The Future of Work

What financial programs, benefits and advice employers can offer Gen Z, Millennials, Gen X and Boomers

While we often share about the future of money, Logica also examines the future of work and how people make the money they invest and spend. The news has been buzzing lately about quiet quitting and hiring, career trends, and retaining and attracting Gen Z and other workers. Our recent Logica® Future of Money Study shares what’s going on, by generation, in the world of work—and how employers can offer financial programs and advice that meets employee needs. 

Job Hopping by Generation

According to Business Insider, Gen Z is “happy to job hop” without a backup plan—and our study shows that 63% of these early career workers are more likely than other generations to switch jobs. Millennials run a close second, with 57% reporting that they are also likely to switch employers in the next year. This changes with Gen X and Boomers, where the likelihood of switching jobs reduced drastically to 37% and 21% respectively. 

Employees Seeking Financial Benefits & Advice 

Another aspect we look at in the Logica® Future of Money Study is what employers can offer in terms of financial advice and support to their employees. Fifty-five percent (55%) of those likely to switch jobs in the next year are looking for greater financial benefits, and 75% of Americans feel it is important employers offer programs to help manage finances.

All the generations are looking for employer financial advice on making the most of their 401(k) retirement accounts (24%) and their health savings accounts (HSA) accounts (23%), with the older generations of Gen X and Boomers having more of a focus on all things retirement. To see more details, download our Highlight Report which includes generational financial personas. 

Retaining and Attracting Employees

Keeping employees engaged and committed is a challenge for many in today’s world, according to the Society for Human Resource Management. One way to help with the challenge is to offer the financial services, programs and advice that employees are looking for at work – like retirement, insurance, debt management and HSAs. Employee financial wellness research can help identify ways to attract, retain and engage employees, and identify opportunities to help bolster financial offerings and benefits. 

Download the Highlight Report to learn more.