Nearly half of millennials agree or somewhat agree with the statement “I regularly lack money and have to rely on credit cards or my family for financial support.“
Please Consider the Generation Gap: Divided Job and Money Prospects
Changing jobs to increase pay or better work balance
- The younger generations continue to drive the Great Resignation: A third of Millennials and 46% of Gen Z have changed employers since the start of the pandemic, a stark contrast to 29% of all workers.
- Job Change for Paycheck Bump: Younger generations are more likely to say the best way to increase their earning potential is to change employers every few years, with 41% of Millennials and 44% of Gen Z workers expressing this belief , compared to 36% of all workers.
- Younger generations are looking to employers for help: Nearly 6 in 10 Gen Z (58%) and Gen Y (57%) workers believe their employer has a responsibility to help them feel more financially empowered.
- Strong flexibility against the dollar: Conversely, in the past year, 29% of millennials who changed jobs took on a salary to cutwith more than 1 in 4 millennials taking a pay cut saying they did so to achieve a better work/life balance.
Debt and financial goals
Gig Work to make ends meet
- Insufficient salary: 49% of Millennials and 48% of Gen Z don’t think a salary will be enough to meet their financial goals.
- On-demand work growth: 70% of all workers have pursued or considered pursuing gig work to supplement their income in the past year. It’s even higher among Gen Z (81%) and Millennials (77%) – around a quarter of whom hope their gig work will one day become their full-time job.
- On-demand work considered a temporary option: Most workers considering or pursuing gig work (34%) say they only do so until their main source of income can fully support them financially.
Tap into emergency funds
Need financial help
- Turning to others for financial help: Half of Millennials say they regularly run out of money and have to rely on credit cards or family for financial support, and 65% of Millennials and Gen Z have received financial support in the past two years from their parents, significant others, parents or grandparents. .
- Crisis emergency savings fund: 50% of all respondents have less than $500 or no emergency savings fund. Nearly 4 in 10 (39%) of Millennials and Gen Z say they have no emergency savings.
- The heavy debt: 55% of millennials say debt prevents them from achieving personal goals, like owning a home and having children; 33% of millennials and 32% of Gen Zers say student debt is a barrier to achieving these personal goals.
- Social obligations become a financial burden: 46% of Millennials and 48% of Gen Zers say they would be able to spend more on personal goals if they didn’t have to spend on the life events of friends and loved ones the family, such as wedding gifts, baby gifts or milestone birthdays. gifts.
- Not keeping a budget or prioritizing investments: Nearly 70% of millennials and Gen Z don’t keep a formal budget; 44% of Gen Z and 38% of Gen Y don’t invest.
More female stress
- A fragile situation: 4 in 10 women (41%) strongly agree that the economic environment has made them more concerned about their financial security (compared to 34% of men). Alarmingly, only 56% of all women have an emergency savings account (compared to 73% of men).
- Income is stretched: More than half of women (53%) say they can’t afford their current lifestyle or can barely get by — only 40% of men say the same.
- Feel the stress: More than a third of women (36%) report having health or mental health problems due to financial stress (compared to 28% of men). More than 4 in 10 women (45%) report having trouble sleeping for the same reason (versus 36% of men).
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Gig work stunner
The stunner for me was the growth of gig work. Many want to work less but work more because they have to.
81% of Zoomers and 77% of Millennials have pursued or considered pursuing gig work to supplement their income in the past year.
Undoubtedly, this is not just about gig work, but rather any part-time work, especially in the leisure and hospitality sector.
Act your salary
Yesterday I noted Act Your Wage is the New Meme as Career Ambitions Plunge
There’s no time for unpaid extra work when you need a second part-time job just to pay the bills..
This also explains Quiet Quitter, do you only do what is necessary at work and nothing more?
The sentiment is pessimistic and many zoomers are abandoning the American dream of owning a home altogether.
I’ll be gathering data from the BLS this week to tie some of these ideas together.
This post is from MishTalk.Com.
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