
Despite the strong job market, as employers added 254,000 jobs in September, some are still recovering from layoffs throughout the corporate world, Fast Company reported. According to a recent Harris Poll survey, 28% of Americans are concerned about losing their jobs before the year ends.
Younger employees are even more worried than their older colleagues. Among millennials and Gen Z workers, over a third of those surveyed—35% and 37%, respectively—were concerned about a possible job loss.
Fast Company said these worries signal more pervasive feelings of financial insecurity, disproportionately affecting younger employees, specifically millennials. Many of these employees are making career choices because of their economic status. The survey showed that 40% of U.S. adults said their debt has influenced their career decisions, meaning staying in a job they don’t like or postponing retirement.
However, millennials report being the most affected by debt, with 54% saying it has directed their career choices, compared to just 21% of boomers. Millennials were more likely to have multiple jobs or seek a new job because of a debt burden.
Financial concerns caused by mortgages, credit cards, student loans and medical debt incentivize many employees to find new jobs. Most survey participants (56%) said they were somewhat likely or very likely to find a second job in the next year to supplement their income. Meanwhile, 40% said they would make a career shift or try to find a new job based on financial concerns.
Fast Company reported that these findings also show that U.S. workers are increasingly feeling pressured financially. In 2024, household debt grew to a record high of $17.3 trillion, then rose to $17.8 billion by Q2 2024, equivalent to a yearly rise of $733 billion. That growth can be due to credit card or mortgage debt.