Over half of gen Z and millennial workers live paycheck to paycheck, survey finds

More than 23,000 young workers across 44 countries took part in the survey including 415 from Ireland

The survey was conducted by Deloitte. It is estimated that these two generations will account for nearly three-quarters of all employees by 2030. Picture: Sam Boal/Rolling news 

Just over half of millennial and gen Z workers are living paycheck to paycheck, with many expressing concern that they will not be able to retire with a degree of financial comfort, a new survey has found.

The latest edition of the Deloitte 'Gen Z and Millennial Global Survey' comes as gen Z and millennials continue to become an ever more important part of the global workforce. It is estimated that these two generations will account for nearly three-quarters of all employees by 2030.

The survey found that 56% of gen Z workers and 53% of millennial workers in Ireland live paycheck to paycheck — similar to levels seen in other countries — while 43% of gen Z and millennial workers say they struggle to pay all their living expenses each month.

It found that 47% of Millennials fear that they will not be able to retire with financial comfort. This concern drops to 38% among gen Z.

Deloitte’s HR strategy and technology director Vipin Tanwar said: “Gen Z and Millennials want meaningful, flexible forward-focused work environments,” citing the survey which showed 87% of gen Zs and 91% of Mmllennials say purpose is key to job satisfaction.

“They are ambitious but aren’t just working for a salary. This represents a big generational shift where purpose and personal-development aren’t just ‘nice-to-haves’ anymore, they are valid expectations,” he said.

The survey also found that 66% of gen Zs and 39% of millennials are upskilling weekly, with 48% already using GenAI at work.

It also shows a gap in workplace support, with most respondents reporting that managers fall short in providing guidance or addressing mental health needs.

According to Deloitte, over 23,000 young workers across 44 countries took part in the survey including 415 from Ireland. This number comprises 309 Gen Z individuals and 106 millennials.