Financial independence tops priorities amid growing concerns over cost of living, report finds
Younger employees in Singapore have cited financial independence as their top career goal amid concerns over rising costs of living.
Findings from Deloitte's Gen Z and Millennial Survey, which included workers in Singapore, found that financial independence is the top-cited career goal of the respondents.
More than a quarter of Gen Zs (26%) and millennials (29%) said achieving financial independence is their primary career goal.
The findings come in the wake of growing financial insecurity among younger workers, according to the report.
More than half of Gen Zs (62%) and millennials (52%) said the cost of living is their top concern, as more than half of them admitted that they are already living pay cheque to pay cheque.
About a third of Gen Zs (37%) and millennials (32%) also said they are worried that they won't retire with financial comfort, with 46% of Gen Zs and 37% of millennials saying their long-term financial future is a top contributing factor to their stress or anxiety.
Meanwhile, the report has found that while only a few Gen Zs and millennials consider a leadership position as a primary career goal, many of them said they still want mentorship.
More than six in 10 Gen Zs (62%) and millennials (63%) said they want their managers to provide guidance and support to team members.
Nearly half of Gen Zs (47%) and millennials (48%) also said they want their managers to teach and mentor them.
Meanwhile, the report found that work has a strong connection to the wellbeing and identity of Gen Z and millennials.
According to the report, 37% of Gen Zs and 49% of millennials cited work as a top factor that shapes their sense of identity. In fact, most Gen Zs (94%) and millennials (98%) consider sense of purpose as a crucial factor in job satisfaction and wellbeing.
Gen Zs said they have rejected a potential employer based on personal ethics and beliefs (34%) and have left a job because they felt it lacked purpose (40%).
This is also the case for millennials, who have turned down work due to personal ethics (46%) and left a job due to a lack of purpose (51%).
The report further found that more than three in 10 Gen Zs (32%) and millennials (39%) cite their job as a primary source of stress and anxiety, with the top three driving factors being:
"Gen Zs and millennials have been consistent about their priorities at work, but as the world of work shifts rapidly around them, employers need to rethink how they can best meet their needs," said Elizabeth Faber, Deloitte Global Chief People & Purpose Officer, in a statement.
"By being thoughtful about the impact of technology and modernising the way work is structured, leaders have an opportunity to evaluate how the workforce is supported while advancing their organisation."
