More Than Half of Gen Z and Millennials Say They Live Paycheck to Paycheck

Over half of Gen Z and millennial respondents surveyed by Deloitte say they live paycheck to paycheck, and expect that the economy will stay the same or worsen over the next year. 

They added that they fear a potential economic recession will hamper their ability to ask for pay increases and flexibility, or find another job. Half of Gen Z respondents at 50% and close to half of millennials at 47% suggested this would make starting a family more difficult.

As rising borrowing costs make housing less affordable, more than half at 61% of Gen Z and 62% of millennial respondents said they expect buying a house will become harder to impossible.

Those surveyed indicated the cost of living was their top social concern, followed by unemployment and climate change.

Deloitte’s Michele Parmelee said that Gen Zs and millennials are "facing a unique combination of challenges during a pivotal point in their lives as they progress in their careers, grow their families, and care for loved ones."

The report noted that despite voicing desires for better work/life balance and the ability to reduce working hours, over one-third of millennials at 37% and close to half of Gen Z respondents at 46% have taken on a part-time or full-time job in addition to their primary job to pay their bills.