The Blubber

Young people are increasingly prioritizing financial stability over job satisfaction, largely due to years of economic challenges that have led them to focus on earning a steady paycheck and seeking promotions.

A global survey of nearly 35,000 workers revealed that millennials are now the least likely to prioritize enjoying their day-to-day work. The People at Work report by payroll services company ADP found that only 25% of millennials (aged 24-34) prioritize daily job enjoyment when choosing a job, compared to 45% of baby boomers over 55.

Instead, 56% of millennials prioritize salary, a higher percentage than the 44% of younger workers aged 18-24. They are also more likely to value career advancement opportunities than other age groups.

The survey also highlighted a cultural difference: Europeans are more likely than North Americans to prioritize job satisfaction and security.

These findings suggest that millennials have become disillusioned by years of hard work without adequate rewards, leading to a detachment from personal happiness in the workplace. This generation's experiences, such as entering the job market during the financial crisis, facing a tighter job market, dealing with the pandemic, and coping with high inflation and rising interest rates, have made them prioritize financial security over personal fulfillment.

As a result, millennials are more willing to work longer hours for financial stability. This trend aligns with other studies showing that many young people do not have the financial means to engage in traditional midlife crisis activities like taking sabbaticals or buying luxury items.

A survey by the Thriving Center of Psychology found that 81% of millennials feel too financially constrained to experience a typical midlife crisis, which often involves spending on unnecessary items or pursuing unusual hobbies.

Steven Floyd, owner of SF Psychotherapy Services, explained to Fortune that the "midlife crisis" for millennials is more of a "crisis of purpose and engagement." He noted that a generation encouraged to work hard and aim high often reaches their goals only to question their satisfaction and care for their achievements.