The percentage change in the economic optimism index for South Korea was -1 percent, ranking 20th among 27 countries that showed an average of 11 percent. (image: KobizMedia/ Korea Bizwire)
SEOUL, Feb. 6 (Korea Bizwire) – The Deloitte Millennial Survey 2017 revealed that South Korean youth are losing hope in their very own economy, ranking fairly low among surveyed countries.
The survey was based on 8,000 millennials from 30 countries born after 1982, with permanent jobs and at least a bachelor’s degree. It is the sixth year that the global consulting firm conducted the survey.
The percentage change in the economic optimism index for South Korea was -1 percent, ranking 20th among 27 countries that showed an average of 11 percent.
The number, which represents the level of optimism as perceived by the millennials, was the highest for developing countries, topped by Argentina at 51 percent and followed by Peru (47 percent), Brazil (43 percent), the Philippines (33 percent), Turkey (30 percent), and Indonesia (30 percent).
Succeeding South Korea were mainly countries with more mature markets, including Japan (-5 percent), the U.S. (-10 percent), Switzerland (-14 percent), Spain (-23 percent), and the U.K. (-40 percent).
Countries with mature markets ranking higher than Korea were Canada (25 percent), Germany (9 percent), Australia (6 percent), and France (5 percent).
The survey also revealed that 57 percent of millennials in emerging markets expected to enjoy better economic prosperity than did their parents’ generation, with the rate falling to 34 percent among those living in developed economies, which South Korea was also a part of.
Of the respondents, 38 percent said they were planning to leave their current job within two years, which was a drop from 44 percent in 2016, while 31 percent said they would remain for the next five years, up from 27 percent. Those responding “leave soon” dropped from 17 percent to 7 percent.
Deloitte said such results are reflective of anxiety among youth over the growing uncertainty of the future.
Deloitte Global CEO Punit Renjen said that the pessimism portrayed by the study “is a reflection of how the personal concerns of millennials have shifted.”
“Four years ago, climate change and resource scarcity were among the top concerns for millennials,” he said. “This year, crime, corruption, war, and political tension are weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”
By Lina Jang (linajang@koreabizwire.com)
