Younger professionals are experiencing increased stress in the workplace according to a new study from Bain & Company.
Both Generation Z and Millennials cited feeling stressed about their financial situation, as well as the future of their careers.
According to the study of around 20,000 workers, 61% of workers under 35 were most concerned about money and job security over the next ten years, compared to 40% of those older than 35.
However, the report also showed 81% of workers in emerging markets were more optimistic about their future compared to 63% of those in developed economies.
Those in further advanced economies stated that there has been little to no increase in wage over the past few decades, hindering their ability to pay off debts and progress in their career.
“The odds of achieving absolute upward mobility — earning more than one’s parents — are the lowest they have been in the US for any generation since World War II,” the report said.
Because regions such as the U.S. receive limited public funding for higher education, those who choose to attend college or university are often left graduating with a huge pile of debt and few job opportunities.
While some organizations are eager to return to the pre-pandemic ways of operating, forward-thinking companies that address these challenges of young workers will fare better in the future of work.
In order to attract and retain Gen Z and Millennials employees, companies have a responsibility to support workers’ overall wellbeing, which includes their physical, mental, and financial health.