Over half of gen Z and millennial workers live paycheck to paycheck, survey finds

Just over half of millennial and gen Z workers are living paycheck to paycheck, with many expressing concern that they will not be able to retire with a degree of financial comfort, a new survey has found.
The latest edition of the Deloitte 'Gen Z and Millennial Global Survey' comes as gen Z and millennials continue to become an ever more important part of the global workforce. It is estimated that these two generations will account for nearly three-quarters of all employees by 2030.
The survey found that 56% of gen Z workers and 53% of millennial workers in Ireland live paycheck to paycheck — similar to levels seen in other countries — while 43% of gen Z and millennial workers say they struggle to pay all their living expenses each month.
It found that 47% of Millennials fear that they will not be able to retire with financial comfort. This concern drops to 38% among gen Z.
Deloitte's HR strategy and technology director Vipin Tanwar said: 'Gen Z and Millennials want meaningful, flexible forward-focused work environments,' citing the survey which showed 87% of gen Zs and 91% of Mmllennials say purpose is key to job satisfaction.
'They are ambitious but aren't just working for a salary. This represents a big generational shift where purpose and personal-development aren't just 'nice-to-haves' anymore, they are valid expectations,' he said.
The survey also found that 66% of gen Zs and 39% of millennials are upskilling weekly, with 48% already using GenAI at work.
It also shows a gap in workplace support, with most respondents reporting that managers fall short in providing guidance or addressing mental health needs.
According to Deloitte, over 23,000 young workers across 44 countries took part in the survey including 415 from Ireland. This number comprises 309 Gen Z individuals and 106 millennials.
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RTÉ News​

2 hours ago

• RTÉ News​

€122 billion investment needed by 2030 to meet housing targets

A new survey reveals that a total investment of €121.6 billion is needed between now and 2030 if Ireland is to meet its housing targets. Deloitte's new Crane Survey Report found that an investment of €16.4 billion is required this year, rising to €17.2 bilion in 2026, €19.3 billion in 2027, €21.3 billion in 2028, €23.3 billion in 2029 and €24.1 billion by 2030 to achieve the Government's target of 60,000 homes a year. Deloitte said that given the scale of the challenge, Ireland is unlikely to reach or maintain the annual output of 60,000 homes. The Deloitte Crane Survey Report is a comprehensive analysis of construction activity across Irish cities, tracking what is being built and where and what this means for the country's economic and social priorities. The latest Crane Survey report estimates a total housing output of 33,000 this year, below the Government's target of 41,000. Risks to delivery in 2025 are "tilted to the downside", according to the report, which adds that in the absence of a "healthy planning pipeline" it is very difficult to see the required level of 60,000 homes a year being achieved in the first instance or maintained. A total of just over 30,230 new homes were delivered in 2024, a drop of 7% on 2023. Meanwhile, just 32,400 homes were granted planning permission last year, down 3%. Deloitte said this figure is "particularly stark" as it represents just two-thirds of what is needed each year if Ireland is to deliver the 60,000 homes a year required to meet current housing need and future population growth. Its analysis shows the drop in granted planning permissions was driven by a substantial reduction in the number of apartments which received planning, down 39% year on year. It noted that commencements soared to 69,060 units in 2024, up 121% year on year, but this was linked to expiring incentives, which were ultimately extended. Commencements have been subdued in the opening months of this year, it added. Deloitte said the Government's decision last month to extend planning permissions for schemes due to expire shortly is welcomed. It also said the recently announced reforms to the current Rent Pressure Zone (RPZ) model are a welcome step in the right direction, but, on their own, are unlikely to yield a significant activation in commencements. Today's survey notes that just 895 purpose-built student accommodation bedspaces (PBSA) completed construction last year. This was down from 1,630 bedspaces in 2023 and represents the lowest level since Deloitte's records began in 2016. The delivery of PBSA bedspaces was confined to Cork and Dublin - with 620 at NovelBottle Works at the former Coca-Cola bottle factory on the Carrigrohane Road in Cork and 190 bedspaces at The Residence on Prussia Street in Dublin. The remaining bedspaces were delivered at Blackhall Place in Stoneybatter in Dublin where a refurbishment added an additional 80 beds. The report noted that by the end of the first quarter, 1,400 PBSA bedspaces were under construction across six schemes, compared to 1,160 bedspaces at the same time last year. Construction is spread across Galway, Dublin, Limerick and Kildare. Today's report also shows that completions in the Dublin office market rose last year to 169,500 square metres, a substantial increase on 2023 volumes of 95,400 square metres. But Deloitte said this rise was expected and should not be regarded as an indication of increased construction activity within the sector and reflects the completion of an overhang of stock. The report says that the only delivery expected in 2027 based on current construction statistics is 1 Adelaide Road, which is already pre-let in full. This means 2027 may be the first year since 2015 that no new office space will be delivered in the city, it added. Meanwhie, the volume of new rooms added to the hospitality market declined by 17% last year with just 1,358 new rooms. Some 4,060 rooms were under construction in the first quarter of this year, however, with Dublin absorbing the lion's share. This represents a significant rise on last year's Crane Survey (2,850 rooms) as several large hotels commenced construction, including at Dublin Airport, where 412 rooms are set to be delivered. In total, 1,410 new rooms are due to be added in 2025. A further 2,510 beds are due to be delivered in 2026, with the remaining beds under construction due to be delivered in 2027. Kate English, Chief Economist at Deloitte Ireland, said we are seeing cranes across the skyline, but not enough where they are needed most. "What this research reinforces is that the biggest issue facing Ireland right now isn't demand, it's supply. Whether it's homes, student beds, or affordable units, we're simply not building enough to meet the needs of a growing population and a resilient economy," Ms English said. "A stable policy environment is crucial in Ireland, as inconsistency in housing policy will deter and dampen investor confidence in Ireland. Without stability, capital will be redirected to jurisdictions offering more predictable and investor-friendly environments. This is not a hypothetical risk, it is a market reality," she cautioned.

Irish Independent

a day ago

• Irish Independent

Survey records fall in hotel rooms and student places built last year

An analysis of the development landscape in Ireland, it found just 895 purpose-built student bedspaces were built, down from 1,630 the previous year, and the lowest level since Deloitte started the data series in 2016. In the hotels sector, 1,360 new rooms were added, a decrease of 17pc annually. Among the arrivals were the Ruby Molly, Leinster Hotel and NYX Hotel in Dublin, plus The Moxy and a Premier Inn in Cork, the Radisson Red in ­Galway and Ravenport Resort in Wexford. At the end of the first quarter of this year, 4,060 rooms were under construction, mostly in the capital city. Several large hotel projects commenced construction, including at Dublin Airport, where 410 rooms are being delivered by Accor and The Arora Group. That hotel, which is due to open at the end of next year, will operate as the first Sofitel Hotel in Ireland. Overall, 1,410 new hotel rooms are due to be added this year. These will include the recently reopened Mercantile ­Hotel in Dublin, with 105 rooms, and the CitizenM, St Patrick's Hotel, also in Dublin, with 245. The Point A Hotel in the Liberties will provide 95. A further 2,510 hotel beds are due to be delivered in 2026. In terms of student accommodation, the Crane Survey says all the delivery was in the country's two biggest cities, with 620 at Novel Bottleworks, on the former Coca-Cola bottle factory on the Carrigrohane Road, Cork and 190 at The Residence in Prussia Street, ­Dublin. The remainder were in Blackhall Place, Stoneybatter, where a refurbishment added an ­additional 80 beds. At the end of Q1 this year, there were 1,400 student places under construction across six schemes in Galway, Dublin, Limerick and Kildare. This stems from government funding announced last year, in which €100m was allocated to deliver accommodation at UCD, DCU and Maynooth, where 115 bedspaces are under construction and due to be delivered for the 2025/2026 academic year. Galway should get the largest increase in student accommodation, with construction under way across three schemes totalling 840 spaces. This would give a 16pc boost to the city's stock. The Deloitte survey points out there were 206,365 full-time students enrolled in third-level institutions in Ireland in the last academic year, a growth of 9pc since before the Covid pandemic. While the number of domestic students increased only slightly, the number of international students is up by 33pc during the same period. They account for almost one in five of the student population. 'In the medium term, enrolments in third-level students in Ireland are expected to peak at 240,000 full-time students in 2030, due to factors including domestic demographics and increased international enrolments,' the report says.

Irish Times

3 days ago

• Irish Times

Charity: making plans to support a good cause with a bequest in your will

War, poverty, homelessness, animal cruelty – your social media feed can make it feel like the world is on fire. Donating can help, but it's hard when money is tight. Planning a gift in your will could be a solution. It can feel like a constructive action but it takes the financial pressure off now. Many charities offer a free will-writing service in return for a possible donation – but how does it work, and can I trust that my will will be above board? There's no time like tomorrow when it comes to charitable giving – two in five of us are looking to increase the amount we give in the future, according to Charities Regulator research published this month. And one in four people intend to leave money or property to a charity in their will, according to the research. 'Helping those worse off' and feeling that 'something should be given to worthy causes' are the reasons most cited for giving. READ MORE Being unable to afford a donation and lack of trust are the two top reasons why people do not donate at the moment, according to the research. If you can't afford it now, planning to give in your will is an option. It can appease any guilt in the interim too. And if this seems like an older person thing, think again. Buying a house, having a child and getting married are all important triggers for making a will. For socially minded Gen Xs, Millennials and Gen Zs, a bequest can make sure something goes to a cause you love. More than €79.6 million was left in bequests to charities in 2022, according to the Charities Regulator. But However, more than two-thirds of all charities say they received less than €100,000 in bequests in 2022, with one in four charities reporting less than €5,000. Sixteen charities, or 4 per cent, reported bequest income in excess of €1 million, with two charities reporting more than €5 million. The largest total amount reported by an individual charity was €8,672,000. Free wills Some charities are clear: if you are considering leaving a legacy, talk to your own solicitor. itself a registered charity, is an umbrella group of 90 Irish charities working to make gifts in wills the norm in Ireland. Its website provides solicitors and individuals with useful advice, and even wording, on how to leave a bequest. It directs those wanting to do so to the Law Society of Ireland 's register of solicitors. Other charities will cover the cost for one of their partner solicitors to write or update a simple will for you at no cost. The hope is that by availing of the free will, you will donate. Some charities partner with 'will-writing experts' who will provide those interested in giving with information and templates to draft their own will. These will-writing experts are often clear that the service is only suitable for what they term 'simple' wills, and that they don't offer bespoke advice, including tax advice. If the will-writing expert is not a solicitor, they are not regulated or held to the same professional standards as a registered solicitor. is a private company that works with 18 partner charities and an online will-writing service called which provides templates for individuals to write their own will for free. Those wanting to donate to one of the partner charities are sent a voucher by the charity that enables them to make their free will online. The individual is getting a free online will and the charity is covering the cost of it. To have a solicitor review your draft costs €80, says 'We make it clear that using you are not obliged to include the charity in your will, but the hope is you will,' says Niall O'Sullivan of This voucher system means the charity will know the person has made a will, but only on the person's death will they know if there has been a bequest, says O'Sullivan. 'If there is complexity to your situation, we recommend you go to a solicitor,' says O'Sullivan. 'But for most people, it's pretty straightforward in terms of their assets and the decisions they have to make.' Gifts given in wills tend to be larger, says O'Sullivan. 'When people come to write their wills, they actually realise they have more capacity to give than they might have thought.' The largest gift made to a charity to date using was €100,000, says O'Sullivan. Effective giving Making a will can ensure more of your money goes to the people or causes dear to you. If you die without a will, the Succession Act kicks in. This means if you're married and don't have a will, your spouse gets the whole estate where there are no children. If you have children, your spouse gets two-thirds, with any children sharing the remaining third. The amount of money parents can give their child tax-free, during the parents' lifetime or on death is €400,000. Anything above that is taxed at 33 per cent. So, if you leave €500,000 to your child, your child will receive €466,000 of it and they will have to pay the remaining €33,000 in tax. Leave €100,000 to a registered charity and the charity will get all of it tax-free. [ My husband says it's pointless for him to make a will. Is he right? Opens in new window ] It's different if you are single with no children. Unless you plan ahead, far more of the wealth you accumulated over a lifetime is likely to go back to the State in tax than that of someone with a child. The most a person without a child can leave to someone tax-free is €40,000. The recipient must be in the Group B threshold covering close blood relatives: that means a sibling, a parent, a grandparent, a niece or a nephew. For a friend or cousin, the most they can receive tax-free is just €20,000. A bequest can provide single people with no children more autonomy and choice over what happens to their money. Legacies left to charities are tax-free once the charity is registered, so 100 per cent of any gift you leave will go directly to the charity. A person can either leave a percentage share of their estate, once other duties and expenses are settled, or give a specific sum. Making a will provides a roadmap of what you want to happen to your estate. Without a will, or where the will is unclear, there can be confusion and disputes. Sonya Lanigan at John Lanigan & Nolan Solicitors in Kilkenny urges caution when it comes to using online will services. Family structures can be complex these days. Parents and children who are cohabiting, separated or divorced are now part of the mix of many families, as are stepchildren. Where a family member is informally but not legally separated, they remain legally married. This can leave the door open for claims and grievances down the line. 'I think it's a very dangerous assumption that you will be ticking off and considering all of the provisions of the various acts, like the Succession Act or the Civil Partnership Act, and all the tax advice that goes with getting your will made [with an online will service]. I'd be very nervous about that,' says Lanigan. A solicitor's job is to advise you based on your instructions. There should be no pressure at all to give to charity, says Lanigan. It's good practice when making a will to tell your executors you have appointed them, and where your will is, says Lanigan. You don't have to give them copies. [ Who should I appoint as an executor in my will? Opens in new window ] If you are giving a generous bequest to a charity, one that might raise eyebrows among family, it's best to record your feelings about why you do it in your will. 'It can be helpful to those coming after you to understand why. That can put paid to any action that might be taken,' says Lanigan. Her experience is that people are not giving as much to charity as they used to. The church was once a common beneficiary but this is happening less, she says. 'I would have always observed particularly single people would have considered charities when the bulk of their estate was going to siblings, or nieces and nephews, but I do notice a bit of a decrease in that as well.' Check the register There are plenty of good causes out there, but not all are registered charities. A registered charity must submit an annual report to the Charities Regulator. This shows who the charity has helped over the past year, and how it has raised and spent funds. You can search on the regulator's website to confirm any particular charity is registered and then see their annual reports by clicking on that charity. When leaving a bequest, be sure to use the charity's registered name, charity number and address to avoid confusion, says Lanigan. It's also advisable to state that the gift is exclusively for charitable purposes, says a spokesman for the regulator. Charities sometimes change their name, merge or cease operating. That's why it's important to be clear in your will about the type of charity or charitable purposes you want to help, says the regulator. This will help make identifying an alternative charity easier, they say. A person can seek to ensure their executors have binding instructions to select another registered charity in the event that the original charity no longer exists. If your charity no longer exists, and you don't identify an alternative in your will, the Charities Regulator has statutory power to apply a 'cy-pres doctrine' to bequests. This means your gift will go to a charity as near as possible to your intentions.