The Shifting Workforce How a Career Break Can Mean More Than Just Time Off

Did you know that almost 25% of caregivers are under the age of 35? As Millennials near the age of 40 and Gen Z’ers find themselves a couple years post-college, many are navigating the demands of both careers and caregiving. And in the process, they’re challenging career norms and redefining the rules on their own terms.
The behaviors and choices of Millennials are profoundly disrupting business and society alike. In Deloitte’s 2019 Millennials survey, they found that 49% would, if they had a choice, quit their current jobs in the next two years. This constitutes a major challenge for companies seeking a stable workforce, and a total shift in workforce mindset.
So, if almost half of all Millennials are willing to quit their full-time jobs, what are they considering instead?
According to the study, 84% of Millennials wouldn’t hesitate to jump into freelance or contract work. Those who would consider joining the gig economy cite the chance to earn more money (58%), work the hours they want (41%) or achieve a better work/life balance (37%).
Many Millennials are taking things a step further, scrapping the idea of a traditional career al-together. Instead, they’re creating careers on their own terms. Examples include deferring a future in civil engineering for a life on the Alaskan frontier as a sled dog musher or retiring at age 38 because of extreme savings. This is part of a new trend called “Millennial burn-out,” a generational shift that has many people making life choices that prioritize fulfilling experiences and relationships over careers.
With 40% of women taking a break from full-time employment at some point during their career, it looks like Millennial women are redefining what that break could mean. The long-term impact of this attitude shift is still unknown but will certainly be seen for decades to come, especially as the percentage of Millennial caregivers continues to rise.
If you’re a caregiver, experiencing millennial burn-out and think an alternative career path might be for you, it’s important that you start thinking through your goals and priorities. And then talk with people you trust – like your spouse, family members and even a financial professional. Having a clear plan in place – that balances life, career and financial goals – can make all the difference. Just ask the woman that retired at 38 because of her frugal savings strategies.
Brian Jacobs is a Wealth Advisor in Valencia, CA at Morgan Stanley Smith Barney LLC (“Morgan Stanley”). He can be reached by email at brian.jacobs@morganstanley.com] or by telephone at (661)290-2022.