By Dr Lindsay McMillan
An Australian workplace survey has revealed what young Australians think about their financial security and the results may surprise people.
The new analysis of data by global HR think-tank, Reventure has shown that less than half of Australian millennials think financial security is important to their overall wellbeing.
Only 48 per cent indicated financial security is important to ensure high levels of personal wellbeing compared to 60 per cent of baby boomers and 54 per cent of Gen X, according to the survey of more than 1,000 Australian workers.
The findings from the survey for the Workplace Wellbeing report should not be completely unexpected.
Forty-two per cent of workers define wellbeing as 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.
Less than half of young people think financial security is a priority for wellbeing, and it drives home the point that money isn’t the main motivation for many millennials in the workplace.
What is interesting is that despite this, millennials are highly driven towards success – twice the rate than that of baby boomers – yet do not seem to be motivated by financial security.
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.
The implication for business leaders is: how do I motivate my younger employees if half of them want a kind of success not related to how much money they earn?
Business leaders should focus on benefits that do not have a price tag.
Creating new opportunities and experiences for career advancement, professional training and especially mentorship will help create jobs that young people really want.
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.