Gen Zs and millennials at work: Pursuing a balance of money, meaning, and well-being
What’s driving the next generation of business leaders? Deloitte Global’s 2025 Gen Z and millennial survey shows they’re prioritizing mentorship, meaning, and financial security.
They’ve been called job hoppers, purpose seekers, and side hustlers when it comes to how they navigate the world of work. But for Gen Zs and millennials, these labels mask a deeper intention: They’re looking to reshape what work is at its core. From seeking out more flexibility to prioritizing mental health and meaningful impact, they’re rejecting traditional notions and structures of work in pursuit of their own definitions of career satisfaction and growth. Projected to make up roughly two-thirds of the labor force within the next few years,1 Gen Zs and millennials are likely to be a defining force in the future of work—one that looks less like a ladder and more like an interconnected web of growth, values, and reinvention.
Now in its 14th year, Deloitte Global’s Gen Z and Millennial Survey (see methodology) continues to shine a light on the critical dynamics shaping this workforce. The results of our 2025 survey, which included 23,482 Gen Z and millennial respondents across 44 countries, found that growth is an important thread for these two generations, but they’re also redefining what it means to grow at work. It’s no longer about climbing the ladder—in fact, only 6% of Gen Z and millennial respondents said their primary career goal is to reach a leadership position. It’s about opportunities to thrive both on and off the job.
This year’s data reveals that learning and development opportunities, along with investments in financial security, meaning, and well-being, may be key to attracting, engaging, and retaining a strong Gen Z and millennial workforce.
Gen Zs and millennials seek learning and development through multiple channels
Gen Zs, defined in our research as the generation born between January 1995 and December 2006, may be more focused on work/life balance than climbing to the top of the corporate ladder, but they don’t lack ambition. When asked the strongest reasons they chose to work for their current employer, learning and development is in the top three. Among Gen Zs, 70% say they are developing skills to advance their careers once a week or more, compared to 59% of millennials (those born between January 1983 and December 1994) who say the same. What’s more, Gen Zs are increasingly spending their off-hours time building those skills, with 67% saying they are developing skills outside of working hours, either before or after work, or on their days off.
Most Gen Zs (57%) and millennials (56%) are already using generative AI in their day-to-day work to some extent, and as gen AI adoption continues to grow among these generations, so are concerns about whether they’ll have the skills they need for work in the future. Nearly two-thirds of workers in these generations (63% of Gen Zs and 65% of millennials) worry that gen AI will eliminate jobs. And 61% of Gen Zs and millennials worry gen AI will make it harder for younger generations to enter the workforce, as it automates tasks typically performed by entry-level workers. It makes sense, then, that both generations are focused on training and developing skills to prepare them to work alongside gen AI. In our survey, 59% of Gen Zs and 62% of millennials said that they believe that gen AI skills are somewhat or highly required for their career advancement.
But the skills that Gen Zs and millennials appear to be prioritizing even more aren’t technology skills. In terms of the skills and capabilities they feel are most important to their career progression and how they want to be supported, Gen Zs and millennials are aligned. They say soft skills like communication, leadership, empathy, and networking are most important, closely followed by time management skills and industry-specific knowledge (figure 1). In comparison to the six in 10 respondents who believe AI skills are important for the future, more than eight in 10 (86% of Gen Zs and 85% of millennials) believe soft skills are somewhat or highly required.
The prevalence of gen AI is also causing many Gen Zs and millennials to reconsider the traditional paths they take to develop necessary workforce skills, which, for many, includes a college education. Some are instead opting to explore alternative paths such as vocational qualifications, apprenticeships, or trades that may offer more skills-based learning and a lower financial burden. Although a university or college degree remains valuable, 31% of Gen Zs and 32% of millennials in this year’s report say they decided not to pursue higher education.
When asked about their concerns with the current higher education system, 40% of Gen Zs and 38% of millennials said the high cost of tuition was their primary concern. But their responses also reveal a skepticism about the return on investment in higher education, with many Gen Zs and millennials questioning if the education provided at universities would give them enough practical experience to prepare for the job market: Twenty-four percent of Gen Zs and 25% of millennials said they were concerned about the relevance of the curriculum to the job market. And 28% of Gen Zs and 27% of millennials said they were concerned that higher education offered limited practical experience.
How employers can support Gen Zs and millennials in their thirst for learning
It’s clear that building careers through skill development is a top priority for Gen Zs and millennials. However, they’re also keen to develop more soft skills and are exploring ways to acquire them. How can organizations support Gen Z and millennial workers in finding the sweet spot in their learning and development journey?
- Focus on developing mentorship and on-the-job learning opportunities. Our respondents reveal that they are primarily seeking mentorship and guidance—86% of Gen Zs and 84% of millennials emphasized this need. They also value on-the-job learning and practical experience, with 88% of Gen Zs and 89% of millennials highlighting its importance for skill development.
When it comes to where these opportunities should come from, respondents pointed to dedicated in-house learning programs, and they appreciate when time is set aside for learning without disrupting their regular workloads and responsibilities (figure 2). Additionally, financial compensation for external learning opportunities and access to learning platforms and subscriptions are highly valued. Some also suggested that job rotation or job shadowing would be beneficial in enhancing their learning experience.
- Help your managers become mentors. In addition, Gen Z and millennial workers are looking to their managers to offer guidance, support, inspiration, and motivation. They want mentorship and help in setting boundaries to maintain a healthy work/life balance. However, many feel their managers are more preoccupied with managing daily tasks (figure 3).
Many managers see this gap themselves. According to the latest Deloitte Global Human Capital Trends report, managers spend nearly 40% of their time solving immediate problems and focusing on administrative tasks, with only 13% of their time spent developing the people who work for them.2
Organizations may consider rethinking the role of managers, allowing them to spend more time on mentoring and developing their team members.
Money, meaning, and well-being: The trifecta determining fulfillment at work
While money, meaning, and well-being may seem like separate and often competing priorities, the survey data reinforces how tightly interconnected each of these areas are in how Gen Zs and millennials are seeking to grow in their careers. Balancing the trifecta of money, meaning, and well-being sets the foundation for overall happiness among these two generations. And for organizations, this may hold a key to attracting talent, reducing turnover, and increasing worker engagement.
Financial concerns, for example, appear to be a barrier to personal and professional growth for Gen Zs and millennials. Our survey data shows that the more financially secure respondents feel, the more likely they are to say they are happy. Among our respondents, 60% of financially secure Gen Zs and 68% of financially secure millennials say they felt happy with their life over the past year. In contrast, among those who feel financially insecure, only 28% of Gen Zs and 31% of millennials say they are happy.
More than 80% of respondents cited their long-term financial future and day-to-day finances as factors contributing to feelings of anxiety or stress. And these concerns appear to be getting worse, not better: Forty-eight percent of Gen Zs and 46% of millennials say they do not feel financially secure in 2025, compared to 30% of Gen Zs and 32% of millennials in 2024. More than half of both Gen Zs and millennials are living paycheck to paycheck, and more than one-third struggle to pay their living expenses each month (figure 4). These generations are also worried about their financial futures, with about 40% of Gen Zs and millennials indicating they are concerned about their ability to retire comfortably.
Fears surrounding money take a heavy toll on overall mental health for Gen Zs and millennials. Fewer than six in 10 Gen Zs (52%) and millennials (58%) rate their mental well-being as good or very good in this year’s survey. Meanwhile, 40% of Gen Zs and 34% of millennials say they feel stressed or anxious all or most of the time, roughly consistent with last year—and much of that stress comes from their job, according to respondents. While concerns about their long-term financial futures top the list of factors contributing to anxiety and stress, respondents also cited workplace concerns such as long working hours and a lack of recognition as contributors to anxiety or stress (figure 5).
Many of these workplace stress drivers align with areas that Gen Zs and millennials say they’d like to see their managers doing more to support, underscoring again the important role managers play for these two generations. For example, 42% of Gen Zs and 41% of millennials believe managers have a responsibility to foster a positive and inclusive work culture, but only 22% of Gen Zs and 21% of millennials believe that is happening.
For Gen Zs and millennials, positive well-being is important to supporting a sense of purpose at work. Among those who report positive mental well-being, 67% of Gen Zs and 72% of millennials feel their job allows them to make a meaningful contribution to society. And that sense of purpose is critical for these generations, whose definition of growth includes contributing to something bigger than themselves.
For many Gen Zs and millennials, their work is core to who they are and how they see themselves: Forty-one percent of Gen Zs and 46% of millennials say their primary job is central to their identity, second only to their friends and family. Perhaps it is because work is such a significant component of their personal identities that so many want their work to be purpose driven. A majority of Gen Zs (89%) and millennials (92%) consider a sense of purpose to be very or somewhat important for their job satisfaction and well-being, up from 86% of Gen Zs and 89% of millennials in 2024.
While what it means to have purpose-driven work can vary from more personal objectives to a desire to drive broader societal change, Gen Zs and millennials are willing to make career decisions based on what matters to them (figure 6). Forty-four percent of Gen Zs and 45% of millennials have left a role they felt lacked purpose, and around 40% of both groups have rejected an assignment or project or even a potential employer based on their personal ethics or beliefs.
On the other hand, many are also realizing that work isn’t the only means to a purpose-driven life. In qualitative interviews this year, Gen Zs and millennials indicated that while making a meaningful contribution to society is important to them, it doesn’t always need to be achieved at work. If they can’t have all three, they sometimes prioritize work/life balance and a higher salary, which gives them the time and resources they need to effect the change they want to see in the world outside of working hours.
How organizations can attract, engage, and retain Gen Z and millennial talent
As organizations work to engage Gen Z and millennial workers, it’s clear that financial security, well-being, and finding meaning in work aren’t just buzzwords—they’re deeply connected aspects of what these generations value and seek out as they grow their careers. For organizations, addressing these interconnected priorities is not only a strategy for enhancing worker happiness but also an important approach to attracting and retaining talent. How can organizations find the sweet spot in this trifecta and create environments where Gen Z and millennial workers feel truly supported and fulfilled?
- Offer market-competitive salaries and benefits. Financial security is only one piece of the puzzle when it comes to a person’s happiness and job satisfaction, but it is foundational. Without financial security, Gen Zs and millennials struggle to focus on other priorities within their lives and careers, such as meaningful work, flexibility, and work/life balance. Flexible benefits such as those relating to dependent care, health care, or commuting costs can also be a good option to help personalize benefits according to each person’s needs.
- Provide financial education. Ensuring that Gen Zs and millennials understand how to best manage their finances and prepare for their futures is important. Consider offering workshops, seminars, or even one-on-one coaching sessions on topics like budgeting, saving, investing, and retirement planning. By empowering employees with financial literacy, organizations can ease money-related stress and anxiety, while giving employees the confidence and security they need to feel good about their overall well-being and job satisfaction.
- Empower managers to play a key role in advocating for worker well-being. Managers should be attuned to the stress drivers of their teams and empowered to mitigate concerns. This may include restructuring work, setting boundaries to support work/life balance, focusing on worker recognition, and providing opportunities for growth and learning. They should also be equipped to have open conversations about mental health and know how to point people to available resources for help if they need it.
- Understand individual purpose motivations. Understanding the broad range of factors that motivate Gen Zs and millennials and give them purpose opens an opportunity for business leaders to respond to what workers need at an individual level. This can help improve performance, work quality, and business growth. Tapping into motivation as a means of influencing workers can help organizations personalize the work experience in ways that provide value for both the individual and the organization.
Organizations that demonstrate a commitment to helping Gen Z and millennial workers thrive at these important intersections of growth—learning, skills, and opportunity; financial security; well-being; and purpose—will likely see organizational benefits and a happier, more engaged workforce.
Investing in employee development can create a culture of continuous learning where individuals feel encouraged to expand their skill sets, take on new challenges, and feel more connected to their roles and the organization as a whole. And when organizations prioritize financial security, well-being, and purpose, they show their Gen Z and millennial workers that they genuinely care about their holistic development and overall happiness.
Engaging the Gen Z and millennial workforce isn’t optional. These generations are the heartbeat of future innovation, so nurturing them today is also securing the organization’s own path forward.
Methodology
Deloitte Global’s 2025 Gen Z and Millennial Survey reflects the responses of 14,751 Gen Zs and 8,731 millennials (23,482 respondents in total) from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific. The survey was conducted using an online, self-complete-style interview. Fieldwork was completed between Oct. 25 and Dec. 24, 2024.
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. The qualitative interviews were conducted between Dec. 19, 2024, and Jan. 10, 2025.
The report represents a broad range of respondents, from those with executive positions in large organizations to others who are participating in the gig economy, doing unpaid work, or are unemployed. Additionally, respondents include students who have completed or are pursuing degrees, those who have completed or plan to complete vocational studies, and others who are in secondary school and may or may not pursue higher education.
As defined in the study, Gen Z respondents were born between January 1995 and December 2006, and millennial respondents were born between January 1983 and December 1994. 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.
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