8 in 10 Gen Z and millennials have two jobs to make ends meet, Goldman Sachs finds, as the affordability crisis ‘crowds out’ any retirement hopes

According to a recent study from Goldman Sachs, an overwhelming majority of Gen Z and millennials in the workforce are juggling two jobs to make ends meet due to the affordability crisis. The financial strain has led many young people to postpone major life milestones such as buying a home or saving for retirement. However, there is a silver lining: 44% of respondents had already retired earlier than expected, with 45% stopping between one to three years early, 26% between four to five years early, and 14% between six to ten years early.

The economic landscape has become increasingly challenging for consumers, with mortgage rates remaining high, house prices unaffordable for many, and inflation at 3.4%. Furthermore, concerns over job security due to AI have added to the stress. Goldman Sachs highlights that housing costs now "crowd out" retirement savings priorities, with savings momentum stalling among younger generations.

Despite the financial pressure, 61% of employees are engaging in additional work outside their primary roles, with Gen Z and millennials particularly affected, with 80% and 77% respectively. The added income is primarily a necessity rather than a desire, as 76% of Gen Z and 73% of millennials cannot make ends meet without it. This financial stress is impacting their daily lives, with 69% of Gen Z and 67% of millennials finding it difficult to focus at work due to worries about debt or household costs.