New research suggests that, contrary to popular portrayals as materialistic, young Australians do not prioritise income to the extent that older generations do.
A survey of more than 1,000 Australian workers by human resources thinktank Reventure showed that less than half (48 per cent) of Millennials see financial security as important in ensuring high levels of personal wellbeing, compared to 60 per cent of Boomers and 54 per cent of Gen X.
Reventure lead researcher Dr Lindsay McMillan said the findings should not be completely unexpected.
“Forty-two per cent of workers define wellbeing as a balance in physical, mental, social and spiritual life, and only 12 per cent said it is having their desire for a house, income and success met,” he said.
The findings also drive home the point that money isn’t the main motivation for young people in Australian workplaces.
“What is interesting is that, despite this, Millennials are highly driven towards success – twice the rate than that of Boomers – yet do not seem to be motivated by financial security,” he explained.
“While this may seem like an imprudent approach from young Australians, it actually reveals that Millennials aren’t as materialistic as they are often portrayed.”
In response to the findings, Dr McMillan said business leaders should be focused on how best to motivate young employees, including benefits that are not necessarily tied to fiscal incentives, in order to best promote overall wellbeing.
“Creating new opportunities and experiences for career advancement, professional training and especially mentorship will help create jobs that young people really want,” he argued.
“Being successful and accomplished is more than just a stable income – rest and relaxation and healthy friendships rated higher than financial security across all generations.”