Why Gen-Zers and Millennials aren’t as interested in climbing the corporate ladder

What are your career aspirations?

For many folks, the goal is to consistently gain experience in order to earn promotions and additional responsibility. More money doesn’t hurt, either.

Younger generations, however, are flipping the script. Forbes senior contributor Jack Kelly recently wrote about a new study from Eagle Hill Consulting that found Gen-Zs and Millennials are reevaluating their approach to work by prioritizing a healthier balance between their professional and personal lives.

If you’ve been following work trends in the years since the Covid-19 pandemic, the fact that younger generations are prioritizing more flexibility probably doesn’t come as much of a shock. But what I found surprising about this recent study was that Gen-Z and Millennial respondents are pushing for reduced hours on the job “despite acknowledging that working fewer hours could potentially hinder their personal finances, career advancement and skill development opportunities.”

In other words, they’re reconsidering what it means to participate in traditional corporate culture. Many Gen-Zs and Millennials watched their parents and even their bosses put their hearts and souls into their careers by investing long hours for the benefit of professional growth (and to the benefit of their employer). Younger workers largely aren’t attracted to that concept.

But that doesn’t mean they are anti-work. In fact, many of the workers in these generations still get a sense of identity from their careers and enjoy what they do, but “they are no longer willing to compromise their overall well-being for the sake of their jobs,” Kelly writes, referencing research from Deloitte.

If you’re a younger worker, take some time to think about what you want to get out of your career. Are your job title and salary the most integral elements when evaluating how successful you are or want to become?

I highly encourage reading Kelly’s full article, which further dives into the independent streaks found in young professionals by examining how many are interested in eventually becoming entrepreneurs or establishing their own businesses.

Read the full story: Gen-Zers and Millennials are opting out of the traditional corporate climb

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Tips & Strategies: 3 money tips for people who never want to retire

Some people will read the intro to this newsletter and think, “No, that’s not me.” And that’s fine! There’s absolutely nothing wrong with being devoted to your career and pushing yourself to be better each day at your job.

In fact, there are workers out there who can’t envision a reality in which they don’t go to work each day. They enjoy it too much, and plan to continue working even after they reach retirement age.

In a recent story for Forbes, contributor Nancy L. Anderson outlined some money tips for those who plan to continue working for the foreseeable future. Here are just a few of her pieces of advice:

1. Frame your goal as financial independence: Talk with a financial planner to ensure that you are continuing to work at your job because you choose to, not out of necessity. This way, you will have enough funds if you change your mind about retirement or you become unable to work.
2. Be tax smart with your wages and investments: If you have extra income and have maxed out your 401(k) contributions, consider tax-favored investments outside of your retirement plans, such as tax-free municipal bonds or bond funds.
3. Max out your Health Savings Account: If you have a high deductible medical plan through your employers, and are not on Medicare, you may be eligible for a Health Savings Account. In 2024, you can invest $4,150 if you have an individual health plan or $8,300 for a family plan (with a $1,000 catch-up contribution for those 55 and older).

These are just a few of the pieces of advice that Anderson provides in her story. Give the full piece a read for all of the tips.

Read the full story: 5 money tips for people who never want to retire

Driving success: Delta Airlines, In-N-Out top the Best Employers For New Grads list 2024

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Calling all success seekers:?

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Thank you for reading! We’ll be back Thursday with another edition of Forbes Edge.?

This edition of Forbes Edge was written and curated by associate editor Chris Dobstaff.