The cost of living is the top concern for Ireland’s Gen Zs and millennials.
Research from Deloitte shows the majority of 18 to 41 year olds don't expect their personal finances to improve in the next 12 months.
More than two-thirds of Ireland’s millennials (65%), and more than one in four of Ireland’s Gen Zs (43%), say the cost of living among their main worries.
The survey defines millennials, as those born between 1983 and 1994, and Gen Zs, as those born between 1995 and 2005.
Deloitte’s 2024 Gen Z and Millennial global survey, involved nearly 23,000 18 to 41 year olds across 44 countries.
Overall, Gen Zs and millennials in Ireland are less optimistic than those in other counties when it comes to their financial future.
There's a big gap in the attitudes in Ireland compared to the global average, as 16% of millennials in Ireland expect their to be better off in the coming year, compared to a 40% average across 44 counties.
There's a smaller gap for Gen Zs, with 39% feeling optimistic compared to 48% of 18 to 29 year olds globally.
Stress levels and mental health continue to be a concern amongst Gen Z and millennials.
A total of 46% Gen Zs, and 40% of millennials in Ireland, said they feel anxious or stressed all or most the time. That compares to 40% of Gen Zs and 35% of millennials globally.
Ireland’s figures are down on last year when the levels were 52% and 43% respectively.
Gary Notley, partner with Human Capital Consulting, Deloitte Ireland, says the research found money worries are having an impact on under-30s.
"There's really uncertainty amongst the Gen Z cohort, so it's uncertainty around the cost of living, their personal financial situation, the impact of technology such as Gen AI, things like the continued return to the workplace".
Among these cohorts, a significant number (50% for Gen Zs and 44% for millennials in Ireland) said their longer-term financial future was a significant factor in their feelings of anxiety and stress.
