Leger has published the 6th edition of its Youth Study, the largest Canadian study highlighting the trends that influence Generation Z and Millennials, conducted annually among 3,015 members of these generations.
Nikolas Lopez, Senior Research Director, said, “The latest edition of the Youth Study provides insights into how millennials and Generation Z are adapting to the world after the pandemic. Recognizing the challenges that young Canadians encounter is crucial for brands who want to engage this cohort.”
The Youth Study is divided into three important subjects that affect Gen Z and Millennials: the future, finances, and employment.
- Future: This section explores Gen Z and Millennials’ faith in institutions, the state of their mental health, their willingness to start a family, and their points of view on environmental issues.
- Finances: This section explains the impact of inflation on Gen Z and Millennials’ spending and saving habits.
- Employment: This section explains Gen Z and Millennials’ perspectives on their jobs and their future with their current employers.
Some Highlights of This Study:
- The younger generations are increasingly pessimistic about the future of the planet. The impact of climate change is a growing source of stress and concern. Furthermore, they are becoming increasingly despondent about their ability to limit the impacts of climate change (37% vs. 30% in 2022).
- 51% of young people believe that the environmental situation will deteriorate in 2024. (2022: 43%, increase of 8 points)
- 60% of young people are concerned about the impact of climate change. (2022: 53%, increase of 7 points)
- 47% of young people believe that the Canadian economic situation will deteriorate in 2024. (2022:47%)
- 38% of young people believe the Canadian political situation will deteriorate in 2024.(2022: 34%)
- 51% of young people live paycheque to paycheque.(2022: 48%, increase of 3 points).
- 48% of young people feel the impact of the rising cost of living on the regular payment of their credit card or bills. (2022: 40%, increase of 8 points)
- Almost three-in-four renters (72%) feel that their rent accounts for too large a portion of their expenses.
- More than one-quarter (29%) of young people consider their personal finances to be in a poor state.
- 15% of young people intend to quit their job in the next 12 months. This proportion is higher among Gen Z (22%) and lower among millennials (11%).
- 50% of young people who want to leave their job in the next year say they want to leave because they would like a salary increase.
Leger hosted a webinar to explain the findings of the Youth Study in more detail, and a recording of the webinar is available on the company’s website. The report for the 2023 Youth Study, created by Leger, is also available on the company’s website.