What Financially Motivates Gen Z/Millennials?

The Lempert Report
June 24, 2022

Phil: Sally, what's hot in job opportunities this week?

Sally: When we talk about the great resignation or the great migration, however, you're looking at it. I think the companies have got to really think about what is financially motivating generation Z and millennials. A new study reveals that younger generations may feel more optimistic about the future and are making plans to work beyond traditional retirement age, gen Z and millennials may not be saving and investing in their futures, but instead they're spending more cash on things like taking vacations. A new study from fidelity found that 55% of 18 to 35 year olds halted retirement savings in 2020 and 45%. Don't see a point in saving until things return to normal. However, 39% of those 18 to 35 year olds do plan on retiring later than they did pre COVID working those extra years to make up for the financial pain of today's high inflation, high cost of housing, student loan debt and high credit card debt. So the question is for these companies, trying to figure out how to attract and retain new employees is do 401ks and savings plan matter right now to these generations, or would they find it more meaningful to have hiring benefits such as cash advances or maybe paying off student loan debt,

Phil: Which is something very important that certainly Congress keeps on talking about, but not doing anything about we can only hope.