Deloitte Study Reveals Financial Worries for Irish Gen Zs and Millennials
A new survey by Deloitte highlights the cost of living as the primary concern for Ireland’s young adults. The study, which involved nearly 23,000 participants aged 18 to 41 across 44 countries, found that most Irish millennials (65%) and a significant portion of Gen Zs (43%) are worried about rising expenses.
The survey shows that 18 to 41 year olds in Ireland are notably less optimistic about their financial future compared to their global peers. Only 16% of Irish millennials believe their financial situation will improve in the next year, starkly lower than the 40% global average. Similarly, 39% of Irish Gen Zs are optimistic about their finances, compared to 48% globally.
Stress and mental health issues are also prevalent, with 46% of Gen Zs and 40% of millennials in Ireland feeling anxious or stressed most of the time. This is higher than the global figures of 40% for Gen Zs and 35% for millennials. However, these numbers have slightly improved from last year.
Gary Notley of Deloitte Ireland notes that financial uncertainty, the impact of technology, and the return to the workplace are major stressors for young adults. About half of Gen Zs and 44% of millennials in Ireland cite concerns about their long-term financial future as a key factor in their anxiety.
Overall, the research underscores significant financial and mental health challenges for young adults in Ireland amid ongoing economic uncertainty.