NZ Gen Zs and millennials are delaying major life decisions at higher rates than their global peers, as cost of living and housing pressures reshape career choices

Key takeaways

• Financial pressure is delaying major life decisions: 64% of Gen Zs and 67% of millennials in New Zealand say they have delayed major life decisions due to their financial situation (compared with 55% of Gen Zs and 52% of millennials globally)
• Housing affordability is influencing careers: 72% of Gen Zs and 69% of millennials in New Zealand say housing affordability or availability impacts their career decisions and where they can work. 
• Cost of living weighs more heavily on NZ Gen Zs than their global peers: 56% of NZ Gen Zs cite cost of living as a top concern, compared with 38% globally. Among millennials, 46% in NZ cite cost of living, compared with 42% globally. 
• AI is already part of day-to-day work: 66% of Gen Zs and 77% of millennials in New Zealand say they use AI in their day-to-day work.
• There is an AI readiness gap: Only 41% of Gen Zs and 50% of millennials in New Zealand say the AI tools provided by their employer are mostly or completely sufficient.
• AI is being used for career development: 69% of Gen Zs and 80% of millennials in New Zealand who use AI say they use it to find learning and development opportunities, while 62% of Gen Zs and 76% of millennials use it to seek career advice.
• Stress remains embedded in working life: 41% of Gen Zs and 34% of millennials in New Zealand say they feel stressed all or most of the time.
• Purpose matters: 97% of Gen Zs and 99% of millennials in New Zealand say having a sense of purpose is important for their job satisfaction.

Auckland, 8 July 2026 – Financial pressure is continuing to shape the personal and professional decisions of New Zealand’s Gen Zs and millennials, with younger New Zealanders more likely than their global peers to be delaying major life decisions because of their financial situation, according to Deloitte’s 2026 Global Gen Z and Millennial Survey.

In New Zealand, 64% of Gen Zs and 67% of millennials say they’ve delayed major life decisions because of their financial situation, compared with 55% of Gen Zs and 52% of millennials globally.

Now in its 15th year, the global survey draws on responses from more than 22,500 Gen Z and millennial respondents across 44 countries, including 501 respondents in New Zealand. The findings show younger New Zealanders are redefining what progress looks like, placing greater emphasis on financial security, work/life balance, continuous learning, purpose and wellbeing.

Cost of living remains the top concern for both generations in New Zealand and weighs particularly heavily on Gen Zs compared with their global peers. 56% of New Zealand Gen Zs cite cost of living as a top concern, compared with 38% globally. Among millennials, 46% in New Zealand cite cost of living, compared with 42% globally.

Many are also feeling the impact of housing affordability, with 72% of Gen Zs and 69% of millennials saying the availability or affordability of housing affects their career decisions and where they can work.

“New Zealand’s Gen Zs and millennials are ambitious, but they’re also highly pragmatic,” says Deloitte New Zealand Partner, Lauren Foster. “They’re making deliberate choices about how they build their careers, where they work, and when they take major life steps. Financial pressure, housing affordability and wellbeing are all influencing how these generations define success.”

Stability and balance outweigh rapid advancement

The survey finds that younger New Zealanders are taking a considered approach to career progression. While 77% of Gen Zs and 76% of millennials in New Zealand say they are interested in pursuing leadership roles at some point, only 8% of Gen Zs and 6% of millennials say achieving a leadership position is their primary career goal.

Instead, New Zealand Gen Zs rank financial independence, job stability, and security among their top career goals, while millennials are most likely to prioritise maintaining a good work/life balance.

The findings also suggest younger workers are cautious about leadership roles unless they feel sustainable. When asked what would increase their interest in leadership, younger New Zealanders most commonly pointed to higher compensation, flexible work arrangements, leadership coaching and training, and a clearer understanding of the path to leadership.

“Leadership remains attractive, but younger New Zealanders are looking closely at the trade-offs,” says Foster. “Employers that want to build future leadership pipelines will need to make leadership roles more sustainable, better supported and more clearly connected to development.”

AI adoption is accelerating, but readiness gaps remain

AI is now part of everyday work for many younger New Zealanders, with 66% of Gen Zs and 77% of millennials saying they use AI in their day-to-day work.

However, the survey also points to a gap between AI adoption and organisational readiness. Only 41% of Gen Zs and 50% of millennials in New Zealand say the AI tools provided by their employer are mostly or completely sufficient. Common barriers to using AI at work include lack of knowledge and experience, tools not being well integrated into systems or workflows, lack of effective training opportunities, and the perception that it can be quicker to complete tasks without AI.

Despite these barriers, many younger New Zealanders see AI as an enabler of growth and wellbeing. Among those using AI, 69% of Gen Zs and 80% of millennials say they use it to find learning and development opportunities, while 62% of Gen Zs and 76% of millennials use it to seek career advice.

“AI is already embedded in the working lives of many Gen Zs and millennials,” continues Foster. “But adoption alone is not enough. Organisations need to invest in training, integration, governance and clear use cases if they want AI to improve productivity, career development and employee experience.”

Wellbeing remains central to the employee experience

While many younger New Zealanders rate their mental wellbeing positively, stress remains a persistent issue. 41% of Gen Zs and 34% of millennials in New Zealand say they feel stressed all or most of the time.

Their biggest sources of anxiety include longer-term financial futures, day-to-day finances, family welfare, personal relationships and physical health. At work, long hours, not having enough time to complete work, toxic workplace culture, and lack of control over how or where work is done are among the key contributors to stress.

Purpose also remains important. 97% of Gen Zs and 99% of millennials in New Zealand say having a sense of purpose is important for their job satisfaction. Many also say their current job allows them to make a meaningful contribution to society and aligns with their values.

Workplace connection and knowledge transfer will be critical

The survey highlights the importance of workplace relationships, with 67% of Gen Zs and 70% of millennials in New Zealand saying they have work colleagues they consider personal friends. Those with workplace friendships are also more likely to say they plan to stay with their employer for more than five years.

As organisations prepare for generational change, knowledge transfer is emerging as another priority. 60% of Gen Zs and 65% of millennials in New Zealand say their team could maintain performance if a key expert left. However, respondents identify barriers including lack of incentives or recognition, insufficient time or prioritisation, no standard templates or tools, confidentiality concerns, and remote or hybrid work making it harder to learn.

“New Zealand employers are dealing with multiple workforce shifts at once - AI adoption, leadership transition, changing expectations, and the need to retain institutional knowledge,” says Foster. “The organisations that respond best will be those that treat skills, wellbeing, connection and adaptability as core business infrastructure.”

To learn more, read the full report here.

ENDS

About Deloitte Global 2026 Gen Z and Millennial Survey

Deloitte’s 2026 Gen Z and Millennial Survey reflects the responses of 14,384 Gen Zs (born between 1995 January and 2007 December*) and 8,211 millennials (born between 1983 January and 1994 December). In total, 22,595 respondents were surveyed from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia-Pacific. In New Zealand, the survey included 501 respondents, comprising 301 Gen Zs and 200 millennials.

The survey was conducted using an online, self-complete-style interview between 24 November 2025 and 15 January 2026. 

The report includes quotes from survey respondents who answered open-ended questions, as well as from participants in one-on-one, ethnography style, qualitative interviews conducted separately from the online survey. In addition, the report draws on insights from in-depth interviews with business leaders on workforce trends and intergenerational dynamics. The qualitative interviews were conducted between 18 December 2025 and 13 March 2026. Qualitative insights from Gen Z and millennial respondents are attributed by pseudonym and generation to protect participant privacy. Business leader insights are attributed to named individuals and their organizations, with permission.

*Gen Zs are typically defined as being born between January 1995 and December 2010, but this study does not include respondents younger than 18, so each year the definition of Gen Zs in this survey shifts a year to include all adult Gen Zs.