What would Millennials give up to have a job they love? Just about everything.
Giving up the opportunity to have kids, travel, to even Instagram were some of the responses to a new study that polled 1,000 Millennials between the ages of 23 and 38.
The survey, conducted by mobile banking company Varo Money with private research software company Qualtrics, went out to find how Millennials feel about their job and personal financial standing with today’s opportunities. While only 4% of respondents said they hate their job, most either responded by saying they liked (36%) or loved (34%) what they do on the day-to-day.
But despite most expressing their fanfare for work, more than half of Millennial respondents said they experience stress and anxiety due to financial pressure, which plagues them nearly every day. Thirty-five percent of respondents said they’ve even lost more than an hour of sleep due to financial pressures, and 8% reported losing four or more hours.
Most Millennials (52%) said this burden is damaging their health.
“The results are revealing when it comes to the financial pressures and worries that millennials face today and how that impacts their life and career,” Varo Money CEO Colin Walsh told Ladders. An earlier survey we did showed that six in 10 millennials don’t even have $500 for an emergency expense. Given all this financial pressure millennials experience, it didn’t entirely surprise me that millennials are willing to make sacrifices to get the jobs they want in order to achieve their financial goals.”
What Millennials would give up to get the job they want
For nearly three-fourths of Millennial respondents, giving up the opportunity to live in prime urban locations (74%) was the most popular response.
Others said receiving a well-funded pension plan or even having children they’d be willing to part with if it meant they could find work that got them out of bed excited every day.
More than half of Millennials (55%) said they’d rid themselves of popular social media app Instagram and their iPhone (33%) for a year if they could have a job they love. Thirty-nine percent of respondents also said they’d shelve traveling for an entire year.
Although 52% of respondents reported giving up having children, that number didn’t translate to marriage. Sixty-eight percent of those surveyed said they’d rather be happily married if it meant not having the perfect work-life balance.
“Millennials are under no delusions about their future and how their job impacts their financial stability,” Walsh said. “This generation is feeling the crush financially, despite demonstrating an incredible work ethic and willingness to compromise.”