There’s been a lot of talk—an awful lot—about how millennials see work differently than the generations that preceded them.
When it comes to their post-employment prospects, though, Gen Y workers apparently share the view of many of their more experienced colleagues.
In other words, millennials aren’t sure they’ll ever get to retire either.
ManpowerGroup’s Millennial Careers: 2020 Vision report finds American millennials “preparing to run career ultramarathons,” with 66 percent of 1,000 employees between the ages of 20 and 34 saying they expect to work past the age of 65. Thirty-two percent anticipate staying on the job beyond age 70, and 12 percent of these incurable optimists foresee keeling over in a cubicle, essentially working “until the day they die.”
But, however long they wind up working, millennials will be taking a breather here and there. Indeed, 76 percent of those polled by ManpowerGroup said they are likely to take career breaks longer than four weeks. The reasons for these breaks “are revealing,” according to the report, which notes that women intend to take more time out to care for others—children, older relatives and partners as well as doing volunteer work.
More specifically, 66 percent of female millennials indicated that they plan to take leave after the birth of their children, while 32 percent of men said the same. Thirty-two percent of women anticipate taking time off to care for parents or aging relatives, compared to 19 percent of men who expect to put their careers on hold at some point for the same reason.
Gen Y still hopes to squeeze in some fun, however. The report points out that both genders aim to prioritize “me-me-me time” and leisure-related breaks, with 29 percent of American millennials planning to take significant breaks for relaxation, travel or vacations.
Still, the occasional hiatus aside, it seems millennials are looking down a long road, unsure of when or if they’ll get to enjoy their golden years. They’re not the only ones, of course, and a new Willis Towers Watson survey is just the latest to reinforce this fact.
The consultancy’s 2015/2016 Global Benefits Attitudes Survey polled 5,083 U.S. workers, 23 percent of whom believe they won’t be able to retire before they turn 70, if at all.
Naturally, fretting over their retirement savings, or lack thereof, is taking a toll on these workers, with 40 percent of those who anticipate working past age 70 saying they have high or above-average stress levels. (Just 30 percent of employees expecting to retire at age 65 report feeling that frazzled.) Forty-seven percent of these employees said they are in very good health, compared to 63 percent of those expressing confidence that they’ll be able to walk away at age 65.
The connection between employees’ uncertainty about retirement and their stress levels—regardless of age—is a logical one. But, with the vast majority of workers counting on their employer’s retirement plan as their primary savings tool, organizations “have plenty of motivation to act,” said Shane Bartling, senior retirement consultant at Willis Towers Watson, in a statement.
“In addition to saving for retirement, employees are dealing with other, competing financial priorities such as housing and debt,” said Bartling, urging employers to “personalize their real-time decision-making support and recalibrate default enrollment to close the gaps in employee understanding about the savings amount required and costs in retirement.”