Deloitte Global 2023 Gen Z and Millennial Survey

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Financial concerns

Side jobs are on the rise as over half live

paycheck to paycheck
While Gen Zs are more likely than millennials to believe their personal finances will improve in the next year (44% versus 35%), over half of Gen Zs (51%) and millennials (52%)
say they live paycheck to paycheck (up five percentage points among both generations since 2022). Dissatisfaction with pay continues to drive employees to look for other jobs.
Among those who left their jobs within the past two years, pay is the top reason cited, consistent with last year’s survey findings.

Those who have been in their jobs for less than two years are about Many of these side jobs leverage technology and social media platforms. Top
10% more likely to live paycheck to paycheck compared to those with side jobs include selling products or services online (21% of Gen Zs/25% of
their employers for more than five years. millennials), engaging in gig work like food delivery or ride-sharing apps
(20% of Gen Zs/19% of millennials), pursuing artistic ambitions (18% of Gen
Gen Zs Millennials Zs/15% of millennials), and social media influencing (16% of Gen Zs/15% of
millennials).
In their role for In their role In their role for In their role
under 2 years for 5+ years under 2 years for 5+ years
Money is the top driver for taking on a side job. But, for some, they are also a way
55% 46% 57% 47% to monetize their hobbies, shift focus, and expand their networks.

Top drivers for taking on a side job:

Respondents with caregiving responsibilities for children, parents,

I needed a secondary 38%
and/or elderly relatives are also feeling the strain, with four in 10 Gen
source of income 46%
Z and millennial caregivers (40% of Gen Zs/43% of millennials) saying
their care duties have a significant impact on their finances.
It helps me develop important 25%
skills and relationships 28%
Gen Zs and millennials are increasingly turning to side jobs to relieve financial
24%
pressures: It is a hobby of mine
23%

It helps me to turn off / focus on 23%

something other than my main job 24%
46% of Gen Zs and 37% of millennials have
taken on either a part- or full-time paying job in
Gen Zs Millennials
addition to their primary job. (+3% versus last
year for Gen Zs and +4% for millennials) While social media is leveraged as a source of income for some, it also exacerbates
financial anxiety for Gen Zs and millennials: 51% of Gen Zs and 43% of millennials
say social media makes them want to buy things they can’t afford.

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Deloitte Global 2023 Gen Z and Millennial Survey

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Financial concerns

Economic concerns hamper Gen Zs’ and

millennials’ ability to plan for the future
In addition to taking on side jobs, Gen Zs and millennials are also adopting simple, everyday behaviors that save money and support
the environment. These range from buying second-hand clothes and avoiding fast fashion, to choosing not to drive a car and eating a vegetarian
or vegan diet.

While Gen Zs and millennials are adapting to their uncertain environment, financial precarity makes it harder to plan ahead and invest in their futures.
Among those who think the economic situation will remain the same or get worse:

56% of Gen Zs and 55% of millennials think it will become harder or impossible to ask for a raise
This is especially the case for women (59% versus 52% for men across both generations)

52% of Gen Zs and 51% of millennials think it will become harder or impossible to get a new job

50% of Gen Zs and 49% of millennials think it will become harder or impossible to get a promotion

50% of Gen Zs and 47% of millennials expect starting a family to become harder or impossible

61% of Gen Zs and 62% of millennials think buying a house will become harder or impossible

Despite deep financial concerns, the majority are hesitant to speak with their employers about raises or
promotions. With about a quarter of Gen Zs (23%) and 13% of millennials planning to leave their employers
in the next year, and pay being the top reason they leave, employers risk losing talent if their employees
don’t feel comfortable coming to them first to discuss financial concerns, raises, or promotions.

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Deloitte Global 2023 Gen Z and Millennial Survey

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Work/life balance

Work is central to Gen Zs and millennials’ identity,

but achieving balance is paramount
While much has been written about quiet quitting, nearly half of Gen Zs, and the However, there is a strong desire among these generations to achieve better work/
majority of millennials, say their job is still central to their sense of identity, second only to life balance. In fact, more than any other trait among their peers, Gen Zs and
their family and friends. millennials admire the ability to balance work and life priorities (26% for Gen Zs
and 28% for millennials). What’s at the bottom of the list of admirable traits? More
traditional social status symbols like a person’s job, level of seniority at work, and
Percentage who say the following are most material possessions such as their house or car.
important to their sense of identity:

When thinking about their peers who they most admire,

these are the top five things that impress them most:
64%
Friends and family
70%
Ability to maintain a positive work/life balance
49%
Work
62%

Ability to live their life on their own terms, and not necessarily
Hobbies (other types 30%
not listed here) 30% to live up to societal expectations

24%
Playing or listening to music Ambition to continue learning new skills
15%

23%
Exercise
25% Willingness to continuously reinvent themselves/make big
changes in their lives (e.g., change jobs, go back to school, etc.)
Gen Zs Millennials

Passion for their work

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Deloitte Global 2023 Gen Z and Millennial Survey

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Work/life balance

Gen Zs and millennials discuss the role of work in their lives…

Although it takes up a large amount of our time, I always used to think, work is just work, and it My work defines me as I’m the face of my
life doesn’t necessarily have to be all about isn’t really so important. It was more important company. My grandparents invented this
work. It’s because I have a job that I’m able to to me to accomplish my personal goals. Work company and I’m very proud of it.
enjoy my personal life. And it’s because I enjoy was a means to an end. In any case, the more I - Millennial, Male, India
my personal life that I’m able to work hard at work, the more I notice that my self-confidence
my job. I reckon it’s precisely because I have is extremely defined by it.
fulfilment in both of these areas that I’m able to - Millennial, Female, Germany
be my true self.
- Millennial, Female, Japan

I’m going to be really honest, when I was When I’m not working, I’m thinking much more I think the issue with a lot of people is they feel
younger, work and career massively defined about work than about a hobby or something like their purpose is to work. I don’t think the
me as a human being. I felt it was what made else. And it worries me a lot, this is something purpose of life is to work and work and work.
me, it’s what I told people about who I was as a I’ve been trying to change for a while now. I don’t agree with that at all. I don’t think my
person. However, in the last few years, I’ve really - Gen Z, Female, Brazil career defines me at all it’s just something I have
realized that work does not define who I am. I to do.
don’t live to work, I work to live. I’m not my job, - Gen Z, Male, US
I’m not my role. As far as I’m concerned, work is
a 9-5 and an extension of my personal life rather
than the other way round.

- Millennial, Male, UK

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Deloitte Global 2023 Gen Z and Millennial Survey

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Work/life balance

Gen Zs and millennials worry that worsening economic

conditions may present a setback for work/life balance
Consistent with last year’s findings, work/life balance is Gen Zs and millennials’ top consideration when choosing
an employer, followed by learning and development opportunities and pay.

Respondents believe employers have made progress enabling better work/life balance and flexibility since 2019—a trend likely
driven, at least in part, by a tight labor market which temporarily gave employees increased leverage, and the acceleration of
remote and hybrid work during the pandemic.

Those with hybrid/remote work patterns:

Gen Zs Millennials Gen Zs Millennials

Hybrid/remote work
77% 75%
patterns prior to 36% 32% Hybrid/remote work
61% 55% of Gen Zs of Millennials
COVID-19 patterns in 2023

who are currently in remote or hybrid roles would

consider looking for a new job if their employer
asked them to work on site full-time. About one in
Note: Pre-pandemic data is based on 2020 Gen Z and Millennial Survey which
asked respondents to say how often they worked remotely before the pandemic. six (16% of Gen Zs and 15% of millennials) would
immediately start looking for a new role.

While remote and hybrid work is much more common today than it was a few years ago, there is still a gap between
those who want to engage in hybrid or remote working and those that actually are able to, particularly among
millennials. Roughly six in 10 Gen Zs (61%) and millennials (55%) have a hybrid or remote work pattern versus 65% of Gen Zs Ethnic minorities, LGBT+
and 64% of millennials who want one. respondents, and those with
disabilities are even more likely
However, some organizations are starting to call people back to the office, arguing that it will improve productivity and
collaboration, as well as ease learning and development challenges. Doing so presents a clear risk for talent retention, as to say they’d immediately start
Gen Zs and millennials greatly value flexibility in where they work. looking for a new role.

Some survey respondents are concerned that it will become harder or impossible to ask for more flexibility at work and to
improve their work/life balance if the economy doesn’t improve—about a third say it will become harder and roughly 15% say it
will become impossible. But the majority (72% of Gen Zs and 68% of millennials) think it will still be possible, even if they think that
things like asking for a raise or promotion won’t be.

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