Millennials and Generation Z individuals in Romania are facing significant financial pressure and burnout, leading them to prioritize their mental health when it comes to employment. According to a recent study by Deloitte, young people in Romania are putting their personal and professional plans on hold due to financial concerns.
The study reveals that a large percentage of Millennials and Gen Zs in Romania are postponing or canceling plans such as purchasing a new home and starting a family. In fact, 63% of Millennials and 60% of Gen Zs in the country are delaying home ownership, while 33% of Millennials and 48% of Gen Zs are putting off starting a family. Additionally, many young Romanians are hesitant to ask for a raise or promotion (48% of Millennials and 47% of Gen Zs) or switch to a new job (47% of Millennials and 46% of Gen Zs). For these individuals, education and personal and professional development are also significant concerns.
Interestingly, similar trends can be observed globally, as the cost of living is the top concern for Millennials and Gen Zs worldwide. However, climate change and unemployment rates follow closely behind. In Romania specifically, 58% of Millennials and 38% of Gen Zs state that they are living from paycheck to paycheck and worry about not being able to cover their monthly expenses. To combat this, a significant number of young Romanians (33% of Millennials and 38% of Gen Zs) are taking on part-time or full-time side jobs to secure additional sources of income.
The study reveals that the concerns of young people have slightly changed compared to last year. They are still worried about the cost of living but have also become concerned about development opportunities, which highlights both the desire to evolve and remain relevant to the labor market and to secure extensive job options and additional income sources in the current economic context. However, responding to this professional and financial pressure is draining. This fact is also confirmed by the study, as the number of those who feel exhausted (burned out) due to the intensity and demands of their workloads increased last year, from 42% to 50% among Millennials and from 42% to 59% among Gen Zs in Romania. Additionally, Romanian Millennial and Gen Z employees continue to show an increased interest in initiatives related to mental health. Therefore, the actual topics for recruitment and retention strategies should not change significantly. Instead, employers should adapt them in the best way possible for the period we are going through, said Raluca Bontaș, Partner, Deloitte Romania.
According to the study, Millennials in Romania experience lower levels of constant stress and anxiety compared to the global average, while Generation Z individuals face higher levels. Both generations in Romania consider policies and initiatives related to mental health when evaluating potential employers. They also acknowledge that their current employers have implemented actions to support or improve mental health. The respondents in Romania recognize that investing in such programs has resulted in positive changes within their workplace.
The findings of the study demonstrate the increasing importance of mental health in the workplace, particularly among younger generations. Employers in Romania and around the world should take this into account when developing recruitment and retention strategies. The well-being of employees is crucial not only for their personal lives but also for their productivity and overall satisfaction at work.
In summary, Millennials and Generation Z individuals in Romania are facing financial pressure and burnt-out due to the demands of their personal and professional lives. They are prioritizing mental health and seeking employers who prioritize the well-being of their employees. The study’s results highlight the need for employers to adapt to these changing concerns and create a supportive work environment. By doing so, they can attract and retain top talent while promoting a healthy work-life balance.
