Many workers are making career choices influenced by their financial standing; according to the survey, 40% of U.S. adults say their debt has shaped their career decisions, whether that means staying in a job they dislike or delaying retirement. Millennials, however, report being the most impacted by debt, with 54% of them saying it has affected their career choices, as compared to just 21% of boomers.
These concerns seem to reflect a broader financial precarity that is disproportionately impacting younger workers, particularly millennials. Among millennials and Gen Z workers, more than a third of people surveyed-35% and 37%, respectively-were anxious about losing their jobs.
A majority of people surveyed-56%-said they were somewhat likely or very likely to find a second job within the next year, to help supplement their income; over 40% said they would change careers or look for a new job due to financial concerns.
This year, household debt ballooned to a record high of $17.3 trillion, then jumping to $17.8 billion by Q2 2024-an increase of $733 billion year over year. Much of that increase can be attributed to credit card debt and home equity or mortgage debt.
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