48% Of Australia’s Generation Z Willing To Accept Short-Term Economic Limitations

Generation Z accept short-term economic limitations

According to Dell Technologies, almost half of Generation Z (47% worldwide, 48% in Australia) would be willing to endure short-term economic difficulties, such as decreased Gross Domestic Product (GDP) growth, if it meant that policymakers could put money towards a plan that would support further sustainable growth in the long run.

A survey of 18-26 year olds across 15 countries has captured their views on how to bounce back socially and economically. A large majority (64% globally and 61% in Australia) feel that technology is a key factor in tackling climate change.

Katrina Lawrence, Vice President, Public Sector, Dell Technologies ANZ, says Gen Z will arguably be the most impacted by public and private investment decisions taken today and will facilitate and maintain a long-term, sustainable recovery.

There is an opportunity to earn the support of Gen Z for longer-term strategies that put sustainability at the core of economic growth strategies.” said Lawrence

Most members of Generation Z are agreeable to dealing with economic restrictions in the immediate future, and according to them, the most crucial investments that governments should focus on are renewable energy sources (42% both on a global and national level),

This sets up a circular economic system (39% globally, 38% in Australia), and more eco-friendly public transportation (29% both worldwide and within Australia).

Additionally, a quarter of the surveyed individuals (25% on a global scale, 19% in Australia) showed their approval for the advancement of sustainability knowledge among citizens.

The level of trust that Generation Z has in the government’s ability to bring economic growth within the next decade is divided: with 32% of young people worldwide (and 28% in Australia) having little to no faith and 38% of young people worldwide (45% in Australia) still undecided, while only 29% globally (27% in Australia) display a high level of trust.

It is not surprising that the level of trust in the public health system varies across different regions. The highest percentages of respondents who expressed high or total confidence were in Singapore (56%) and Korea (41%), while Japan (47%) and Brazil (49%) had the most people who had low or no confidence.

Respondents expressed that for a successful digital future to come about, a strong cybersecurity framework must be in place. Over half of the people surveyed (56% worldwide and 51% in Australia) feel that there should be tougher laws and a larger investment in cybersecurity to protect national infrastructures and guarantee that private companies adhere to strict guidelines.

For this purpose, 38% of those asked (32% in Australia) expressed the desire for both public and private sectors to collaborate and hold each other responsible.

Gen Z recognises the value of developing necessary digital skillsClosing the digital divide

A majority of those surveyed felt their educational experience was lacking in terms of digital competence. Specifically, 44 percent of all respondents and 48 percent of Australian ones reported that their school only taught them the most essential computer abilities.

On top of that, about a tenth of all people surveyed (12% globally and 10% in Australia) acknowledged that they were not given any instruction in technology or digital skills.

Furthermore, 37 percent of people surveyed both worldwide and in Australia stated that their schooling (up to the age of 16) did not offer them the technical abilities necessary for the job they plan to pursue.

To help bridge the digital skill gap, a third (34% globally and in Australia) of respondents suggested making technology courses at all levels of education more interesting and more widely available.

A quarter (26% globally and in Australia) believe mandatory technology courses up to 16 years will encourage young people into technology-driven careers.

It’s clear that Gen Z see technology as pivotal for their future prosperity. It is now up to us – leading technology providers, governments, and the public sector – to work together and set them up for success by improving the quality and access to digital learning.”

44% of Gen Z globally and 51% in Australia feel educators and businesses should work together to bridge the digital skills gap and with the speed at which technology continues to evolve this will require constant collaboration.” said Lawrence

Dell Technologies Research Also Found:

  • To support economic growth, improving healthcare services (20%), investing in sustainable/green infrastructure (13%), and more social housing (11%) were the top three priorities amongst Gen Z in Australia.
  • Over half (57% globally, 54% in Australia) of Gen Z have low or neutral confidence in their personal data being stored compliantly by healthcare providers.
  • Over half (55% globally, 51% in Australia) of Gen Z consider flexible and remote working as an important consideration when choosing an employer.

When also asked their opinion on where government funding should be used to reduce the digital divide amongst dissimilar communities, locations and socioeconomic backgrounds

Generation Z believe the most essential areas to put resources into are providing technology and internet access to those who are in a disadvantaged situation (33% worldwide and 32% in Australia) and improving the availability of connection in rural regions (24% globally and 23% in Australia).

Savanta ComRes, a market research firm, carried out surveys in 15 areas from July to August 2022

Base: 15,105 ‘Gen Z’ adults (those aged 18-26), with nationally representative quotas set for gender and region in each market. Locations include:

·       Australia (1,018 respondents)

·       Brazil (1,021 respondents)

·       Canada (1,011 respondents)

·       France (1,014 respondents)

·       Germany (1,020 respondents)

·       Italy (1,063 respondents)

·       Japan (1,021 respondents)

·       Korea (1,020 respondents)

·       Mexico (1,005 respondents)

·       Netherlands (1,013 respondents)

·       New Zealand (811 respondents)

·       Singapore (1,022 respondents)

·       Spain (1,019 respondents)

·       United Kingdom (1,041 respondents)

·       United States (1,006 respondents)

GenerationZ – Tech News Report Summary.

As global economies and societies recover after a tumultuous time and make plans for the future, we must take into account the views of the younger generation who will bear the brunt of the responsibilities of the future.

When it comes to the most essential matters – the worldwide market, the environment’s destiny and the health of its inhabitants – Generation Z’s feedback is noteworthy: technology should assume a key job.

Furthermore, for a digital-centered lasting future, Gen Z is willing to show restraint, tolerating present moment financial limitations for a more reliable long haul.

The findings of this research demonstrate that Generation Z is willing to compromise their current situation in order to build a better tomorrow.

The efforts of both public and private organizations will be instrumental in achieving the desired result – a future where Gen Z and the generations to come can enjoy a more equitable, inclusive, and future-oriented society.

Considered to be one of the most developed nations in the world, the Australian economy has not seen any major recessions in the past twenty-five years. Many economic commentators consider this to be a remarkable achievement.

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