ZURICH, 29-Aug-2018 — /EuropaWire/ — Credit Suisse publishes its 2018 Youth Barometer — a representative survey in Switzerland, the US, Singapore and Brazil
As the latest Credit Suisse Youth Barometer indicates, the effects of digitalization are at the root of uncertainties surrounding people’s working lives, even among young people. This is most apparent overseas, probably because Switzerland, thanks to its dual education system, enjoys a certain degree of security which, for the most part, does not exist in other countries. Furthermore, the Youth Barometer shows that young people in Switzerland are most concerned about retirement, while the relevance of issues surrounding foreigners, immigration, and refugees has fallen significantly in comparison to the previous survey. Accordingly, the relationship between young Swiss people and young foreigners is regarded as more and more harmonious.
In the past, the results of the Credit Suisse Youth Barometer painted the picture of a digital generation, one that has generally been quick and flexible in reacting to technological changes and trends. This year, however, the results clearly show that the changes in the labor market triggered by digitalization are viewed as a challenge, and at times, even as a threat. Particularly the young people surveyed in the US, Brazil and Singapore worry that in the future they may not have a job — or be able to find one — because of technological advancements. The exception in this respect is Switzerland. Even though the 16- to 25-year-olds in this country are certainly also confronted with these issues, only 34 percent (US: 79 percent) fear that their jobs will disappear.
Despite the uncertainty, the results of Credit Suisse’s Youth Barometer 2018 indicate that young people by no means lack direction. They want to continually educate themselves further and are prepared to take risks. Entrepreneurship — building one’s own company is very popular. Yet, the young people in Switzerland are less entrepreneurial than their peers in the US, Brazil and Singapore, where the IT and tech industry with its start-up culture is the most popular labor sector. In contrast, the young people of Switzerland prefer to work in education (56 percent), in the media (53 percent), tourism (50 percent) or administration (47 percent).
According to Lukas Golder, Co-Head of gfs.bern, the research firm conducting the Credit Suisse Youth Barometer since 2010: “In Switzerland, we have a strong openness towards technological change on societal, economic and political levels. The flexibility of Switzerland’s education system facilitates lifelong learning and adapting to changing circumstances — this makes it easier for young people to respond in a relatively relaxed way to a rapidly changing environment. When job prospects are good, this also makes self-employment appear less attractive.”
Retirement provision already a source of worry among the young, but only in Switzerland
For the first time this year, the main concern among young people in Switzerland is the state pension system. This shows a clear continuation of the trend seen in last year’s edition of the Credit Suisse Worry Barometer. Manuel Rybach, Head of Public Affairs and Policy at Credit Suisse: “Bearing in mind that the young people surveyed will not retire for another 40 to 50 years or so, the new main concern points to a remarkable long-term perspective of the younger generation. The referendum on retirement provision and surrounding debate seem to have sharpened young people’s awareness of the issue, and the fact that this has now become their main concern is arguably also a sign that young people urgently expect politicians to come up with solutions.”
In the other countries, young people are most worried about unemployment (the US and Singapore) and corruption (Brazil). Other than in Switzerland, retirement provision does not even reach the top ten lists of the other countries examined.
Compared to the last survey, the young people in Switzerland considered the issues of immigration and asylum as much less significant problems. Since 2010, young Swiss people describe their relationship with young foreigners as increasingly harmonious. Only 11 percent categorized it this way eight years ago, and now it is 33 percent. There is a slight trend in the same direction in the US. Solidarity increasingly characterizes the millennials. For example, equality between men and women seems to be an issue facing young people in all countries.
Societal changes within the group of millennials should not be attributed solely to digitalization. A new set of values is emerging, and this in turn promotes new organizational and economic models. Under the motto “sharing instead of owning”, the sharing economy has spread rapidly in recent years. The services and platforms such as Airbnb and car sharing services are also popular among young people. Around half of those surveyed had already made use of one of these platforms. On the one hand, sharing saves money in economically strained times, and allows for things to be bought that the young people otherwise would not be able to afford. Increasing prosperity is also no longer considered a given: 73% of Swiss young people indicate that they would already be satisfied if they can have as good a life as their parents. On the other hand, the Credit Suisse Youth Barometer also indicates that millennials feel strongly about using existing resources sustainably. Accordingly, young people in Switzerland consider climate change to be an important problem. Furthermore, the young people surveyed in the four countries feel that the sharing economy should be subject to regulation, just as other economic sectors. It remains clear that, despite the popularity of sharing platforms, young people still want to have valuable things for themselves.
Overview: The ten most important insights from the 2018 Credit Suisse Youth Barometer
- Optimistic youth — but digitalization is a source of uncertainty: Three out of four young people in the US, Brazil, and Singapore worry that their job will no longer be needed in the future due to a changing labor market. They feel overwhelmed by the changes driven by digitalization. Only 34 percent in Switzerland fear that their job will disappear. However, young people are somewhat more optimistic about the future compared to 2016. Fewer than 15 percent of those surveyed in Singapore and Brazil and less than 10 percent of those surveyed in the US and in Switzerland have a gloomier outlook.
- Retirement provision as a top concern: Among young people in Switzerland, issues related to the Federal Old Age and Survivors’ Insurance (AHV) are now the main concern. At the same time, the topic of foreigners and refugees has lost significance, and the coexistence between young Swiss people and young foreigners is regarded as more and more harmonious (2010: 11 percent, 2018: 33 percent).
- Preference for jobs in administration over the IT industry: With the exception of Switzerland (43 percent), the IT/tech industry is the most popular labor sector by far (US: 75 percent, Brazil: 72 percent; Singapore: 75 percent). Young people in Switzerland would rather work in education (56 percent), the media (53 percent), tourism (50 percent) or administration (47 percent).
- Widening information gap: Digitalization is not only affecting the ways that young people consume news with respect to frequency, but it is also creating entirely new issues as well. Relevant percentages of young people in all four of the countries surveyed consider the digital dissemination of fake news to be one of the top five biggest problems of their respective country. One thing is clear — the information gap is becoming wider and wider. While more young people are keeping themselves informed about current events several times a day, the number of those in Switzerland and Brazil who seldom or never check the news has grown significantly in recent years. Neither traditional nor new media channels are able to fill this gap for the “news deprived”.
- Sharing economy and sustainability: Among young people, the sharing economy is very popular. Around half of the young people surveyed have already used such platforms at least once. This has economic reasons, such as saving money, but also ideological ones, as millennials feel strongly about using existing resources sustainably. Despite their general open-mindedness, millennials are also considering certain limitations: Sharing platforms should be subject to regulation, just as in other economic sectors. And the majority still wants to own things that are precious and valuable for themselves.
- Saving continues to be popular: Of the young people surveyed, around one quarter would deposit a larger sum of money received as a gift into a savings account (a majority in Switzerland). Another 10 percent of the money would be saved for a rainy day. A strong majority wants to own a home. Around half of the young people (US: 59 percent; Brazil: 46 percent; Singapore: 48 percent) with financial obligations such as mortgages feel that these are a burden. In Switzerland, that group accounts for 39 percent.
- Growing individualization: With only a few exceptions, a sense of belonging to individual social units in Switzerland has been declining among millennials since 2015. Friends and family are the social units offering the greatest sense of belonging, while religious communities and the online community were those with the least. Over the years, this diminishing sense of belonging to individual social units has been evident in Brazil and in some cases in the US as well.
- First differences between Generations Y and Z: In Switzerland, young people use more and more communication technologies like WhatsApp, YouTube, streaming services, Instagram and Snapchat (other countries show a similar profile). Television and Facebook consumption is on the decline in Switzerland, although both of these are seeing an upswing in use in the US, Singapore and Brazil. The different platforms preferred by Generation Y (born between 1980 and 2000) and Generation Z (born after 2000) are evident: Twitter, Facebook and the internet in general versus Instagram, Snapchat, WhatsApp, and YouTube.
- Political involvement once again gaining traction internationally: There is still little interest in being involved in institutional politics — such as working with a political party. On an international level, however, political involvement itself is once again gaining traction. Compared to 2016, over twice as many young people in the US are willing to take part in a demonstration. Equality between men and women seems to be an important issue in the US, Brazil and Singapore, and it is becoming more important in Switzerland.
- In or out: The list of those things considered to be “in” is heavily impacted by digitalization. The top ten list in Switzerland includes the smartphone, WhatsApp, YouTube, Spotify and public transportation. In Switzerland and the US, Facebook no longer makes the cut. In the US, television is followed by the smartphone and YouTube as the most popular “in” things, while chat platforms such as WhatsApp or WeChat are most popular in Brazil and Singapore.
The Credit Suisse 2018 Youth Barometer — an internationally representative survey
What moves the next generation, which will shape society and the economy in the years to come — these questions are of great interest to Credit Suisse. Through its Youth Barometer study, Credit Suisse contributes important data for the public debate on socio-politically relevant topics and to the dialogue, in particular with the younger generation. The Youth Barometer has been compiled since 2010, providing insight into the lifestyles, problems and attitudes among young people. Roughly 1,000 young people between 16 and 25 years of age were surveyed in Switzerland, Brazil, the US and Singapore for the 2018 study. The research firm gfs.bern conducted the survey online between April and May 2018.
Promotion of young talent is important to Credit Suisse, so junior hires receive specific training, mentoring and career advice, aiding their transition to full-time employment. In the Swiss home market, where Credit Suisse is one of the country’s biggest employers, there are opportunities for a large number of young people who are interested in starting a career in banking. At Credit Suisse, a total of 1,138 graduates of various school levels benefited from a systematic training program in Switzerland in 2017. Another example of how young talent is promoted is our award-winning Steps to Success program, now in its fifth intake, which offers university scholarship funding for UK and US students from underprivileged and underrepresented backgrounds.
Furthermore, Credit Suisse also contributes to non-profit projects supporting young people. Together with the SVC Foundation for Entrepreneurship and six non-profit organizations in Switzerland, Credit Suisse founded Check Your Chance in 2015 to continue the successful work of our Youth Unemployment Initiative in cooperation with partner organizations. In 2017, Check Your Chance, which is supported by the Swiss State Secretariat for Economic Affairs (SECO), provided assistance to around 1,100 young adults who were unable to find first-time employment after completing an apprenticeship or finishing a degree or who had not yet obtained initial professional training.
The detailed analyses of the study, including information graphics, can be found in German, French, Italian and English at:
www.credit-suisse.com/youthbarometer
Twitter
The 2018 Youth Barometer is being discussed on Twitter at #youthbarometer.
Credit Suisse
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 46‘370 people. The registered shares (CSGN) of Credit Suisse AG’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
Inquiries
Media Relations
Credit Suisse AG,
tel. +41 844 33 88 44,
media.relations@credit-suisse.com
Lukas Golder,
Co-Head of gfs.bern,
+41 31 311 62 10,
+41 79 646 87 63
SOURCE: CREDIT SUISSE GROUP AG
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- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP