Filipino millennials’ and Gen Z’s expectations of the country’s future prospects have dropped as their views on business in general dips.
Deloitte’s 2021 Millennial and Gen Z Survey showed 24 percent of Filipino millennials expect the Philippines’ overall economic situation to worsen in the next 12 months, compared to 14 percent last year, while 33 percent of their Gen Z peers expect that same decline.
The Deloitte survey has been tracking millennials’ view of business in general, and it has taken a dip this year.
In 2019, 76 percent of Filipino millennials thought business has a “very” or “fairly positive” impact on society.
That figure went up to 82 percent last year but has gone down to 62 percent in 2021.
An even smaller fraction of Filipino Gen Zs — 57 percent — believe in business’s positive impact on society.
On the socio-political situation, the survey showed 21 percent of Filipino millennials (compared to last year’s 11 percent) and 34 percent of Gen Zs expect it to worsen in the next few months.
Despite these expectations, Filipino millennials and Gen Zs are still able to see the silver lining in this crisis. Nine out of 10 Filipino millennials and Gen Zs said the pandemic has inspired them to take positive action to improve their own lives, and 8 out of 10 said they have taken action to try and have a positive impact on their communities, compared to just over half of their global peers.
“Our years of research have shown us that millennials and Gen Zs are generally values-driven, action-oriented generations, so even in the face of great disruptions and challenges, they are undeterred in their efforts to make positive changes in their communities. The businesses that match that motivation with their own commitment to positive, societal impact are in a better position to attract and retain these movers and future leaders,” said Eric Landicho, Deloitte Philippines managing partner and chief executive officer.
