South Korean MZ Generation Workers' Biggest Concern Is 'Money'

Korean MZ Worry More About Money
Also Show More Negative Responses on 'Mental Health'

The top concern for domestic and international MZ generation (Millennials + Generation Z) workers was found to be 'living expenses.' This indicates that many MZ generation individuals feel financial pressure due to increasing housing and living costs. In particular, in Korea, there was a more pronounced tendency among the MZ generation to perceive their future personal financial situation negatively compared to their counterparts in other countries.

According to the 'Deloitte 2024 Global MZ Generation Survey' recently released by Deloitte Korea Group, 40% of Korean Millennials and 45% of Generation Z respondents identified living expenses as their top concern. Globally, 40% of Millennials and 34% of Generation Z respondents cited living expenses as their primary concern. The survey was conducted among 22,841 MZ generation respondents (8,373 Millennials and 14,468 Generation Z) across 44 countries in North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and the Asia-Pacific region. The Korean respondents included 200 Millennials and 300 Generation Z individuals.

Many respondents had a negative outlook on their future personal financial situation, and anxiety due to such uncertainty was also significant. Thirty-two percent of Millennials and 30% of Generation Z reported feeling financially insecure. Approximately 6 out of 10 MZ generation respondents (55% of Millennials and 56% of Generation Z) answered that they are "barely getting by each month."

Many MZ generation workers also reported deteriorated mental health due to work and work-life balance (WLB) issues. Although workplace stress among the MZ generation slightly decreased compared to the previous year, 35% of Millennials and 40% of Generation Z still answered that they "always or mostly feel stressed," indicating that workplace stress remains high.

In particular, domestic MZ generation respondents had lower expectations than their global counterparts regarding improvements in both their personal financial situation and the overall economic outlook. Only 18% of Korean Millennials and 34% of Generation Z believed their financial situation would improve within the next year, which is significantly lower than the global MZ generation responses (40% of Millennials and 48% of Generation Z). Regarding economic improvement expectations, only 12% of Korean Millennials and 14% of Generation Z were optimistic, compared to 31% and 32% globally, respectively.

Negative responses were also higher among domestic MZ generation respondents in terms of mental health. Only 29% of Korean Millennials and 32% of Generation Z reported being in good mental health, whereas 56% of global Millennials and 51% of global Generation Z respondents reported good mental health.

Photo by Deloitte Korea Group, "Deloitte 2024 Global MZ Generation Survey"

Workplace stress factors included excessive working hours (51% of MZ generation), unrecognized work achievements (53% of Millennials and 51% of Generation Z), and unfair decisions (50% of Millennials and 49% of Generation Z). Among all respondents, 44% cited the inability to choose their work methods or location as a stress factor.

The report stated, "While there are positive signs that companies are making efforts to improve employees' mental health, openly discussing mental health at work is still perceived as uncomfortable. About 3 out of 10 people expressed concerns about discrimination from managers if they talk about mental health issues. Since relationships with managers have a greater impact than those with doctors or therapists, this is a serious issue that needs attention."

It added, "What the MZ generation demands are meaningful work within the organization, a flexible work environment that supports work-life balance, and workplaces that support mental health?things that all workers desire. If companies listen to their members' opinions and make efforts to revise their strategies accordingly, they can secure a highly satisfied workforce."