The article discusses the bleak financial outlook for millennials and Gen Z in Ireland amidst a housing crisis where renting costs are exorbitant. A 2021 ESRI study reveals that young workers today are financially worse off compared to their parents at the same age, with home ownership rates for those under 30 plummeting. Many in their 20s express cynicism towards pension savings, joking that 'death is my retirement plan'—a reflection of their deep concerns about affording housing and retirement as rental costs soar.
With the cost of renting in Ireland still bordering on the obscene, the average person's hope of living mortgage and rent free in their later years appears to be receding.
Young workers in their 20s are financially worse off than their parents were at their age, according to a 2021 study by the ESRI.
Cynicism surrounding pension savings is widespread among millennials and Gen Z, with many effectively viewing death as their retirement plan.
Home ownership among the under-30s has collapsed, and workers in their 20s earn less in real terms than their counterparts did in the 1990s.
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