A trifecta of expectations: younger workers looking for money, meaning, and well-being

15 May 2025: In workplaces across Australia, the generational identity of Gen Zs and millennials is coming into sharp focus. These two generations are not just filling jobs but redefining them. Projected to make up 74% of the global workforce by 2030, Deloitte's 2025 Gen Z and Millennial Survey, shows that this evolving workforce is increasingly defined by a "trifecta" of expectations: money, meaning, and well-being.

Shaped by rising living costs and concerned about the financial impact of traditional higher education, they are rethinking what career progression means. Motivated by the need for financial independence and a desire to build purposeful, values-driven careers, many are turning to on-the-job learning, mentoring, and real-world experience to get ahead.

Deloitte Australia Chief People and Purpose Officer Pip Dexter said: “The centrality of purpose to job satisfaction is a driving force behind the career aspirations of these two generations. For them, career satisfaction hinges not just on salary, but on a job's ability to offer growth opportunities while aligning with their values. In this we see a greater expectation on employers to offer growth opportunities and meaningful work.”

Deloitte surveyed over 800 Australian Gen Z and millennial respondents to better understand the forces shaping their careers, values, and ambitions. The findings reveal a generation facing significant economic pressures, navigating rapid technological change, and demanding more from their employers not just in terms of pay, but also in purpose, growth, and social responsibility.

Some key findings from the survey about what is driving Australian Gen Z and millennials workers today:

Chasing Purpose: How Values and Sustainability Are Redefining Career Choices

Career decisions for these generations are increasingly influenced by a desire to make a meaningful impact, with values and ethics taking precedence over traditional ambitions.

• Purpose matters: 94% of Gen Zs and 92% of millennials prioritise meaningful work, often choosing roles aligned with personal values and sustainability.
• 40% of Gen Zs and 39% of millennials say they have rejected a potential employer based in their personal ethics/beliefs.
• 52% of Gen Zs and 46% of millennials have left a job because it lacked purpose.
• Few Gen Zs (7%) prioritise senior leadership, favouring work-life balance over traditional career ambition.
• Environmental and social responsibility are critical; many young Australians weigh a company’s sustainability record as heavily as salary or title.

“These generations are redefining success in the workplace. It's no longer just about titles or salary but aligning with personal values and contributing to a sustainable, purpose-driven future. When there’s no clear purpose or alignment people leave. It’s a key factor in whether people stay and stay motivated,” Dexter said.

Tech: Friend or Foe?

For young Australians navigating the changing job market, technology is a source of promise and uncertainty, influencing career choices and expectations for the future.

• Tech-savvy young Australians are embracing AI: 47% of Gen Zs and 63% of millennials already use generative AI at work, with most expecting it to heavily impact their roles.
• Around 80% of Gen Zs and millennials feel GenAI has freed up their time as well as improved what they produce at work.
• Despite high usage rates, most have not engaged in formal GenAI training: Just 14% of Gen Zs and 21% of millennials say they have already completed GenAI training, while 30% of Gen Zs and 40% of millennials say they plan to complete training within the next 12 months.

"Embracing AI in workplace has seen the lines between opportunity and uncertainty blur. While AI offers immense potential for career advancement and efficiency, some feel insecure about its long-term impact on their job security. Employers who meet the demand for practical training to boost employees’ AI literacy will benefit through higher retention rates and a more productive and confident workforce,” Dexter said.

Money Matters: Cost of Living Takes Centre Stage

Economic pressure is the defining challenge for young Australians today, reshaping how Gen Z and millennials approach work, education, and life.

• Economic stress dominates young Australians' concerns. Over half of Gen Zs (55%) and millennials (51%) cite cost of living as their top worry, with most living pay day to pay day (64% Gen Zs, 59% millennials).
• Financial security strongly impacts happiness: 61% of financially secure Gen Zs and 77% of secure millennials are happy, compared to 30% and 25% of their financially insecure peers.
• Cost and time constraints are locking many young Australians out of traditional higher education. For Gen Zs, financial barriers are the primary obstacle: 56% cite tuition costs as the main reason for not pursuing further study. For millennials, the biggest hurdle is family and personal responsibilities, though 44% also point to tuition costs.
• Practical experience is prized: 92% of millennials and 89% of Gen Zs consider on-the-job training essential for career advancement.
• Despite this demand, many feel their workplaces aren’t keeping up, with employers falling short of expectations around training and mentorship and missing a key opportunity to support growth and retention.

“Financial and time pressures are dissuading some Gen Z and millennial Australians from pursuing traditional higher education pathways. Many are now turning to their workplaces for training and career growth. But too often, that support just isn’t there,” Dexter said.