Highlights

  • Almost half of Gen Zs and millennials live paycheck to paycheck
  • 43% of Gen Zs and 33% of millennials have a second part or full-time paying job

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Deloitte’s Gen Z and Millennial Survey: Check out their top concern

The cost of living remains the top concern among both Gen Zs and millennials.

Deloitte’s Gen Z and Millennial Survey connected with 14,808 Gen Zs and 8,412 millennials across 46 countries. Their responses present a picture of vivid contrasts, as these generations strive to balance their desire with the challenges of their everyday lives.

As per the survey, the cost of living remains the top concern among both Gen Zs and millennials. Gen Zs (29%) and millennials (36%) selected the cost of living (e.g., housing, transport, bills, etc.) as their greatest concern.

They don’t feel financially secure personally, and at a broader societal level, they are deeply concerned about wealth inequality, the report said.

Almost half of Gen Zs (46%) and millennials (47%) live paycheck to paycheck and worry they won’t be able to cover their expenses. More than a quarter of Gen Zs (26%) and millennials (31%) are not confident they will be able to retire comfortably. Around three-quarters of Gen Zs (72%) and millennials (77%) agree that the gap between the richest and poorest people in their country is widening.

Amid this financial unease, many Gen Zs and millennials are redefining their working patterns. As many as 43% of Gen Zs and 33% of millennials have a second part- or full-time paying job in addition to their primary job. A small, but growing, percentage are also moving to less expensive cities with remote jobs.

To address financial concerns, Gen Zs and millennials are actively exploring new working models to widen their income. Pay is the No. 1 reason why Gen Zs and millennials left a role in the last two years. However, good work/life balance and learning/development opportunities were the top priorities when choosing an employer.

There is also a clear demand for more flexible working. Currently, 49% of Gen Zs and 45% of millennials work remotely. Saving money on expenses like commuting, clothes, dry cleaning, and more is one of the top reasons that many Gen Zs and millennials prefer hybrid or remote work. A smaller percentage are taking advantage of remote work to relocate to less expensive cities. This appears to be a growing trend, roughly 15% of Gen Zs and millennials say they've done so this year, up from the 9% of respondents in last year's survey who said they'd temporarily or permanently moved out of a major city.

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