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Millennials Will Take a Pay Cut in Exchange for a Better Work-Life Balance

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When evaluating job offers, younger workers are more likely to consider their work-life balance than older job-seekers are. In fact, millennials are willing to take a pay cut of $7,600 to live, and work, better, a new study from Fidelity Investments has found.

Fidelity surveyed 1500 employees between the ages of 25 and 70 and found that the quality of working life was more important to the youngest. Among these employees, born between 1981 and 1991, 58% prioritise an improved quality of working life over financial rewards when evaluating a job offer. 

Among the things millennials think make for a better working life? They’re considering the company culture, the opportunity to do meaningful work and the potential for career development.

Kristen Robinson, senior vice president for Women & Young Investors at Fidelity Investments, said: “Clearly, many young professionals are thinking about more than money and are willing to sacrifice a portion of their salary in exchange for a career move that more closely aligns with their values or passions or improves their work/life balance.”

However, she said job hunting doesn’t have to be a trade-off between remuneration and fulfilment and encouraged job-seekers to evaluate all aspects of a job and its benefits package.

“Achieving better quality of life and meaningful work doesn’t have to come at the expense of one’s bottom line. Getting educated about the total compensation and benefits package of an offer can enable job seekers to evaluate the potential trade-offs between two jobs and make an informed decision that could give them the best of both worlds,” she added.

And millennials may be overlooking some facets of financial compensation on offer. Just 39% of millennials report considering retirement benefits when assessing a job’s financial package, with even fewer considering medical insurance (28%), paid time off (27%) and stock options and profit sharing (4%).

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