased last year, from 42% to 50% among Millennials and from 42% to 59% among Gen Zs in Romania. Additionally, Romanian Millennial and Gen Z employees continue to show an increased interest in initiatives related to mental health. Therefore, the actual topics for recruitment and retention strategies should not change significantly. Instead, employers should adapt them in the best way possible for the period we are going through,” said Raluca Bontas, Partner, Deloitte Romania.
According to the study, the proportion of Romanians who are stressed or anxious most of the time is lower among Millennials (35% of Romanians vs. 39% globally) and higher in the case of Generation Z (52% of Romanians vs. 46% globally). In this context, the representatives of the two generations take into account the policies and initiatives related to mental health when considering a potential employer (83% of the respondents in Romania and those at the global level).
In addition, they state that their current employer has in place actions to support or improve mental health (56% of the respondents in Romania and those at the global level) and find that the investment in such programs has resulted in positive changes within their workplace (59% of the respondents in Romania versus 55% at the global level).
Now at its 12th edition, the Deloitte Global Gen Z and Millennial Survey 2023 was conducted among over 8,300 Millennials (born between January 1983 and December 1994) and 14,500 Generation Zs (born between January 1995 and December 2003) in 44 countries worldwide.