A survey of millennials and Gen Z by global accountancy firm Deloitte has found that both generations remain resilient in the face of the unprecedented health and economic disruption.
However, the report highlights how the consequences of the Covid-19 pandemic have drastically affected the careers of young workers.
This year's survey consists of a "primary" survey of 18,426 millennials and Gen Zs across 43 countries conducted between November 2019 and early January 2020, and a "pulse" survey of 9,102 individuals over 13 countries taken between April and May of 2020, in the midst of the worldwide pandemic.
At the time of polling, almost 30% of Gen Zs and nearly a quarter of younger millennials (25-30 years old) said they had either lost their jobs or been placed on temporary, unpaid leave.
Only a third of millennials and 38% of Gen Zs taking the pulse survey said their employment and income status had been unaffected.
The research also reveals that stress levels were down among both generations during the pandemic.
Prior to the pandemic, 52% of Gen Zs and 50% of millennials in the 13 countries that were surveyed twice said they were stressed all or most of the time.
Respondents cited family welfare, long-term finances, and job prospects as primary sources of stress.
Interestingly, stress levels fell by 8% for both generations in the second survey, indicating that while the pandemic may be reshaping the root causes of anxiety, the slowdown of life in lockdown may have reduced stress levels overall.
The survey found that flexible working arrangements which were widely implemented as a result of the pandemic have been largely welcomed by young people, with 69% of millennials and 64% of Gen Zs agreeing that having the option to work from home in the future would relieve stress.
In the primary survey, more millennials (50%) believed their financial situations would worsen or stagnate in the next year than improve (42%).
When comparing results from the 13 countries included in the pulse survey, 61% of millennial respondents conveyed the same lack of optimism during the pandemic.
Still, there is some short-term optimism as more than half of millennials in the pulse survey, and nearly half of Gen Zs, say they have savings of roughly three months of income, which may help them as the financial ramifications of the pandemic come to bear.