'I think the recession has already begun': Ireland's Gen Zs and millennials consider emigration

The cost-of-living crisis adds fresh woes to young workers already facing a bleak outlook when it comes to owning a home

Young people entering the Irish labour market in 2021 were earning less than those who entered the market in the 1990s and 2000s. Picture: iStock

The rising cost of living has affected everyone’s pockets, with prices in Ireland estimated to have risen by 9.6% since this time last year and inflation across the eurozone reaching a record 9.2% in August.

Many Irish households are struggling. While most in the millennial and Gen Z age group don’t need to worry about mortgages or dependents, the cost-of-living crisis has created a huge strain on those in their 20s. The war in Ukraine has sent energy bills into a spiral, with gas and electric utilities hiking prices by more than 30%.