Half of millennials would give up having kids if it meant they could have a job they love
SAN FRANCISCO — New data from a survey conducted by mobile banking company Varo Money, Inc reveals how millennials feel about their jobs and the personal financial situations that stem from today’s opportunities for employment. The survey was conducted by Qualtrics in June 2019, and polled 1,100 millennials between the ages of 23 and 38.
Results show the vast majority of those surveyed are happy with the job they have. Most either like (36%) or love (34%) their job, with only 4% reporting that they hate the work they do. Yet despite this high level of job satisfaction, millennials are experiencing a great deal of financial, professional, and personal stress. Over half of millennials (54%) say they experience stress and anxiety due to financial pressure and worry nearly every day. Thirty-five percent are losing more than an hour of sleep each night because of it, and 8% say they’re losing four or more hours. More than half (52%) say this stress is damaging to their health.
Given the financial pressure they feel, it should come as no surprise that millennials are willing to make sacrifices to get the jobs they want. The majority of those surveyed were willing to give up living in a prime urban location (74%), receiving a well-funded pension plan (51%), or even having children (52%) if it meant working a job that they would leap out of bed for. They don’t, however, want to wake up in that bed alone: 68% of those surveyed would rather be happily married, even if it meant a less-than-fantastic work life.
Respondents also said that they would give up Instagram (55%), travel (39%), or their iPhone (33%) for a year if they could have a job they love.
The data suggests that millennials do not view job satisfaction and achieving financial stability as competing goals. When asked how much money they would need to take a job they hated, 43% said no amount of money would convince them. (The average amount for everyone else, however, was $111,000 annually – and the median was $80,000).
The group polled seemed evenly split about their general disposition, with 46% reporting they feel hopeful and optimistic, and 41% saying their days are dominated by anxiety and stress. Forty-seven percent say the stress is enough to make them want to give up on their dreams entirely.
“Millennials are under no delusions about their future,” said Colin Walsh, CEO of Varo Money. “This generation is feeling the crush financially, despite demonstrating an incredible work ethic and willingness to compromise. The survey also revealed that millennials take their personal finances seriously and feel confident about their ability to manage their money regardless of the stress they experience. This commitment to financial responsibility is something we definitely see reflected in the average age of our clients at Varo: millennials are the leading users of our no-fee† personal bank accounts, and we see a significant percentage of them taking advantage of our automatic savings tools as well.
“This is a generation that knows what they want, and they’re willing to put the work in to make sure they get it,” added Walsh. “We’re glad that banking services like ours can provide some financial relief to the stress they’re experiencing, but this is something that every industry should be rethinking given the financial challenges that so many are facing.”
Varo Money, Inc. (“Varo”) is on a mission to help people make progress with their financial lives. In one mobile app, Varo offers customers no-cost† premium bank accounts, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. As a fintech leader, Varo has been granted preliminary approval for a de novo national bank charter by the Office of the Comptroller of the Currency (OCC), and is working to become the first mobile-centric national bank in U.S. history. Varo Personal Loans are offered by Varo Money, Inc., under state licenses, subject to application approval. For more information, visit www.nofeeoverdraft.com or www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.
†Varo charges no fees for banking services. While Varo does not charge fees for ATM withdrawals, some third-party ATM operators may charge a fee. To avoid ATM fees altogether, customers can use an Allpoint® Network ATM. There are more than 55,000 Allpoint locations worldwide.
Varo bank account services provided by The Bancorp Bank; Member FDIC.
Consort Partners for Varo