Photo: WOCinTech via Flickr
Recent research from CreditLoan.com found that 21.8% of Millennials say a friend referred them for their first job, compared to 26.1% of Baby Boomers and 24.8% of those in Generation X. To arrive at these conclusions, Credit Loan surveyed 1,003 people who have worked before (from the ages 18 to 82) with Amazon’s Mechanical Turk.
Here’s how Americans found their first positions
When it comes to finding their first position, most people say that they were referred from a friend. While 19.5% of Millennials think that securing their first one was “difficult,” just 13.9% of Baby Boomers and 12.4% of those in Generation X felt the same way. Parents have also played a role in the job hunt.
Here’s why Americans started working for the first time
The overwhelmingly popular answer was to “earn money for discretionary purchases,” with 75.7% of Baby Boomers, 74.1% of those in Generation X and also 74.1% of Millennials saying so. To “save money for a house” was the least popular reason why people started working, according to 1.7% of Baby Boomers, 2.6% of those in Generation X and 5.1% of Millennials.
While the average age of people who started working because their parents made them was 16.5, the average age of people who did so to stash away cash for a home was 21.5.
Scratching your head at that last part? Credit Loan addressed this in the blog post, reporting: “The major outlier in this survey comes from respondents who got their first job to save for a house. On average, they started working at age 21.5. People in this situation could be from more affluent families and are entering the workforce later on average.”
How much average credit card debt people have
People who started working to save up for a car have the most “current average credit card debt” at $5,062. But for those who did so “for discretionary purchases,” the number is $4,570. On the other end of the spectrum, those who did so to put away money for a home have an average of $1,777.