Today-23 May
Millennials here are less satisfied with their lives than their peers around the world, and are largely pessimistic about Singapore’s economic outlook in the next 12 months.
A higher proportion of Singaporean millennials also rate earning a high salary or being wealthy as one of their top ambitions, compared to the global average, based on a new survey by audit and financial advisory firm Deloitte.
The 2019 Deloitte Millennial Survey, released on May 21 (Tuesday), studied the global mindset and outlook of those aged between 25 and 36 years old. It polled 13,416 millennials across 42 countries — including 200 in Singapore — in December last year and January this year.
Deloitte concluded from the survey that millennials and those in Generation Z (born between 1995 and 2002) are “disillusioned with traditional institutions, sceptical of businesses’ motives and pessimistic about economic and social progress”.
Ms Michele Parmelee, Deloitte Global’s chief talent officer, said that from the recession a decade ago to the fourth industrial revolution now, millennials have grown up at a time of uncertainty surrounding connectivity, trust, privacy, social mobility and work.
“This uncertainty is reflected in their personal views on business, leadership and the need for positive societal change agents.”
The following is a closer look at the sentiments of Singapore’s respondents and how they differed from their global peers.
LESS OPTIMISTIC THAN AVERAGE
Singaporean millennials scored 35 on Deloitte’s new mood index, lower than their global counterparts at 39. The new tool will track how optimistic respondents are about key political, personal, environmental and socio-economic topics from year to year.
Singapore fared slightly better than the mood felt in mature markets, where the score was 32 out of a possible 100, but lagged behind the emerging markets, which scored 48.
Scores were dragged down by doubts about economic and social/political situations.
Deloitte noted that men were more optimistic than women.
ECONOMIC AND SOCIAL/POLITICAL OUTLOOK
Millennials here had a grim outlook of the economic situation, with only 16 per cent indicating that it will improve in the next 12 months, sharply lower than 56 per cent who felt this way last year. The figure was also lower than the global average of 26 per cent.
This week, the Ministry of Trade and Industry downgraded its full-year growth forecast to between 1.5 per cent and 2.5 per cent, down from 1.5 per cent to 3.5 per cent. Economists also said that hopes for Singapore’s economic recovery in the second half of the year were dimming.
The top concerns among Singaporean millennials were income inequality (28 per cent), unemployment (27 per cent) and climate change (22 per cent). Millennials here were also more inclined to think that the Government was best able to solve the world’s most pressing challenges — at 43 per cent, the figure was higher than the global average of 29 per cent.
ASPIRATIONS
Only one in five (20 per cent) Singaporeans surveyed said that they were satisfied with their lives now, compared to nearly three in 10 (29 per cent) globally. The top ambition of nearly six in 10 (59 per cent) Singaporean millennials surveyed was to earn a high salary and be wealthy, compared to the global average of 52 per cent.
This generation is no less ambitious than previous generations, Deloitte said. A similar proportion of millennials here wanted to see the world (58 per cent). Rounding up the top five ambitions were buying their own home (48 per cent), making a positive impact in their community or society (36 per cent) and having children or starting a family (35 per cent).
LOWER TRUST IN BUSINESSES
Compared to last year, Singaporean millennials expressed a loss of trust in businesses to benefit society.
Asked if businesses in general have a positive impact on the wider society, just over half (54 per cent) said yes, a sharp drop from 77 per cent in 2018. Eight in 10 (81 per cent) millennials agreed that businesses “focus on their own agendas rather than considering the wider society”.
LOSING JOBS TO TECHNOLOGY?
In tandem with global findings, 81 per cent of Singaporean millennials believe they have the required skills and knowledge as the working environment gets shaped by the fourth industrial revolution.
However, a large portion of Singaporean millennials believe that industry 4.0 — the current trend of automation and data exchange in manufacturing technologies — will make it harder to get or change jobs in the future.
Six in 10 (61 per cent) Singaporean respondents indicated this, in contrast to the 46 per cent global average.
“Millennials are conflicted about the role of technology, and they are looking to business to help them adjust to a new normal,” Ms Parmelee said. “To attract and retain young employees, businesses should bolster their diversity and inclusion initiatives, find new ways to incorporate these generations into corporate societal impact programmes and place a priority on reskilling and training to ensure talent is prepared for what’s ahead.”
