Financial pressures hitting NZ GenZs and Millennials harder

Kiwis under 45 are significantly more likely than their global peers to delay major life decisions because of their financial situation.

That's according to the Deloitte Global 2026 Gen Z and Millennial Survey, which surveyed more than 22,500 respondents in 44 countries, including 501 in New Zealand.

Now in its 15th year, the survey found around 65 percent of people born in NZ from 1981 to 2012 have been affected in that way, compared to around 50 percent globally.

Deloitte NZ human capital partner Lauren Foster told Nine to Noon it's a trend that's been evident in the past three annual surveys.

"About three years ago we saw this really significant uptick around particularly the Millennials and Gen Z in New Zealand," she said.

"When we got that sort of uptick in inflation as well, we started to see really a lot of a lot of strain going on, delaying major life decisions.

"If you're looking to buy a house or maybe start a family that's something that's really hard to do if you're struggling financially, if you're living pay cheque to pay cheque, or if you've got a whole bunch of roommates, for example."

The report found the top concern for both groups the cost of living, affecting 56 percent of Gen Z and 46 percent of Millennials.

Foster said the top end of Gen Z is now around 31 years old and struggling to put money aside to save.

"New Zealand has been an economy that is very much in love with housing for many years and so they're sort of looking at that and wondering if that's something that's achievable for them".

The survey found housing affordability had impacted the career decisions of 72 percent of Gen Z and 70 percent of Millennials - compared to the UK's 59 and 55 percent, respectively.

"That's things like maybe, 'I'm gonna look for a job in the regions,' or maybe 'I'm gonna stay at home a few more years and try and save up'."

Foster said one of the other standout findings related to artificial intelligence, with Gen Z here seemingly behind what's happening in Australia and the UK.

She said New Zealand businesses tend to lag a little bit with frontier technologies.

"That can be a positive thing for New Zealand business because you can look overseas and see what hasn't worked and avoid those mistakes here.

"But what it means for the Gen Zs and Millennials is they have less opportunity in the workforce to do it."

Foster said what wasn't part of the latest survey but may come through in future data is some "push back" against AI, particularly in the Gen Z demographic.

"I think some of it is - particularly what I'm hearing from students who are in university - is they're keen to learn how to do the work for real… They want the AI to tell them the answer, they want to actually learn how to do the work and do it.

"The other thing is our young people, particularly Gen Z, are really aware of the societal and sustainability impacts of AI when it comes to water usage and the impact on the community, and I think New Zealand's always had a really high result in the survey for our young people's care about sustainability and the environment".