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How debt influences Gen Z and millennial career choices

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Even as the job market remains strong—with employers adding 254,000 jobs in September—some workers are still reeling from the impact of ongoing layoffs across the corporate world. A new Harris Poll survey found that 28% of Americans are worried about losing their job before the end of the year, with younger workers showing even greater concern than their older counterparts. Among millennials and Gen Z workers, more than a third of people surveyed—35% and 37%, respectively—were anxious about losing their jobs.

An uncertain future

These concerns seem to reflect a broader financial precarity that is disproportionately impacting younger workers, particularly millennials. Many workers are making career choices influenced by their financial standing; according to the survey, 40% of U.S. adults say their debt has shaped their career decisions, whether that means staying in a job they dislike or delaying retirement.

Millennials, however, report being the most impacted by debt, with 54% of them saying it has affected their career choices, as compared to just 21% of boomers. Millennials were more likely to hold multiple jobs or seek out a new job because they were burdened by debt.

Growing financial pressure

Still, financial concerns driven by mortgages, credit cards, student loans, and medical debt seem to be driving many workers to seek out new employment. A majority of people surveyed—56%—said they were somewhat likely or very likely to find a second job within the next year, to help supplement their income; over 40% said they would change careers or look for a new job due to financial concerns.

These findings also signal that U.S. workers are under growing financial pressure. This year, household debt ballooned to a record high of $17.3 trillion, then jumping to $17.8 billion by Q2 2024—an increase of $733 billion year over year. Much of that increase can be attributed to credit card debt and home equity or mortgage debt. Under those circumstances, it’s little surprise that debt is driving so many workers to reevaluate their career moves.


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