More than half (55 percent) of Millennials—those aged 18 to 27—have experienced a layoff or loss of work in their family within the past year, and nearly three-fourths (72 percent) feel threatened by a possible layoff or loss of work in the coming months, according to research conducted by Lumin Collaborative, a network of five mid-sized marketing and public relations firms.
Further, 66 percent of Millennials say they have lowered their expectations of being promoted versus 51 percent of other workers. But despite increased fears over job security, Millennials are saving and investing less money and increasing their credit card debt more than any other adult generation.
“As a generation, Millennials are still optimistic and ambitious but the pressures of the current economy are reshaping our approach and outlook on our relationships with our employers,” says Lauren Begley, a Millennial and account executive at Lumin member Peppercom. “It may have taken one of the most severe economic contractions since the Great Depression, but we are finally learning to be more realistic about getting ahead and surviving in workplace.”
Other findings from the study include:
· Millennials are frequently “new” employees: Forty percent have been at their jobs less than 12 months, compared to eight percent of Non-Millennials.
· Despite their low household income and relatively large households, Millennials are as likely as Non-Millennials to feel they have enough income to live comfortably.
· Forty-five percent of Millennials want to be the President or CEO of a corporation, compared to 33 percent of Gen-X and 20 percent of Baby Boomers.
“Given that this is the first major economic downturn experienced by Millennials while in the workforce, it’s not surprising that the recession is having a profound impact on how they view their professions and live their lives,” said Mark Raper, chairman of the Lumin Collaborative and chairman and CEO of CRT/tanaka. “Changes in Millennials’ workplace expectations and how they envision professional success will have a major impact on how companies recruit, retain and grow this generation throughout the workforce. They are an invaluable part of the domestic and global economy, so it behooves all employers to pay attention and adapt alongside them.”