Young Canadians are increasingly pessimistic about Canada’s economic situation compared to a year ago and are more willing to stay in their current job than to leave, according to a recent Leger survey.
The findings are part of Leger’s latest Youth Study Report, published Thursdaywhich asked 3,007 Canadians aged 15 to 39 questions about finances, the future and employment.
“Whether realistic or cynical, they are worried about the future and prefer to live in the moment,” the report said. “They don’t trust traditional institutions to make things better; instead, they prefer to embody change locally.”
The poll, conducted between September 27 and October 11, found that 74% of Gen Z and Millennial Canadians don’t believe the country’s economic situation will improve next year, compared to 66% of respondents in 2021.
Seventy-three percent say they also don’t believe Canada’s political situation will improve in 2024, up from 77% in the last poll.
Meanwhile, 78% do not think the current environmental situation will improve, down slightly from 79% in 2021.
The survey also asked respondents about their overall happiness, with 67% saying they generally felt happy in life, compared to 23% who disagreed.
More young Canadians, 26%, also say they have experienced significant depression, up from 21% in 2021.
FINANCE
Asked about their personal finances, 22% of young people consider them to be in good shape, against 47% who say they are normal and 28% who describe them as poor.
“Fairly pessimistic about the state of financial markets and their access to property, young people are adapting their behavior to the surge in inflation,” the report says.
“Faced with these uncertainties about their future, we are witnessing a return to financial prudence for many of them.”
Forty-four percent said they live paycheck to paycheck, about a third expect to be wealthier than their parents, and 24% have no investments.
Of those surveyed who are homeowners, 42% said their mortgage accounted for too much of their spending.
Among renters, 77% said they were renting because they were unable to buy a property and 68% did not think they would be able to buy in the next few years.
A majority, 66%, of young people living with their parents also said they did so because they could not buy property or pay rent.
USE
Sixty-seven percent of respondents said work was very or somewhat important in their lives, compared to 31 percent who said it was not important at all or just a way to get by. pay the bills.
However, young people are currently more likely to stay in their current job, at least in the short term, with 13% saying they want to change jobs next year, compared to 25% in the 2021 study.
Among young people who intend to leave their jobs next year, 59% said they could be convinced to stay if their employer increased their salary. More benefits and freedom with their work schedule and place of work come second with 24%.
Half of young workers also reported doing what is expected of them or less at work.
“While important, employment is not necessarily central to the lives of Gen Z and Millennials,” the report says.
“Favored by the labor shortage, they have the luxury of choosing a job that offers them work-life balance and stimulating career challenges. If 2021 was the year of professional mobility, 2022 could well be the year of stability, with a decreasing number of young workers saying they want to leave their company next year.”
The results of the Leger survey differ from those of another recently published study conducted by a business consulting firm. According to Robert Half, who surveyed a small group of Canadians shortly after the Léger poll was conducted, about half of Gen Z and Millennials plan to look for a new job in the new year.
The results of this study suggest that economic uncertainty and the rising cost of inflation are pushing young workers to seek higher paying jobs.
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