These are the differences between Gen Z and millennials, a survey says

Anxiety is rampant among the two younger generations of adults, according to a new survey.

The “2024 Zillennial Study,” conducted by Leger, found that 75 per cent of respondents said they’ve experienced anxiety before, with nearly half saying they’ve experienced depression.

More than 3,000 members of Gen Z (aged 12 to 27) and Millennials (aged 28 to 43) were asked questions on a range of topics including mental health, alcohol consumption, finances and long-term aspirations.

The study gives insights into the similarities between the two generations, while highlighting some key differences.

When it came to mental health, both generations experienced anxiety at similar rates, with depression being slightly more common among Millennials (51 per cent) compared to Gen Z (44 per cent).

The survey also found approximately one in six individuals have taken medication in the past year to treat anxiety or depression.

But Gen Z is drinking alcohol less than the cohort before them. The survey found 22 per cent of Gen Z members 18 and older had never consumed alcohol. Another 15 per cent said they had drank before, but currently don’t do so.

Another difference between the generations is among larger life plans: owning a home, getting married and becoming parents.

Among Millennials, 87 per cent said they either currently do or one day hope to own a home. A similar number, 87 per cent, said the same about being a parent.

For Gen Z, only 61 per cent hope to own or currently own a home, and only 67 per cent say the same for parenthood.

Diversity and identity

The survey also looked at which aspects were most important to people’s identities.

Key differences between the groups include gender and religion — 27 per cent of Gen Z said gender was most important, compared to 19 per cent of Millennials. For religion, the difference was 22 per cent for Gen Z compared to 14 per cent for Millennials.

Around one in four Millennial respondents said their identity was not important, compared to 15 per cent of Gen Z who said the same.

Spending habits

Among both groups, close to half of respondents said they were currently living paycheque to paycheque — 45 per cent for Gen Z and 52 per cent for Millennials.

One key difference among the two was money allocated to housing, with Millennials saying they spent 37 per cent of earnings on housing, compared to 24 per cent for Gen Z.

In total, the survey found the two generations are spending approximately 65 per cent of their budget on essentials — housing, food, transport and health.