Deloitte Gen Z & Millennial Survey: concerns about the cost of living have increased significantly

Rotterdam, 14 May 2025

Now in its fourteenth edition, Deloitte presents the 2025 Gen Z en Millennial Survey. The report provides insights into the expectations and concerns of the youngest generations in the workplace. More than 23,000 respondents from 44 countries participated, including 507 from the Netherlands. 

"Generation Z and millennials have launched their careers in the shadow of a global pandemic and a financial crisis - events that respectively shaped their expectations of work and what success looks like," says Mariëtte Los, CHRO of Deloitte Netherlands. "These generations prioritise work/life balance and meaningful work."

One in five Gen Zs globally (NL: 20%) and one in three millennials (NL: 32%) no longer work in the industry or career path they originally intended. The main reasons for a career change include job market conditions and availability (NL Gen Z: 34%), more flexible hours (NL Gen Z: 26%), and the pursuit of new interests (NL millennials: 24%).

Cost of living remains the largest societal concern for Gen Z and millennials

Despite the significant concern among Gen Zs (37%) and millennials (47%) about the cost of living, better compensation is not a prominent driver for changing jobs. Compared to a year ago, concerns about the cost of living have increased among Gen Z respondents (2024 survey, NL: 28%) and millennials (2024 survey, NL: 35%). This issue outweighs other topics such as (geo)political instability, climate change, and mental health. Both generations are also more concerned about (geo)political instability than a year ago (NL Gen Z: +7%, NL millennials: +7%).

Concerning is that half of Gen Zs (52%, NL: 47%) and millennials (52%, NL: 46%) continue to live from paycheck to paycheck. Moreover, more than one in three Gen Zs (37%, NL: 34%) and millennials (35%, NL: 41%) struggle to pay all their living expenses each month. This financial insecurity raises concerns about the future, with nearly half of millennials (NL: 48%) and 43% of Gen Zs worried they won't be able to retire with financial comfort. 

Gen Z and millennials struggle with mental health

The mental health of Gen Zs and millennials is under pressure. One in three Gen Zs (NL: 32%) and one in four millennials (NL: 26%) say they feel anxious or stressed all or most of the time. A quarter of both groups indicate their job is a factor contributing a lot to their feeling of anxiety or stress. Major stress factors include not being recognized or rewarded adequately for the work done (NL millennials: 55%), and changes at work that may impact them (NL Gen Z: 40%). Nearly four in ten respondents (NL Gen Z: 38%, NL millennials: 38%) cite long working hours as a stress factor. 

Compared to their peers worldwide, Dutch respondents feel less supported by their employers regarding mental health. 59% of Gen Zs in the Netherlands say that their employer is taking the mental health of employees seriously, compared to 62% globally. For millennials in the Netherlands, this percentage is 51%, while globally it stands at 61%. 

Gap between expectations and experiences of younger generations

A majority of Gen Zs (58%) and millennials (56%) in the Netherlands consider guidance and support to team members to be the most important task of managers. However, only 31% of Gen Zs and 25% of millennials experience this support in their daily work. 

Furthermore, Gen Zs (54%) and millennials (50%) in the Netherlands expect their managers to inspire and motivate the team. This expectation is also often not met: only a quarter of Gen Zs (24%) and millennials (26%) feel inspired and motivated by their leaders. 

Career growth opportunities are prioritised by Gen Z and millennials

Gen Zs and millennials in the Netherlands place great value on career growth opportunities and learning. 16% of Dutch Gen Z respondents and 13% of millennials cite 'continuous learning and development' as their top career goal. Globally, this percentage is significantly lower at 9% for both generations. 

Meaningful work crucial for job satisfaction and well-being

The youngest generations in the workplace consider a sense of purpose to be important to their job satisfaction and well-being. Nearly half of Dutch Gen Z respondents (51%) and millennials (49%) say they have left a job because it lacked purpose, which is higher than the global average (Gen Z: 44%, millennials: 45%). For both generations, it is essential that work not only offers them the opportunity to grow professionally but also to drive change outside of working hours.  

To learn more, read the full report here: www.deloitte.com/genzmillennialsurvey. Download the Dutch report.