Only 16% of Singapore millennials anticipate economic improvement: Deloitte

Income inequality and unemployment were cited as top reasons for the negative outlook.

The number of Singapore millennials who believe the economy will turn around for the better in the next 12 months crashed to 16% from 56% in the previous year, according to Deloitte’s Global Millennial Survey.

In Singapore, the top reasons for the pessimism were income inequality (28%), unemployment (27%), climate change (22%), economic growth (22%) and cybersecurity (18%). Nearly half of the respondents think that the government is “best able” to solve these issues.

Furthermore, the number of those who believe that businesses could have a positive impact on the economy also dipped from 77% in 2018 to 54%.

Millennials also feel threatened by the 4th Industrial Revolution as 61% believe that this will make it harder for them to find or change jobs. Their optimism in reaching their career ambitions also went down slightly from 60% in 2018 to 58%.

Globally, only 26% of millennials expressed optimism over their respective countries’ economies. The lack of social mobility and income inequality were cited as top challenges and factors for its dim outlook.