Over half of gen Z and millennial workers live paycheck to paycheck, survey finds
The latest edition of the Deloitte 'Gen Z and Millennial Global Survey' comes as gen Z and millennials continue to become an ever more important part of the global workforce. It is estimated that these two generations will account for nearly three-quarters of all employees by 2030.
The survey found that 56% of gen Z workers and 53% of millennial workers in Ireland live paycheck to paycheck — similar to levels seen in other countries — while 43% of gen Z and millennial workers say they struggle to pay all their living expenses each month.
It found that 47% of Millennials fear that they will not be able to retire with financial comfort. This concern drops to 38% among gen Z.
Deloitte's HR strategy and technology director Vipin Tanwar said: 'Gen Z and Millennials want meaningful, flexible forward-focused work environments,' citing the survey which showed 87% of gen Zs and 91% of Mmllennials say purpose is key to job satisfaction.
'They are ambitious but aren't just working for a salary. This represents a big generational shift where purpose and personal-development aren't just 'nice-to-haves' anymore, they are valid expectations,' he said.
The survey also found that 66% of gen Zs and 39% of millennials are upskilling weekly, with 48% already using GenAI at work.
It also shows a gap in workplace support, with most respondents reporting that managers fall short in providing guidance or addressing mental health needs.
According to Deloitte, over 23,000 young workers across 44 countries took part in the survey including 415 from Ireland. This number comprises 309 Gen Z individuals and 106 millennials.
Read More
Banks eager to give out 'a lot more' loans for house building as billions available
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
a day ago
- Irish Examiner
Owen Clifford: Millennial stereotypes fail to capture their economic reality
Millennials are the largest adult cohort worldwide, making up 25% of the world's population, according to the World Economic Forum. This generation (born between 1981 and 1996) represents a large portion of the 'squeezed middle' and a significant share of consumer spending. As the youngest millennials are about to turn 30, what do businesses need to do to attract a share of their spend? Millennials value convenience and want to be able to browse online and in-store, get real-time pricing, next-day delivery, and order online, as well as pick up in store for a wider range of products. Businesses that deliver a user-friendly, reliable, hybrid model, utilising the best of online and physical stores, are positioned to generate loyalty and trust in a competitive market. A seamless, fully integrated model also allows businesses to leverage a notable characteristic of the millennial shopper: Fomo (fear of missing out) This can manifest in flash sales, in-store VIP customer events, and access to limited-edition ranges to create a sense of exclusivity. Products and services that support health, wellness, and nutrition are mainstream millennial requirements. This can be seen across a range of retail sub-sectors from grocery/food, sportswear, and equipment to retailing, beauty, entertainment, and pharmacy. A noticeable pivot towards 'healthy consumer choices' has been evident across large international consumer-goods companies, complementing portfolios with wellness-focused brands to sustain their proposition in to the future. As the first generation to grow up with the internet, millennials have had to familiarise themselves with a range of digital advancements, including smart-phones and social media. Experiential retail However, millennials are driving a trend toward experiential retail — where the shopping experience is part of the appeal. Services or products that enhance their lifestyle and sense of community, rather than just sell a commodity, are therefore important. Conventional wisdom would dictate that the squeezed middle, navigating the challenges of increased living costs, would be heavily weighted towards a discount proposition. The reality is a more nuanced approach, with these consumers seeking to 'treat themselves' at life milestones after a sustained period of 'managed' spending. Millennials also want to ensure that they are comfortable when treating themselves to either a product or experience A sense of community — independent customer reviews, authentic influencer recommendations, feedback from connections (essentially 'crowd-sourcing' their decision) — will continue to play a role in spending patterns. While enjoyment of milestones retains its importance for millennials, for a generation that has lived through a series of economic crises, value remains a key consideration. Experience has shaped their insights and, while recognising that price is key, they also understand that 'value' has many constituent parts: Quality, provenance, accessibility, and after-sales service also impact on their perception of the same. Millennials have increased consideration of brands that they trust and which reflect their own values. However, given that millennials are time poor and given the avalanche of product information on the internet, many feel that making a purchase has now become a real effort, turning shopping in to a chore. Therefore, once trust is established, they are less likely to switch and are happy to become loyal customers. The millennials place value on convenience, flexibility, experience, wellness, and a real sense of community. As businesses seek their share of wallet, they need to be mindful of these signposts in the development of their strategy. To quote Don Draper from Mad Men: 'Success will come from standing out, not fitting in.' A laser focus on customer service, aligned with purposeful innovation, is imperative to support this ambition. Owen Clifford is the head of retail at Bank of Ireland
Irish Times
12-08-2025
- Irish Times
Growing up, I always thought I'd live in the city where I worked – blame Carrie Bradshaw et al
'I love people our age; we're so depressing,' I said to a friend, also in her early 30s. I can't remember what we were discussing, but I'm sure it revolved around the usual topics: saving money , spending too much money, recipes for batch-cooking that I never make, or the impropriety we witness on our commutes to the capital . What I was referring to is a shared understanding among our particular cohort of 'young millennials' that we've done everything right – we moved out of our hometowns, we got degrees, we've made steps towards building a career – but we've been shafted. And it's not a 'woe-is-me' attitude, as it's often dismissed it's a pragmatic reaction to finding ourselves way behind our parents' generation when it comes to 'traditional markers of progress' identified in an EY report as a stable job, home ownership and the steady accumulation of wealth towards retirement. READ MORE Many of my peers who want to stay in Ireland are making tentative plans on how to buy a house – a goal made more pressing by the sizeable chunk of our wages that is transferred to our landlords' accounts each month. And it's only those with long-term partners – how dull! – or who have lived with family who can even fathom owning a property in the first place, unless you go in with a friend – which, given the roommate showdowns I've witnessed and/or experienced over the years – I can't advise. Growing up, I always thought I'd live in the city where I worked – blame Carrie Bradshaw et al – and when that turned out to be Dublin rather than the bright lights of New York city, I figured I'd have a fair chance of building a life in the capital. Fast-forward a few years, and I'm finding the path I've led myself down throughout my 20s has led to an expanse of desert punctuated by tumbleweed. I now find myself trying to roll back my expectations to a life that's more realistic and attainable. [ I'm a millennial and serial renter, but I've found a way to put down roots Opens in new window ] With that in mind, my partner and I have come around to the idea of settling outside Dublin, where we might be a more likely to afford a house in the future. We're at the stage of trying to set a savings figure to work towards, but the goalposts keep moving. We went from thinking we might eventually swing a two-bed newbuild with Government supports, to realising we'll be lucky to find a terraced doer-upper that is habitable. It all seems out of reach – and that lack of control breeds apathy towards the situation and keeps us stuck where we are. With financial pressures and the high cost of living , many people in our age bracket find it hard to find fulfilment within their jobs, with many creative and educational posts and those in non-profits paying too low to live off while renting in a city, or a commutable distance from one, where most of those types of job are based. [ How Gen Z is taking a different approach to money - and what others can learn from it Opens in new window ] This lack of control has led young millennials to focus on aspects of life that are within our control, and that comes down to how we spend our free time. We are into our passions, whatever they may be. I know voracious readers, screenplay writers, artists, film aficionados, hikers, cyclists and actors, all of whom find joy and meaning in what they love, even though they're not getting paid for it. Without the traditional milestones, perhaps we're freer than the generations that went before us. We are not as restricted to tick off arbitrary boxes, and Gen Z are even freer again. The position we are in also precludes one-upmanship as we're all pretty much in the same boat and doing our best not to sink. And doesn't it stand to reason, for people who lived through a pandemic just as they stepped out into the world, that our idea of success and happiness has shifted? We have inherited the perceived wisdom that measures such as wealth and success in a traditional sense have never made anyone happy. Maybe, if I could, I'd go back to my student self and tell her to be a bit more realistic, to aim for a slower paced life outside of a city – but there's no way she would have listened.
Irish Times
06-08-2025
- Irish Times
Young adults have a very different view of money
Does Gen Z think differently about money ? According to a new global study, they're not going to conform to old 'life milestones' no longer relevant to them, or define success by their bank accounts, So how do younger people feel about their finances, and is there anything the rest of us can learn from them? Today's young adults – Gen Z and younger millennials aged between 18 and 34 – are discarding the traditional playbook, according to the new research from EY . The traditional markers of progress – a stable job, home ownership and the steady accumulation of wealth towards retirement – just aren't possible for many born from the 1990s to 2007, according to the report, titled Adulthood Reimagined for a Changing World. But doing things like their parents, or even older siblings, is not what many young people want either. They are customising their journey. The 'global generation' Those born 1991 to 2007 are the first 'global generation', according to the EY report. Published in May, it surveyed more than 10,000 people in this age group across 10 countries. They grew up using technology, with information at their fingertips. This has given them a real-time exposure to a global culture, according to the EY study. Some 94 per cent of Gen Z and younger millennials spend time on social media every day. Some 44 per cent of them would even prefer to spend less time on it, according to the study. They aren't all watching the same TikToks or Instagram reels at the same time, but sometimes they are – the 2024 satirical TikTok post, 'I'm looking for a man in finance (with a trust fund, 6′5″, blue eyes)' was watched more than 26 million times within three weeks of being posted by its Gen Z creator, 28-year-old New Yorker Megan Boni. Crossing language barriers and cultures, a post like this can create global connectedness. [ Gen Z is leading the charge back to the office Opens in new window ] The 'global generation' is looking to socials for answers too – including answers to how to 'do' life and money. From the lives of stay-at-home 'trad wives' who have tens of millions of Z followers, to proponents of 'financial independence, retire early' (Fire) and the 'cryptobro' cryptocurrency influencers, through their phones, Gen Z has been exposed to a much wider range of influences from people their own age than any generation before them. 'I find that Gen Z are actually a bit more financially literate,' says David Looney of Cork-based Alpha Wealth. 'They can be a bit more financially aware than older generations too. They are certainly more open about investing,' says Looney. And he doesn't just mean crypto. 'Previous generations saved in the credit union, not realising the impact inflation had on their money. The younger generation is a lot more open to investing, either online, through a broker or in a pension contribution. [ Gen Z will become the propulsive force that drives Irish society Opens in new window ] 'They are more willing to reach out and get professional advice too.' They are also more open to tech and AI-enabled financial advice, with 41 per cent of Gen Z and millennials reporting they would allow an AI assistant to manage their investments, according to World Economic Forum research published in March. Changed world Leave school, maybe get a degree, get engaged, get married, buy a house, have kids, climb the ladder, retire, shuffle off the mortal coil – these waymarkers, and the points at which their parents hit them, are simply not relevant to Gen Z and younger millennials. In Ireland, for example, this younger group is coming of age in a very changed world to their parents. For starters, more of today's young people have spent time as students before starting their careers. Some 65 per cent of 25-34 year olds in the State hold a third-level qualification. This compares to just 38 per cent of 60-64-year-olds, according to CSO figures. Marrying as a milestone is not happening as much and, where it does, is happening years later too. In 1991, the average age for brides was 26.9 years, according to the CSO; for grooms it was 28.7. Last year, that had risen to almost 36 for brides in opposite-sex couples and almost 38 for grooms. For same-sex couples, it was older again. Indeed, relationships and children are increasingly viewed by younger people as 'choices rather than obligations', according to the EY study. This is allowing individuals to prioritise their own values and self-driven aspirations. Lifespans have lengthened too. Between 1991 and 2022, life expectancy in the State at birth increased by 7.9 years for men and six years for women, according to CSO figures. New timelines like these are 'changing the fundamentals of human life', according to the EY study. But the idea that Gen Z and younger millennials are simply postponing adulthood is outdated, according to the report's authors. Instead, this is the 'pragmatic generation', approaching life milestones 'not with rebellion but with reasoned scepticism', according to the EY study. Young adults are transforming adulthood from 'a predetermined sequence into a customisable journey', it says. The old early adulthood script is being rewritten by a generation asking not 'When should I?' but 'Why should I?' Unlike their parents, Gen Z and younger millennials don't see job-hopping as a faux pas on their CV. 'Past generations were quite happy to have stable employment when they were younger, because they had responsibilities younger so there was a perceived risk to moving,' says Looney. About 60 per cent of young adults globally now believe they should work for two to five organisations throughout their lives, while 19 per cent believe they should work at six or more. Health as wealth Young adults are prioritising their physical and mental health and relationships with family over wealth and career advancement, the EY study says. Some 51 per cent of young people globally rate their mental and physical health as the primary measure of future success, the number one metric globally. Family relationships follow closely at 45 per cent, outranking both wealth (42 per cent) and occupation (41 per cent). 'This is a wake-up call for societies that have long equated success with financial gain, material possessions and personal sacrifice,' according to the study. Governments that prioritise economic growth at all costs, be warned. Some 51 per cent of young people globally rate their mental and physical health as the primary measure of future success That's not to say that younger people aren't deeply concerned about finances – they are. But, they want more than just a paycheck, say the EY researchers. They want employers who align with their values (69 per cent) and seek employers who respect their personal time (61 per cent), according to the study. This is about more than 'work-life balance'. Young adults seek careers and jobs that support stable lives, rather than lives that revolve around their careers, according to researchers. That might account for their rising interest in government jobs. Home ownership Financial security serves as a foundation for a fulfilling life – but it's not the ultimate goal, according to the study. This doesn't mean Gen Z and younger millennials aren't disinterested, or unworried when it comes to money. Financial security is very important to them. Some 87 per cent of young adults consider financial independence very, or extremely important, according to the EY study. The authors describe this 'moment of global convergence around financial security' as 'striking'. More than half of the countries surveyed (Brazil, Saudi Arabia, South Africa, India and China) rated this importance above 90 per cent. Sweden was the exception at 58 per cent, potentially due to its robust education, welfare and social systems. Yet young people in many countries are grappling with the gap between their desire for financial independence and the economic realities that make it increasingly difficult to achieve, according to the study. Buying a home when your parents did? That's just not on the cards for many younger people. In the Republic in 1991, the age at which two-thirds of householders owned their homes (with or without a loan) was 28 years. That had risen to age 44 in 2022, according to CSO figures. Today, some 86 per cent of 25 year olds living in the State are 'very concerned' about access to housing, according to Growing Up in Ireland data published by the CSO this year. Just 3.8 per cent of those born in 1998 owned their own home at the age of 25, according to those surveyed. Almost seven in 10 are still living at home with their parents, with most saying this is due to financial reasons. Buying a home when their parents did is not on the cards for many younger people Of those who were not homeowners, 80.5 per cent expected to buy a home in the future. Two-thirds of 25-year-olds save regularly according to the Growing up in Ireland data. 'Young people put a big emphasis on financial planning and trying to reach financial independence,' says Alpha Wealth's Looney. 'They have access to all the information and technology to achieve it too,' Some 30 per cent of Gen Z began investing in university or early adulthood, compared to 15 per cent of millennials, just 9 per cent of Gen X and 6 per cent of Baby Boomers, according to the World Economic Forum research. With average house prices in the State now more than seven times the average wage, young people are looking beyond job income to generate wealth. In a world of economic challenges, geopolitical tensions and rapid technological change, young people are split between optimism and pessimism about the future, according to the EY study. While 31 per cent worldwide are very or extremely excited about their future lives at 50, slightly more – 34 per cent – harbour deep fears. Optimism is closely linked with opportunity and a desire to make the world a better place, according to the research, while pessimism correlates with distrust, apathy and risk aversion. A younger generation so split could have political and economic implications for everyone. But their rejection of traditional milestones may be little more than economic pragmatism, says the study: 'Why strive for a future that feels financially unfeasible?'
