Progress on Their Own Terms A Letter from Elizabeth Faber When Deloitte started this research 15years ago as “The Voice of Millennials”,millennials were entering the workforcein large numbers and challenging long-standing assumptions about work and theemployer-employee relationship. As GenZs began to enter the workforce five yearslater, we expanded our scope to include The data points to a need to redefineleadership. Interest in management andsenior roles is high among Gen Zs andmillennials, but it’s not the priority for most,as leadership continues to be associatedwith burnout, unsustainable workloads, andinsufficient support. Rather than rejectingleadership outright, Gen Zs and millennials instability, and rapid technological change,many Gen Zs and millennials are choosingto sequence ambition—investing firstin skills, stability, and well-being before work will and should continue to evolve.Meeting that reality requires dynamic It is my hope that organizations will usethese important insights to help createworkplaces that can keep up with thepace of evolving needs, priorities, and These generations came of age during aperiod marked by repeated disruption.Those conditions did more than shapeattitudes; they altered timelines. Traditionalmilestones—buying a house, starting a These generations want to build durablefoundations before making life-definingmoves. They are seeking stability beforecommitting to major decisions. And theirambition is tempered by a demand for This year, the report reflects the views ofmore than 22,500 Gen Zs (born between1995 and 2007) and millennials (bornbetween 1983 and 1994) across 44countries. It also includes insights from Despite external pressures, many Gen Zsand millennials are maintaining a positiveoutlook. Both generations are moreoptimistic about their personal financialfutures than about the broader economy.They are actively reshaping their careersthrough continuous learning and skilldevelopment. They largely see theproliferation of AI as an accelerant, not athreat, expecting it to free up more time, Over the past 15 years, these generationshave changed work in tangible ways: Drivingan evolution in leadership and workplaceculture; normalizing flexible and hybrid This 15th anniversary report tells a comingof age story not of delay, but of discernment.Gen Zs and millennials are adapting toa world that has demanded resilienceearly and often. They are moving forwardthoughtfully, selectively, and on their ownterms. How they navigate uncertainty—how they define success, weigh tradeoffs, Elizabeth FaberDeloitte GlobalChief People But while expectations have shifted andnorms have evolved, some structuralrealities have been slower to follow. In the Executive Summary Financial pressure is shaping both Leadership ambitions are conditionalas many consider the tradeoffs have the power to drive change withintheir organization, suggesting that evenwhen individuals postpone leadership For the fifth consecutive year, cost of living isthe top concern for Gen Zs and millennials,far surpassing other societal and workplaceconcerns. Financial strain has become adefining feature of how these generationswork, live, and plan for the future. Nearlyhalf of respondents report living paycheckto paycheck. A majority (69% of Gen Zs and Consistent with last year’s findings, only 6%of Gen Zs and millennials say achieving aleadership position is their primary careergoal. Among those who are not prioritizingleadership roles, the most cited barriersare perceptions of stress and burnout,excessive responsibility, and concernsabout work/life balance. When asked about Adaptability is now a core career While uncertainty has slowed some majordecisions, it has accelerated how GenZs and millennials invest in their ownemployability. They are responding torapid workplace change by prioritizing More than half of Gen Zs (55%) andmillennials (52%) say they are delayingmajor life decisions, such as marriage,starting a family or business, or furtheringeducation, due to their financial situation.Despite these pressures, optimism persists, This reflects caution about the tradeoffsleadership may present, not a lack ofambition. Over the course of their careers,76% of Gen Zs and 67% of millennials saythey are interested in pursuing senior orexecutive leadership roles. Beyond highercompensation, the conditions that wouldmake leadership more appealing include Executive Summary Mental health is improving, but stressremains embedded in everyday work AI adoption is accelerating faster thanorganizational readiness Overall mental health is trending upward.Sixty-three percent of Gen Zs and 66% ofmillennials now rate their mental health asgood or extremely good, up from 52% and58%, respectively, in 2025. Stress, however,remains a baseline experience. Roughlyone-third report feeling anxious or stressedmost or all of the time, driven by financialpressures and workplace factors such aslong working hours. The pro