Financial stability | Gen Z putting their 'dream jobs' on hold due to cost-of-living crisis

Gen Z workers are putting their “dream jobs” on hold, as two-thirds of young people say they have lowered their expectations for the future due to rising cost of living.

New research released today reveals that the younger generation do not feel able to chase their dream jobs, citing a lack of opportunity (36 per cent) as the number one obstacle. Other factors that are holding young people from having a dream job are money (35 per cent), lack of self-confidence (32 per cent), lack of experience (33 per cent) and the increased cost-of-living (30 per cent).

The top three characteristics Gen Z look for in a “dream job” are doing something that makes them happy (64 per cent), something they enjoy (60 percent) and feeling financially secure (49 per cent). Working part time (10 percent), running their own business (20 per cent) and working remotely (24 per cent) were the lowest priorities when thinking about a “dream job”. Despite this, only 7 per cent of respondents say they have and are currently in their dream job.

Overall, the younger generation is only planning for the short term, against the backdrop of economic uncertainty. 60 per cent of young people say they need to prioritise any job over their dream job at the moment, and 40 per cent have changed their career plans in the past year. More than half (57 per cent) say they have lowered their long-term aspirations over the past two years, suggesting young people are having to become more pragmatic in what they prioritise when it comes to their working lives.