Younger generations are demonstrating notable shifts in attitude about work and life, taking drastic measures to bring balance to their lives, according to Prudential Financial, Inc.’s (NYSE: PRU) latest Pulse research survey, “Generational Gap Grows: Work & Money Outlook Divided.”
The survey finds that while millennials and Gen Z are attracted to more flexible ways of working, they are far more likely than Gen X or baby boomers to turn to gig work, go into debt, or receive financial support from relatives to meet their financial goals. Related findings include:
“Millennials are acutely attuned to the benefits of a hybrid working model. As the largest generational cohort in the U.S. workforce,1 and at Prudential, nearly 40% of our employees in the U.S. are millennials, the demand for flexibility in when and where we work is not going anywhere — hybrid demand is here to stay,” said Prudential Vice Chair Rob Falzon. “The biggest opportunity for employers is to fully embrace this new era and redefine the workplace to best meet the needs of employees — regardless of where they are in their lives.”
One watch-out for employers is that many Americans report their main source of income is not enough to pay the bills or save for the future. Turning to gig work, going into debt, or receiving financial support from relatives to close the gap has become the norm:
Notably, younger generations feel acute challenges — and anxiety — about managing money, struggling to balance “living in the now” with saving for the long term. Overall, without taking steps and becoming more proactive about their long-term financial security, their outlook is bleak:
“Without keeping an eye on finances, it can be easy for good spending and savings habits to slip. As a millennial myself, I know how tough it can be to balance financial responsibility with having a social life,” says Brandon Goldstein, ChFC®, Financial Planner with Prudential Financial. “I attended a handful of weddings this year — and the expenses for gifts and travel really added up. That’s why it’s imperative to assess and prioritize what’s critical, so you can stick within your budget and not lose sight of your long-term financial goals, too.”
The survey also revealed some sobering insights around women, who are facing more precarious financial situations than men:
“The pandemic had a disproportionate impact on women, both professionally and financially,” says Caroline Feeney, CEO of Prudential’s U.S. Insurance & Retirement Businesses. “At Prudential, we seek to understand the life events that impact today’s women and the barriers they face when it comes to investing, insurance, and retirement security. We want to help solve financial challenges for all by designing and tailoring solutions to meet unique needs and financial wellness goals.”
For additional insights from the Pulse survey, please visit news.prudential.com/pulse. For tips from Brandon Goldstein (ChFC®, Financial Planner with Prudential Financial), click here.
About the Prudential Pulse Survey
The Prudential Pulse survey was conducted on behalf of Prudential by Morning Consult from Sept. 29 to Oct. 1, 2022, among a national sample of 4,796 self-identified adults (age 18 and over). This sample included 477 Gen Z; 1,458 millennials; 1,223 Gen X; and 1,430 baby boomers. It also included 2,356 employed adults. The interviews were conducted online, and the data were weighted to approximate a target sample of employed adults based on age, educational attainment, race/ethnicity and gender. Results from the full survey population have a margin of error of ±2 percentage points. Percentages may not total 100% due to rounding.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.3 trillion in assets under management as of September 30, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information, please visit news.prudential.com.
1 U.S. Department of Labor.
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MEDIA: Claire Currie
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