According to a Deloitte global survey, nearly half of Gen Z and millennials live paycheque to paycheque and worry they won’t be able to pay their bills and expenses.
Additionally, the survey found that:
💸 One third of gen Zs and millennials are worried about the cost of living.
💻 43% of gen Z and 33% of millennials say they have a second job. Top side hustles include selling products or services online, consulting, running their own business and social media influencing.
🏡 A smaller number of gen Zs (15%) and millennials (13%) have relocated to less expensive cities in order to save money.
One 21-year-old Australian student who participated in the survey said:
“I do think our generation struggles with high cost of living and financial concerns. I think the housing market at the moment is just crazy and is nothing like what our parents’ generations faced … I currently have three jobs. I have to do this in order to make enough money to live my life as a full-time student.”
And life is only about to get more expensive. Inflation and interest rates are at an all-time high.