Young workers are planning to ask for more bucks as the cost of living remains a key financial concern.
With younger Americans taking a proactive approach to their finances, Gen Z and Millennials lead the charge on asking for a raise with more than half of each generation planning to do so in the next 12 months.
More than four in ten (43%) respondents from across generations told a new Bankrate.com survey that they will be asking for a bigger pay check in the months ahead, but this drops to 35% among Gen X and to 25% among Boomers.
But with Labor Day and next week’s jobs report ahead, the report reveals a range of strategies that workers intend to deploy to get more from their work and to give them better job security.
Almost half overall will be looking for a new job in the next year, rising to 64% among Gen Z and 52% of Millennials. A quarter will quit their job, 22% will relocate for a job, 29% will start their own business, and 42% will ask for greater flexibility.
“A key question for the months ahead is whether the job market and employers will accommodate those inclined to search for new jobs, additional pay, or more flexible work conditions,” said Bankrate senior economic Analyst Mark Hamrick. “This is not the red-hot job market coinciding with the reopening of the economy a couple of years back. It is more in line with what we experienced before the pandemic.”
Although most workers feel that their employment/career situation has improved since the Fed began hiking interest rates in March 2022, this sentiment is strongest among younger workers.
However, 28% of all workers who took part in the poll said they are more concerned about job security now than since the rate hiking cycle began, with younger workers more likely to say this than older cohorts.
“While inflation was the beast that the Federal Reserve targeted through interest rate hikes, there’s no question that the job market has cooled since tightening began, particularly in the sectors most rate-sensitive such as those associated with the housing market,” added Hamrick. “If we see a pattern of Fed easing in the future, hopefully avoiding a recession in the near term, these sectors should see some reinvigoration which translates to opportunities.”
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