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NextGen Magazine


Survey: Gen Z Prefers Financial Stability to Promotion

S.J. Steinhardt
Published Date:
Feb 8, 2024

Members of Generation Z prefer financial security over advancing in their careers, according to a new survey from financial product and services firm the Standard, Business Insider reported.

Health and medical insurance, paid family and medical leave, a retirement savings plan, life insurance, and emergency savings account and mental health days were prioritized by 1,250 adults between the ages of 18 and 26, who were polled by a third-party research firm about career ambitions and benefit priorities between Aug. 7 and 25, 2023.

The survey revealed a dichotomy between what support this cohort has and what it values at work. Ninety-three percent responded that they value a retirement savings plan, while 73 percent said that they had one. Similarly, 46 percent said that they had other financial assistance, and financial education and advice, while 85 percent and 80 percent, respectively, said they had them.

That financial assistance support included: automatic enrollment in a 401(k)-type retirement savings plan (cited by 55 percent of respondents); automatic escalation to such a plan and home buying support (40 percent each); and student loan repayment (38 percent).

The respondents also revealed their financial goals, with large majorities prioritizing saving (79 percent) and earning (78 percent) over investing paying debt (37 percent) and (14 percent).

In summary, the survey report stated that "Gen Z wants their employers to be a mentor in their quest for financial stability, but in roles that banks and credit union filled in the past. ... This generation is looking for employers to help them save for the near term and future."