Burdened generation

Young people are concerned about the cost of living

The general uncertainty in times of inflation is also reflected in the rapid digital transformation.

(Bild: stock.adobe.com/Nana_studio - stock.adobe.com)

The cost of living is a major concern for 49% of millennials and 42% of Generation Z in Austria. Almost half of younger people in Austria have difficulties financing everyday life. Alarming figures for a prosperous country.

"People in Austria are also particularly pessimistic about the general economic development and their personal financial situation in an international comparison," said Deloitte Austria.

Due to the high cost pressure caused by inflation and price increases, the issue of sustainability is moving more into the background for young people. According to the international survey, 73% of Gen Z and 77% of millennials worldwide want to actively reduce their ecological footprint, whereas in Austria this figure is only 58% and 62% respectively.

Climate protection a major issue
63% of Gen Z and 69% of millennials believe that the Austrian federal government should do more to encourage the economy to act in a more climate-friendly way. And 70 and 72 percent respectively are also convinced that companies could do more to enable consumers to make sustainable purchasing decisions.

Artificial intelligence a blessing and a curse
The general uncertainty is also reflected in the rapid pace of digital change - particularly in relation to developments in generative artificial intelligence (AI). Those who already use the new technology regularly are more likely to trust it and more likely to believe that it will significantly improve the way they work.

At the same time, however, they are also more concerned that widespread use will lead to job losses - which is even more serious against the backdrop of financial existential fears.

Survey by the financial group Deloitte of 300 people born between 1995 and 2005 ("Gen Z") and 200 millennials born between 1983 and 1994.