As worries about finances, mental health, and family problems continue, Millennials and Gen Z workers in the Philippines reported higher levels of stress and anxiety compared with a year earlier, according to a survey conducted by Deloitte Global 2022.
More than 60% of Filipino Gen Zs pointed out four issues that contributed to their feelings of anxiety or stress: their long-term financial future, their day-to-day finances, concerns about their mental health, and family or personal relationships. While 63% of millennials said concerns about their mental health contribute to their feelings of anxiety, 56% of their stressor is their longer-term financial future.
The survey indicated that 48% of Filipino millennials and 68% of the Gen Z generation reported anxiety all or most of the time, down 2% points or 1% points, respectively, from year-early levels.
The survey also found 70% of Filipino Gen Zs and 63% of millennials report burnout due to heavy workloads, while 58% said that many of their colleagues have recently left their company due to work stress.
The survey showed that the top concern of Filipino Gen Zs is the cost of living, while the top concern for Filipino millennials is unemployment, with 30% and 37%, respectively.
Due to these financial related concerns, 63% of Filipino Gen Zs and 61% of millennials said that they have taken either a part-time or full-time job in addition to their primary job.
The 2022 survey by Deloitte was conducted between November 2021 and January 2022 with 23,200 respondents from 46 countries.
For the Philippines, there are 300 Gen Z and 100 millennial respondents included in the said survey. The study defined Gen Z as those who were born between January 1995 and December 2003, while millennials were those born between January 1983 and December 1994.
Deloitte Philippines Managing Partner and CEO Fredieric B. Landicho said that stress and anxiety among millennials and Gen Zs will likely not ease soon due to the adverse conditions on top of the pandemic, urging business leaders to be ready to provide support in the workplace.
He also said that mental health is a complex issue that requires a deeper understanding and more deliberate action, such as investing in training programs that help build empathetic leadership skills and equip managers with the capabilities to recognize and help with mental health challenges.
27% of Filipino Gen Zs and 21% of millennials actually said that if they were in charge of their organizations, they would consider it a top priority to foster supportive leaders via mental health-related training and measures to improve work-life balance.
80% of Filipino Gen Zs and millennials agree with the statement that workplace well-being and mental health have become a point of emphasis for their employers since the beginning of the pandemic.
The survey also showed that over 50% of millennials and over 40% of Gen Zs expect overall economic and socio-political conditions to improve in the next 12 months.
Source: https://www2.deloitte.com/global/en/pages/about-deloitte/articles/genzmillennialsurvey.html
