Cost of living is top concern for Ireland’s Gen Zs and millennials as majority do not expect their personal finances to improve in the next 12 months, new Deloitte research finds
- Few Gen Zs and millennials expect their personal financial situation to improve – 16% of millennials in Ireland compared to 40% globally and 39% of Gen Zs compared to 48% globally
- More than one in four of Ireland’s Gen Zs (46%) and millennials (40%) say they feel anxious or stressed all or most of the time with concerns about their long term financial future being the biggest contributory factor - cited by 50% of Ireland’s Gen Zs and 44% of millennials
- There are a greater proportion of female Gen Zs in Ireland (42%) who feel uncertainty about GenAI compared to male Gen Zs (21%)
- Over half of the country’s Gen Zs and millennials feel their employer takes their mental health seriously (61% for both) and that they can speak openly with their manager about mental health challenges (58% for both)
- More than one in four of Ireland’s Gen Zs have turned down an assignment or project (41%) or rejected a potential employer (38%) based on their personal beliefs
- 62% of Gen Zs and 57% of millennials said they are willing to pay more for an environmentally sustainable product or service
- Over half of Gen Zs and millennials are fully on site for work, with only 21% of Gen Zs and 17% of millennials working remotely
30 May 2024. More than two-thirds of Ireland’s millennials (65%) and more than one in four of Ireland’s Gen Zs (43%) cite the cost of living among their top concerns, new Deloitte research shows.
A major survey of nearly 23,000 respondents across 44 countries found that while the cost of living is identified as a key concern among global Gen Zs and millennials, the share at global level is lower than in Ireland at 40% for millennials and at 34% for Gen Zs.
Deloitte’s 2024 Gen Z and Millennial global survey examines the evolving circumstances shaping the societal and workplace experiences of the two generations in Ireland and globally.
In Ireland, just 21% of Gen Zs and 13% of millennials believe the overall economic situation will improve in the next year, compared with 32% of Gen Zs and 31% of millennials globally.
Gen Zs and millennials in Ireland are also below the global average on expecting their personal financial situation to improve – 16% of millennials compared to 40% globally and 39% of Gen Zs compared to 48% globally.
As outlined in the survey, Gen Zs are those born between January 1995 and December 2005 (aged 18 to 29) while millennials are born between January 1983 and December 1994 (aged 29 to 41).
Commenting on the Deloitte Ireland survey released today, Gary Notley, partner, Human Capital Consulting, Deloitte Ireland, said:
Cost of living remains a key concern for both Gen Zs and millennials, but the survey also shows they are worried about mental health, climate change, navigating a return to the office and GenAI. What is clear from the findings is that Gen Zs and millennials need a sense of purpose to feel happy at work and their top priority in the workplace is a good work/life balance.
Having a sense of purpose in their job is important for the vast majority of Ireland’s Gen Zs (86%) and millennials (89%), with eight in 10 saying their current job gives them a sense of purpose. (80% for Ireland’s Gen Zs and 83% for millennials)
This sense of purpose is also translating into action for Gen Zs in Ireland in particular, as close to half have turned down an assignment or project (41%) or rejected a potential employer (38%) based on their personal beliefs.
However, 65% of Gen Zs and 73% of millennials feel somewhat or very satisfied with their current organisation’s alignment with their values and purpose.
Commenting, Gary Notley said:
Gen Zs and millennials want to see a clear purpose from the organisations they work for and this survey highlights that a significant portion of Gen Zs in Ireland will walk away from a project or will choose to not work somewhere if the organisation’s values don’t align with theirs. This speaks to how important it is for an organisation to not only set and communicate a clear purpose, but to actively listen and respond to its people to ensure employer and employee values remain aligned. This will likely foster a workforce which is more engaged, motivated, and loyal.
There is a clear opportunity for many organisations here, as our survey found that less than half of these two generations in Ireland believe that businesses are having a positive impact on wider society. In contrast to this, more than half of Gen Zs and millennials in Ireland think that businesses have influence over societal issues, including human rights, protecting the environment, ethical use of technology, and mental health awareness.
Over half of Gen Zs (59%) and millennials (51%) in Ireland have felt worried or anxious about climate change in the last month. Three-quarters believe the government should play a bigger role in pushing business to address climate change (75% of Gen Zs and 79% of millennials). These climate concerns are reflected in career decisions, particularly for Gen Zs in Ireland, with 32% saying they would research a companies’ environmental impact before accepting a job and 22% saying they would change job due to environmental impact concerns.
Notley added:
"Gen Z and millennials are not only showing how their values drive them in where they work and what they work on, but also in their purchasing power. Over half of Ireland’s respondents said they are willing to pay more for an environmentally sustainable product or service (62% of Gen Zs and 57% of millennials). Despite a recent trend showing a decline in electric vehicles sales in Ireland, nearly half of Ireland’s millennials (44%) surveyed plan to purchase an electric vehicle while 13% have already done so."
Gen Zs and millennials believe GenAI will improve their work/life balance, but more women feel uncertainty about GenAI and less comfortable working alongside it compared to men
Just 23% of Ireland’s Gen Zs and 12% of millennials said they were frequent users of GenAI at work. Yet 39% of Gen Zs and 25% of millennials think it will improve the way they work over the next year.
More than one in three in both generations in Ireland are planning to undergo training or upskilling in GenAI as part of their professional development in the next year (39% of Gen Zs and 32% of millennials).
There are a greater proportion of female Gen Zs (42%) in Ireland who feel uncertainty about GenAI compared to male Gen Zs (21%). While the opposite is true for millennials, with 30% of female millennials feeling uncertainty compared to 39% of male millennials.
The survey also found that 70% of male Gen Zs in Ireland feel comfortable working alongside GenAI systems and tools versus 48% of female Gen Zs while 57% of male millennials feel comfortable working alongside it versus 38% of female millennials.
Commenting, Gary Notley said:
“AI is now mainstream and its uses and potential impact continues to be debated. The standout from this survey is that uncertainty is the top emotion Gen Zs and millennials say they feel about GenAI. More than half of Gen Zs and millennials believe that AI will cause the elimination of jobs. Organisations must actively address and alleviate employees' fears about job elimination by fostering transparent communication, providing retraining opportunities, and emphasising the potential for AI to augment rather than replace human roles. Many organisations are likely to still be in the early stages of figuring out how to use and educate their employees about GenAI, and as this develops, this may influence how Gen Zs and millennials feel over time. Those who use GenAI more frequently tended to have more positive associations with the technology, such as its ability to free up their time and improve work life balance. This shows how important it is for organisations to engage their employees on how to use GenAI at work and illustrate how it will benefit them.”
Slight dip in Gen Zs and millennials feeling stressed or anxious all or most of the time and less stigma around discussing mental health at work
Stress levels and mental health continue to be a concern amongst Gen Z and millennials. A total of 46% of Ireland’s Gen Zs and 40% of millennials said they feel anxious or stressed all or most the time, in comparison to 40% of Gen Zs and 35% of millennials globally. Ireland’s figures are down on last year when the levels were 52% and 43% respectively.
Among these cohorts, a significant number (50% for Gen Zs and 44% for millennials in Ireland) cited their longer-term financial future as a top contributing factor to their feelings of anxiety and stress.
A total of 33% of Gen Zs and 19% of millennials in Ireland said their job was contributing to these feelings. Not being recognised or rewarded for the work they do was cited by most as the reason for this, followed closely by long working hours and not having control over how or where their work is done.
The survey found almost two-thirds of the country’s Gen Zs and millennials (61% in both cases) agreed that their employer takes the mental health of employees seriously and more than half (58% in both cases) said they would feel comfortable speaking openly with their manager about feeling stressed or anxious or about other mental health challenges.
Commenting, Gary Notley said:
The survey highlights that leaders must continue their efforts towards creating healthy and sustainable working environments, where mental health is protected and challenges are openly discussed, addressed and prevented—and where the work-related contributors to poor mental health are identified and addressed. Employers are making progress when it comes to better workplace mental health, although there is room to improve this further.
A good work/life balance was the top reason why Gen Zs and millennials in Ireland chose their current workplace, with flexible hours and/or a reduced work week and a high salary or other financial benefits coming in at a close second. Pay not being high enough was the top reason these generations left their previous organisation (23% of Gen Zs and millennials in Ireland), while nearly one-fifth left because their job or workplace was detrimental to their mental health (18% in both cases).
Return to office policies having mixed impact for Gen Zs
There has been a shift to more flexible ways of working in recent years, yet over half of Ireland’s Gen Zs (52%) and millennials (56%) are fully on site for work, while only 27% are working hybrid and 21% of the country's Gen Zs and 17% of millennials are working remotely.
Commenting, Gary Notley said:
For some Gen Zs, the post-Covid period didn’t involve a return to the office, but rather their first time working on-site. This can present a mixture of opportunities and challenges as Gen Zs learn to navigate office culture. The survey shows the mixed effects return to office policies are having on this group. Gen Zs reported having a better routine and structure when working in the office, as well as feeling more engaged and connected with colleagues and their organisation. They also reported increased collaboration and social interaction. Decreased productivity, an increase in stress levels, and needing to move or relocate to attend the office were also mentioned as less positive impacts. While this highlights the benefits some Gen Zs are gaining from working on-site, it also demonstrates that leaders need to listen to employee feedback and concerns about working location policies and mitigate any negative implications these could have.
About the research
Deloitte’s 2024 Gen Z and Millennial global survey connected with nearly 23,000 respondents across 44 countries, examining the evolving circumstances shaping the workplace and the societal experiences of these generations globally. There were 401 respondents in Ireland: 300 Gen Zs and 101 millennials. This research was conducted between November 2023 and March 2024. As defined in the study, Gen Z respondents were born between January 1995 and December 2005, and millennial respondents were born between January 1983 and December 1994.
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Media Contact(s):
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Deloitte Ireland Communications
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