Globally, one in two Gen Z and Millennials are delaying long-term decisions because of financial constraintsThe extent to which home ownership has been placed out of reach for young people is illustrated in a new Deloitte survey. Photograph: Xavier Lorenzo/Getty Images Emma HowardSat Jun 20 2026 - 06:00 • 5 MIN READIn the opening line of his poem Sailing to Byzantium, WB Yeats writes about the misery of old age. Referring to Ireland, he declares: “That is no country for old men.” In 1926, when he wrote the poem, Yeats was only 60 years old. However, life expectancy for men at that time was 57, so objectively, he was old. The Ireland of today would be unrecognisable to Yeats. Economic growth has resulted in a much higher standard of living, with life expectancy at birth now averaging 81.2 years. Many of these changes have been very recent. In the last 30 years real national income per capita (a measure of economic output per citizen net of inflation and commonly used to proxy living standards) increased more than 140 per cent. These changes have redefined who is considered old in modern Ireland, but the rapid pace of growth has also changed what it means to be young. Along many dimensions, progress has not been uniform and the strain on our infrastructure, particularly housing, has disproportionately impacted younger generations. It could now be argued that Ireland is no country for the young. Last week, Deloitte published the results of their 15th Gen Z (18-30 year-olds) and Millennial (31-43 year-olds) survey. One of the starkest findings was that across 44 countries, more than one in two respondents reported that they were delaying major life decisions because of financial pressures. Housing affordability was a serious issue in all countries, but particularly in Ireland where 62 per cent of Gen Z and 49 per cent of Millennials can’t afford to own their own home. These figures are significantly higher than the averages across other countries surveyed (51 per cent and 40 per cent respectively). Although incomes have increased substantially over the past 30 years, house-price inflation has far outpaced average wage increases. For example, in 1996 the ratio of median house price to median household income in Ireland was just over three. This means a household with earnings in the middle of the overall income distribution needed to pay about three times their pre-tax annual income to buy an average house. This ratio serves as a guide to determine how affordable housing is in a country. Any number above 5:1 indicates that housing is “severely unaffordable” for the middle earner. Recent figures show that the current ratio in Ireland has increased to eight. Although younger generations are negatively impacted by rising house prices, older generations have benefited. Central Bank data shows the total net wealth of Irish households (the value of assets minus any money owed in debts) has been rising steadily over the past decade or more and reached a series high at the end of last year. However, wealth accumulation has been very concentrated, with housing wealth making up the vast majority (67.3 per cent). Moreover, the wealthiest 10 per cent of households hold almost half of the total wealth and more than five times the wealth of the bottom half of the distribution. Most households are wealthier, predominantly due to house-price appreciation. However, according to Central Statistics Office (CSO) data, the experience has been different for households with a head-of-household under 35. This category, comprising the youngest households, were the only group to experience a decline in wealth since 2020. Perhaps this is unsurprising given younger people are much less likely to own their home and much more likely to rent. As houses have become more unaffordable, the average age of people buying homes has increased, from 35 in 2010 to 40 in 2025. Nearly eight in 10 Gen Z respondents to Deloitte’s survey said housing constraints had affected their career decisions and willingness to make long-term commitments. The rise of hybrid and remote working has been a career gamechanger for many older or mid-career workers and in particular women, who can better juggle the demands of work and caring responsibilities. For graduates and early-career workers, however, spending time in the office provides more opportunities for learning, networking, and career progression. A recent Gallup poll in the Financial Times found that Gen Z were the most opposed to remote working and were most likely to wish their colleagues spent more time in the office. These preferences mean that the younger generation weigh the availability of housing close to work more heavily in career decisions, meaning they are more constrained in their choices than senior employees. Globally, one in two Gen Z and Millennials are delaying other long-term decisions because of financial constraints, including getting married and starting a family. This trend is evident in the Irish data where over the past 20 years the average age of first-time mothers has increased by three years, from 28.7 in 2005 to 31.8 in 2025. Progress towards gender equality has enabled women to better control whether and when they have children and many women choose to build their career before doing so. However, financial pressures related to the cost and availability of housing in Ireland have no doubt also contributed to this upward trend. There is also evidence that younger people are delaying marriage; the average age for a heterosexual marriage has increased by three years over the past decade. Adults under 40 haven’t had it easy and could be forgiven for thinking the world is in a perma-crisis. They’ve lived through a global financial crisis, a pandemic, two major energy shocks, two terms of Donald Trump in the White House and are faced with bearing the brunt of climate change. But despite the housing crisis and multiple other problem areas straining finances and delaying milestones, it’s not all bad. Ireland has one of the most educated workforces in the world; within the 25 to 34 age cohort, six in 10 hold a third-level qualification. The purchasing power of graduates has also increased substantially over the last decade; the most recent median weekly earnings data showed a real increase of 36 per cent since 2013. So, while the average young person can’t afford to buy a house, they can afford many more goods and services than previous generations. There is an old Irish proverb, mol an óige agus tiocfaidh sí, which translates to ”praise the youth and they will flourish“. In modern Ireland, the youth need houses more than praise. If we can solve the housing crisis, they will flourish. Emma Howard is a lecturer in economics at Technological University Dublin. David McWilliams returns next weekIN THIS SECTION