Housing affordability impacting younger generations' career and life decisions

Some 54% of Gen Zs and 54% of millennials in Ireland say they have delayed major life decisions due to their financial situation

Nearly two thirds, 62%, of Gen Z respondents in Ireland said the cannot afford a home, significantly higher than the global average of 51% for this demographic of Gen Zs. Similarly, millennials in Ireland are also finding it harder to afford a home compared to the survey’s average, 49% to 40%. File picture

A majority of both millennials and Gen Zs in Ireland have delayed major life decisions due to their financial situation, with housing affordability being a particularly difficult issue which is impacting their career decisions, a survey from Deloitte has found.

According to the survey, 54% of Gen Zs and 54% of millennials in Ireland say they have delayed major life decisions due to their financial situation, with 77% of Gen Zs and 61% of millennials saying housing affordability affects their career decisions.

Nearly two thirds, 62%, of Gen Z respondents in Ireland said the cannot afford a home, significantly higher than the global average of 51% for this demographic of Gen Zs. Similarly, millennials in Ireland are also finding it harder to afford a home compared to the survey’s average, 49% to 40%.

The cost of living is the top concern for both these generation cohorts, cited by 63% of millennials and 44% of Gen Zs, far outranking other challenges such as mental health, unemployment, and climate change.

Of both cohorts, 57% said they live paycheck to paycheck with 45% of millennials and 44% of Gen Zs saying they struggle to pay all their living expenses each month.

Large proportions of both these cohorts, 43% of Gen Zs and 41% of millennials, reported high levels of stress and anxiety, with the top reasons being their longer-term financial future and day-to-day finances.

Human capital partner with Deloitte Ireland Gary Notley said while “financial pressures are clearly top of mind, according to Deloitte’s Gen Z and millennial survey, they are also remarkably ambitious and are prioritising steady progress in their careers”.

“Interestingly, while digital and AI skills are important, these groups' development areas highlight a notable trend, with a desire to develop public speaking skills and critical thinking top of the list.” 

When it comes to their work, maintaining a good work/life balance is the top primary career goal for Gen Zs, cited by 20% and millennials, cited by 27% in Ireland. Achieving financial independence is a close second, cited by 18% and 24% respectively.

Large proportions of these groups report to have work colleagues they consider personal friends, 64% of Gen Zs and 60% of millennials.

Work priorities 

As part of Deloitte's research, surveys were conducted on 22,595 Gen Z and millennials worldwide with 403 located in Ireland. Fieldwork was completed between November 24, last year and January 15 this year.

Deloitte said that the results of the survey shows these “generations are seeking progress on their own terms, prioritizing stability, skills, and well-being over fast-paced growth”.

“In the face of economic pressure, rising costs of living, housing constraints, geopolitical instability, and rapid technological change, many Gen Zs and millennials are choosing to sequence ambition—investing first in skills, stability, and well-being before committing to roles or paths that feel unsustainable,” the company said.

“Despite external pressures, many Gen Zs and millennials are maintaining a positive outlook. Both generations are more optimistic about their personal financial futures than about the broader economy.