Financial constraints are significantly impacting the decisions of Gen Z and Millennial Kiwis, with a staggering 65% of those born between 1981 and 2012 in New Zealand delaying major life choices due to financial pressures. This trend, as revealed by the Deloitte Global 2026 Gen Z and Millennial Survey, is a pressing concern for the younger generation, contrasting with the global average of 50%.
The survey, now in its 15th year, highlights the strain of rising inflation and the cost of living, which are the top concerns for both Gen Z and Millennials. Deloitte NZ human capital partner, Lauren Foster, notes that this trend has been consistent over the past three years, indicating a growing challenge for young New Zealanders. The survey's findings underscore the difficulty of achieving financial stability and making significant life decisions, such as buying a house or starting a family, when living paycheck to paycheck or sharing accommodations.
Housing affordability is a critical issue, with 72% of Gen Z and 70% of Millennials in New Zealand citing it as a career decision factor, compared to 59% and 55% in the UK, respectively. This has led to a shift in career choices, with some individuals opting to seek employment in regional areas or delay independence to save for a home.
The survey also reveals a disparity in the adoption of artificial intelligence (AI) between New Zealand and its global counterparts. While New Zealand businesses tend to lag in embracing frontier technologies, this presents an opportunity to learn from overseas mistakes. However, for Gen Z and Millennials, this means fewer opportunities to work with cutting-edge AI technologies, potentially limiting their career prospects.
Interestingly, the survey indicates a growing awareness among young New Zealanders about the societal and sustainability impacts of AI, with a particular focus on water usage and community impact. This aligns with New Zealand's high survey results for young people's environmental consciousness. However, there is also a pushback against AI, with students expressing a desire to learn practical skills rather than relying solely on AI for answers. This highlights a complex relationship between technology, education, and environmental awareness among the younger generation.
In conclusion, the financial challenges faced by Gen Z and Millennials in New Zealand are profound and multifaceted. The survey's findings emphasize the need for supportive policies and initiatives to address housing affordability, career opportunities, and the responsible development and implementation of AI technologies. As the younger generation navigates these complex issues, their decisions will shape the future of New Zealand's economy and society.
