More are trying to start businesses and freelance for a living, than working 9-5 jobs.
Millennials are embracing technology in their careers more than older generations.
Forty percent of millennials plan to leave their 9-5 jobs to work as freelancers in the next five years, says a study from Thumbtack, an app that connects independent contract workers to jobs. That’s compared to 23 percent of Gen Xers and 13 percent of baby boomers.
“Millennials are motivated by much more than financial success,” says Thumbtack economist Lucas Puente. “This cohort finds being an entrepreneur financially rewarding, but they are most focused on being able to pursue their individual passion.”
What millennials want from work
Forty percent of millennials plan to leave their 9-5 jobs to work as freelancers within the next five years. Only 23 percent of Gen X workers, and 13 percent of baby boomers say the same. Many aren’t making the change to earn more — but to better their quality of life.
Three in five millennials want to start a business to feel more fulfillment in life. It seems that working from the office is a downer for entrepreneurs of the generation. Only 11 percent say they work from an office, 27 percent work from home, and the rest work from various public locations.
Many of the generation prioritize happiness over money — so much that they plan to survive a year without pay to chase down their dreams.
Taking a “gap year”
Forty percent of millennials feel they have enough available funds to quit their jobs for a year to pursue a passion project, according to Swell. The investment firm polled 2,200 millennial aged workers, and 29 percent want to cash out their investments to fund their gap year.
“Almost everyone wants to pursue purposeful work,” says Dave Fanger, CEO of Swell Investing.”But millennials are most likely to take action. That said, career pauses and pivots create new challenges when it comes to money management.”
But, why are millennials so eager to leave their job to pursue their passions? One reason is because they worry about the future of their positions. Forty-five percent of millennials feel their jobs will be automated by some kind of robots or artificial intelligence in the next five years — fear of job security is a motivator to chase down something they love . Meanwhile, only 32 percent of Gen Xers agree with that sentiment.
Aside from fear of a changing job market, more millennials have negative opinions of most businesses.
Millennials see greed as a reason to leave
The amount of millennials who feel business leaders behave ethically is down from last year, according to tech consulting firm Deloitte. And many plan to quit their 9-5s due to their negative opinions of businesses.
Only 48 percent of millennials believe business leaders’ motivations are ethical, down from 62 percent in 2017. Forty-seven percent believe business leaders are committed to helping improve society, compared to 62 percent last year.
“There continues to be a stark mismatch between what millennials believe responsible businesses should achieve and what they perceive businesses’ actual priorities to be,” the study says. “But where matches exist, the perception is that those companies are more successful, have more stimulating work environments and do a better job of developing talent.”
Forty-three percent of millennials plan to leave their jobs in the next two years. Only 28 percent plan to stay as long as five years.
As more millennials plan to quit their jobs, they’re also the generation most likely to vacation this summer.
Don’t want to work, but can’t wait to play
Fifty-six percent of millennials plan to get out of town this summer, while only 35 percent of Gen Xers, and 22 percent of baby boomers plan to the same, according to travel tech company Travelport.
Millennials also plan to vacation more in the next year than they did in the past year. Fifty-five percent are going to increase their vacation plans. Older generations are more cautious about planning vacations in the future. Thirty-one percent of Gen Xers say they will increase their vacation plans this year, and 20 percent of baby boomers say the same. And 34 percent of millennials plan to spend $5,000 on upcoming vacations, more than any other generation.
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Article last modified on July 13, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Millennials Want to Be Their Own Bosses - AMP.