A new generation of workers is reshaping the future of work, career, and retirement. A recent study by Edward Jones, NEXT360 Partners, and MarketCast called GenNext explores the attitudes of individuals aged 18 to 34 towards work and retirement. This cohort, numbering approximately 76 million, sees work and career as more akin to riding pogo sticks, with leaps, bounds, and pivots between professions, rather than climbing the corporate ladder as previous generations did.
Unlike older generations who valued loyalty to a single employer, GenNext views a successful career as a dynamic journey marked by adaptability, exploration, and frequent career changes. Only a small percentage of GenNext individuals see a linear career trajectory as necessary for success. This shift in attitude is influenced by experiences such as the Great Recession and the recent pandemic, which have shown them that traditional markers of success like a stable job or high salary may not guarantee security.
Younger GenNext individuals, who have entered adulthood during the pandemic, prioritize flexibility, autonomy, and meaningful work over traditional success markers. They are willing to take risks and pursue non-traditional career paths, such as freelancing or entrepreneurship. However, the uncertain nature of these career paths poses challenges for achieving financial security, both now and in retirement. Employer retirement plans, which are essential for retirement security, may be missed if individuals frequently change jobs or engage in gig work.
The dynamic and agile nature of GenNext’s attitudes towards work and career is evident in their willingness to take risks and pursue non-traditional paths. However, this approach may make it challenging to ensure financial security in retirement. Planning, saving, and seeking advice will be crucial for GenNext individuals to ensure they are able to retire comfortably. As one GenNext participant stated, they want to be in control of their own life and career and ensure they will be financially secure in the future.
