Millennials in Australia no longer consider it the "lucky country" and are less optimistic about the future than their counterparts in developing economies including the Philippines, Indonesia and India.
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The international study also reveals Australians born after 1982 are more prepared to leave their jobs after two years than they have been in previous surveys.
The 2017 Deloitte Millennial Survey is based on the views of 8000 people born after 1982 across 30 countries, including 300 in Australia.
Only 8 per cent of millennials in Australia believe they will be better off than their parents and only 4 per cent believe they will be happier.
That compares with greater optimism in markets including Europe and the US where 36 per cent of respondents predicted they would be financially better off than their parents.
The optimism is even greater in emerging markets in Asia where 71 per cent of young adults believe they will be financially better off than their elders.
The results are similar when it comes to their happiness.
David Hill, Deloitte Australia's chief operating officer said for millennials "Australia no longer looks like the lucky country".
"I suspect booming house prices in the major cities of Sydney and Melbourne are partly to blame for this pessimism, with many young Australians believing the dream of owning their own home is increasingly out of reach.
"It's another indicator for state and federal governments of the need to find answers to the question of housing affordability."
The concerns of millennials around the globe have shifted from climate change and resource scarcity to crime, corruption, war and political tension. They are also concerned about unemployment, healthcare and income inequality.
A relatively lower proportion (22 per cent) of Australians expected the overall social and political situation in their country to improve compared to 36 per cent internationally.
The majority of younger Australians also appeared to want to see greater passion and conviction from their politicians.
"Our survey shows business and political leaders need to find a way to bring millennials with them on key initiatives," Mr Hill said. "They are more comfortable with straight-talking language but will reject leaders who take divisive positions."
In last year's survey, 46 per cent of Australian millennials planned to leave their job in the next two years. That proportion has grown to 58 per cent this year.
But there was also a growing proportion, 24 per cent compared to 19 per cent last year, who wanted to stay with their employer for five years or more. Deloitte said this greater loyalty was linked to organisation's values and purpose.
The study said charities and local companies are thought to be exceeding their potential to help address social issues.
"Millennials are a little sceptical with respect to the motivations of large, multinational businesses that support charities or otherwise contribute to social initiatives," the study said.
Many millennials felt unable to influence society's biggest challenges; but, in the workforce, they could feel greater sense of control.
"Where workplace opportunities are offered, millennials are significantly more likely to say they can influence social equality, the environment, the behaviour of big businesses, and even the overall directions of their countries," the study found.
"Regardless of whether millennials as individuals can make a tangible difference ... the key point is that employers can provide a sense of empowerment."
The study also suggested a majority of millennials said flexible working practices improved their productivity and engagement.
The study follows commentary on the best way to approach millennials suggesting they are widely misunderstood as lazy, entitled narcissists.
Top Issues for Australian millennials 2017
Terrorism: 30%
Crime/personal safety: 27%
Climate Change/environment/natural disasters: 26%
Income inequality/distribution of wealth: 25%
Healthcare/disease prevention: 20%
