Millennials Saving Can Benefit from a New Career

With job openings at record-high levels, a new career can help Millennials saving for retirement improve their financial health.


millennials saving for retirement

It seems that no matter what city or town I go to, almost every business has “Help Wanted” signs in their windows. For Millennials saving for retirement or folks looking for work, this may be one of the best opportunities for a new career that I have ever seen. In fact, according to Nfib.com’s April jobs report, “a record 44% of all small business owners report having job openings they could not fill, 22 points higher than the 48-year historical average, and two points higher than the 42% figure from March.” That is the third month in a row with record-highs!

unfilled-job-chart-for-millennials-saving-for-retirement

There’s been a lot written recently about job shortages, mostly claiming that with a guaranteed $600/week in unemployment, why would people look for a job? I’m not a big believer that this is the sole reason for rising unfilled jobs. After all, that unemployment is soon ending. I think the biggest reason is a “return to normal”—a strengthening economy. And that always brings jobs.

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There are jobs available in almost every field. And if you have some experience, the opportunities are almost endless!

That means the Millennials saving money—those born between 1981 and 1996 (25-40 years of age this year)—may definitely be in the driver’s seat. According to Indeed.com, Millennials are the largest generation in our work force. A Deloitte Millennial survey reported that Millennials make up 38% of the American workforce, a number that will rise to 75% by 2025.

Millennials are changing the workplace in several different ways:

  • They take technology for granted. It’s been estimated that they check their phones as many as 150 times daily! Learning new tech is not a problem for them. And they prefer mobile over desktop.
  • Millennials like to work as a team. They are used to collaborating – thanks in large part, to social media, as week as educational initiatives. And they not only use social media for personal exploits but are comfortable with reaching out and sharing data and issues with their professional peers via any number of platforms.
  • They want their work to be meaningful. They treasure experiences and love accomplishing something that “does good.”

But for employers looking for Millennial workers, it’s a good idea to keep these factors in mind:

Millennials want flexibility. One of the advantages that workers loved about COVID-19 was the ability to work from home. And employers that maintain some flexibility in remote working will find Millennials saving for retirement beating down their doors.

Training. Millennials want a clear career path and are looking for companies that provide mentoring. The employers that offer a comprehensive training program to get to the next level will be amply rewarded.

Healthcare. Millennials are looking for good coverage, as well as wellness programs – like diet and nutrition and fitness.

Help with Student Loans. According to The Harris Poll on behalf of CNBC, a recent survey of 1,000 U.S. adults ages 33 to 40, respondents took out an average $21,880 in student loans for their education. In fact, student loans are frequently cited as a major hurdle for Millennials saving for retirement.

Millennials want to Work for Ethical Employers. They are distrustful of corporate ethics and want to work for a company that “gives back,” which may include allowing employees time off for volunteering.

It’s critical that employers engage their Millennials. Millennials change jobs an average of four times within the first ten years after they graduate college, according to LinkedIn. A Gallup poll estimated that Millennial turnover due to poor engagement costs the U.S. economy $30.5 billion a year.

Jobs Tailor-Made for Millennials Saving for Retirement

If you are a Millennial, Indeed.com recently listed several job ideas that may interest you and may help improve Millennials’ saving rates. Here are the details:

Emergency medical technician (EMT)

National average salary: $35,797 per year

Primary duties: Emergency medical technicians (EMTs) respond to 911 calls and provide patients with emergency medical assistance. Based on a patient’s condition, they determine a course of treatment. Depending on the situation, they may also provide first-aid treatment or life-saving measures. EMTs also transport patients to a hospital in an ambulance.

Graphic designer

National average salary: $41,916 per year

Primary duties: Graphic designers use their artistic skills to create logos and other design elements for a variety of clients. Using computer software, they develop the overall layout for a variety of products such as a company’s website, menu, advertisement, or brochure. Graphic designers also work with the rest of the design team and make any necessary revisions to a design based on client feedback.

Firefighter

National average salary: $42,654 per year

Primary duties: Firefighters extinguish hazardous fires that present danger to citizens, property, and the overall environment. They perform rescues, mitigate chemical spills, and help prevent further fire damage by conducting surveys and inspections to enforce safety codes.

Social media manager

National average salary: $44,872 per year

Primary duties: Social media managers oversee a client or organization’s social media platforms. As the voice of a brand, they oversee content creation for multiple channels. Social media managers also increase customer engagement by responding to comments and creating campaigns. Overall, they work to promote their client or their company’s brand.

Advertising manager

National average salary: $66,083 per year

Primary duties: Advertising managers create brand-specific ad campaigns and supervise other members within a company’s advertising department. They set project goals and monitor the project’s progress and overall impact.

Financial analyst

National average salary: $74,446 per year

Primary duties: Financial analysts work for external or internal clients and provide them with guidance regarding the best investment decisions. To do this, they evaluate the performance of their stocks or other securities such as bonds.

Data analyst

National average salary: $74,998 per year

Primary duties: Data analysts interpret data to help improve a business or organization. They gather information from various sources and look out for certain patterns and trends.

Web developer

National average salary: $78,079 per year

Primary duties: Web developers handle the programming development of the World Wide Web. Using their knowledge of software development, they create user interfaces with efficient code. Web developers also integrate data from other databases and back-end services.

Business analyst

National average salary: $79,996 per year

Primary duties: Business analysts look over an organization’s processes and business models to better understand any problems. Based on their findings, they come up with suitable solutions to improve the company overall. Business analysts use data analytics daily to recommend improvements to a company’s leaders and stakeholders.

Project manager

National average salary: $86,502 per year

Primary duties: A project manager plans and executes a specific project and monitors its progress. They ensure the project meets the required budget and use past project performances to help them make improvements for both current and future projects. Project managers work in a variety of industries and use their leadership and scheduling skills throughout every day.

Statistician

National average salary: $98,805 per year

Primary duties: Statisticians use their knowledge of mathematics to analyze data and draw conclusions. They also interpret this data, determine data trends, and communicate relevant news to stakeholders.

Physician assistant

National average salary: $105,488 per year

Primary duties: Physician assistants use their general medical knowledge within the healthcare field. They have several duties within medical office settings including performing patient exams, assisting with surgeries, prescribing medications and ordering tests.

Product manager

National average salary: $107,589 per year

Primary duties: Product managers have several duties revolving around the development of a product for a company or organization. They develop a strategy and help with the product’s launch. Product managers also gather product and customer requirements and work with other departments to ensure customer satisfaction and the likelihood of a favorable profit.

Software engineer

National average salary: $109,821 per year

Primary duties: Software engineers oversee the development of software systems. They aim to create solutions for desktop and web applications. Using their communication skills, they work alongside various clients and other departments for the duration of a project.

It’s a great time to be looking for a new or different career, for almost anyone, but especially for Millennials saving for the future. Your time has come!

Have you considered a career change to boost your retirement savings?

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Don’t ignore your 401(k)! Discover the best ways to make more from your 401(k), so your retirement isn’t dependent on Social Security alone—revealed in this FREE report, Retirement Calculator: 6 Important Tips from a Financial Advisor to Get the Most Out of Your 401(k).

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