It’s not a surprise that millennials worry about finances. Millennials are way more likely to stress about their finances for a large portion of their life, more so than their Baby Boomer parents.
It’s estimated that 28% of Millennials are experiencing so much financial anxiety that it’s affecting their job performance, more than twice the rate of the general population.
Here are Millennials top concerns:
Millennial Job Security
Even though it’s not common for the younger workers to be laid off first, the ones with less experience are more susceptible to losing a job to a seasoned employee. Millennials must continue to expand their skillset and prove their value at work in order to create as much loyalty from employees as possible. Being young has its advantages, but it also often means less experience. One way to stand out is for Millennials to offer to take on the work projects others don’t want to show which shows commitment, loyalty, and a tangible opportunity to display their potential.
Millennial Savings
With the rising student loan debt, Millennials are often not able to save as much and since younger workers often earn the least at a company and are viewed as needing to prove themselves to increase their salary over time. As a result of student loan debt and lower wage, saving money can be very tough for Millennials. However, having even a small emergency fund can make a significant amount of difference. Even if that means only saving $10 or $20 per week, start with what is possible. Making a detailed budget seems to work for many Millennials that are committed to taking control of their financial resilience and future. As tough as it can appear, eliminating some luxuries is often worth gaining financial peace-of-mind. Even a small “side hustle” on Lyft or Etsy can make the difference between being able to save money and being in debt.
Income Growth
Entry-level jobs rarely pay dream salaries—except maybe in professional sports! For the rest of the generation, an entry-level salary is just that: a starting point. Income growth traditional is based on tenure, experience, and, candidly, asking for raises. All too often younger generations don’t ask for a raise or ask in the right way. Older generations frequently say that raises are earned not given. To drive income growth prove that the minimum is just that and you are there to deliver way more than minimum value.
At The Center for Generational Kinetics, we turn Millennial and Gen Z trends into fuel for your sales, marketing, employment, and growth.
Contact us today to see how we can help you unlock new sales and bridge the generational divide with #Millennials and Gen Z.
And don’t forget to click here to check out our new national Gen Z Study!
