Deloitte: UK Gen Z and Millennials delaying milestones and living ‘payslip to payslip’
British Gen Z and Millennials are delaying major life decisions as they live “payslip to payslip”, according to data shared exclusively with CityAM from Big Four giant Deloitte.
The data, based on findings from 806 respondents as part of the firm’s annual Gen Z and Millennial Survey, revealed that around 40 per cent of both groups are putting off milestones such as getting married, having children, or progressing their careers because of “widespread” financial strain.
“For the fifth year running, the cost of living is casting a shadow over Gen Z and Millennials in the UK, forcing a ‘maybe later’ mentality on major life and career milestones, such as getting married or taking on a leadership role,” Kate Sweeney, partner and human capital lead at Deloitte UK, told CityAM.
Over half of Millennials also see the cost of living as a “top concern” affecting their work and personal decisions, alongside 44 per cent of Gen Z.
However, the Big Four firm said both cohorts of Brits see achieving a work-life balance as their number one career goal regardless of financial woes.
“Despite financial pressures, their pursuit of good work-life balance remains paramount. This isn’t just a preference; it’s non-negotiable, reflecting a profound shift in workplace values and a conscious prioritisation of wellbeing,” Sweeney said.
The switch in attitude is leading to lower interest from Gen Z and Millennials in pursuing leadership roles, with only 5 per cent reporting leadership to be their primary career goal because of worries about burn-out and long working hours.
Both generations ‘relatively optimistic’ about AI use
Gen Z in particular is increasingly turning to AI to complete every day tasks at work amid heightened pressure to appear more qualified than they actually are, despite fear that the technology could eradicate or reshape their roles.
Both generations are also continually relying on AI tools for financial advice.
This comes amid concern from UK employers that AI-powered job applications misrepresent the abilities of younger recruits alongside the technology making it harder to judge candidates fairly at the recruitment stage.
The Big Four firm said that according to its findings, nearly 90 per cent of both generations see AI as “positively impacting” both their personal and work lives, whilst over 80 per cent admitted to using the technology in their day-to-day work.
Sweeney said this shows that both generations are “relatively optimistic” about “AI’s potential to enhance productivity, free up time, and create opportunities”.
“Crucially, we are beginning to see these generations proactively leveraging the technology to reshape their career trajectories through learning and skill development, demonstrating a forward-thinking approach to their professional futures,” Sweeney said.