Work-Life Balance: A Generational Struggle

Redefining Success and the Quest for Balance and Affordability

Balancing work and life? It's tough. Doing so with a family? Even tougher. Recognizing that younger Canadians grapple with challenges like stagnant earnings and escalating costs, Gen Squeeze champions policies that support families in meeting their essential needs. Our solutions framework on family affordability underscores how economic challenges directly impact the ability of young people to strike a balance between their professional and personal lives.

Ensuring family affordability isn't just a matter of individual or household well-being; it's a broader societal imperative. When families can afford basic necessities like housing and child care, they can raise the next generation in stable, nurturing environments. This leads to healthier, better-educated, and more resilient communities.

Moreover, when families aren't burdened by financial stress, they can contribute more effectively to the economy, engage in civic activities, and foster social cohesion. In essence, investing in family affordability is an investment in a stronger, more prosperous, and harmonious society for all.

Given the above, Deloitte Global's recent “2023 Gen Z and Millennial Survey” caught our eye. The survey features responses from young people from 44 countries around the world, with the topics covered ranging from financial concerns to attitudes about climate action. Much of the survey is interesting, but we thought it would be particularly worthwhile to highlight the section on work-life balance.

The Deloitte survey suggests that work-life balance is the top consideration for Gen Zs and Millennials when choosing an employer, reflecting an important shift in priorities towards personal well-being among young people.

Here are a few highlights:

• Flexibility and remote work: 77% of Gen Zs and 75% of Millennials would consider looking for a new job if asked to work on-site full-time, highlighting the importance of flexibility.

• Always-On workplaces: 70% of Gen Zs and Millennials respond to work emails/messages outside of normal working hours at least one day a week, indicating an "always-on" work culture.

• Identity and work: Nearly half of Gen Zs, and the majority of Millennials, say their job is still central to their sense of identity, second only to their family and friends.

• Side hustles: Financial pressures are pushing Gen Zs and Millennials to take on side jobs, a trend that's been on the rise since 2022.

• Postponing life milestones: Financial strains are causing young folks to delay significant life decisions, like buying a home or starting a family.

• Part-time work dilemma: While some might consider reducing work hours for better balance, most feel it's not an option. The resulting pay cut would be too steep to handle.

• Stress factors: Top stressors for the younger generation include concerns about their long-term financial future, daily finances, and the well-being of their families. Add to that the mental toll from heavy workloads, poor work/life balance, and toxic team cultures, and it's no surprise that burnout rates are skyrocketing.

There’s clearly tension between a desire for work-life balance alongside “always-on” work culture. In other words, while young people may feel that work-life balance is important, many find themselves in positions that don’t always allow for it.

On the one hand, young people are leading the charge in redefining success, placing work-life balance at the forefront of their career decisions. On the other hand, workplaces are not necessarily set up to function under this redefinition of success.

Which means we’ve got lots to do to create change. We need work that pays enough so people can keep up with living costs—notably housing. Additionally, it’s high time we consider redefining employment standards to establish a 4-day workweek as the new norm.

We'd love to hear your thoughts:

• How do you strive for work-life balance in your own life?

• What changes would you like to see in the workplace to better support work-life balance?

• How can we, as a community, advocate for better work-life balance?

Let us know in the comments below.