Millennials are now the largest generation of American workers and their work contracts and retirement plans are changing from previous generations, according to findings from Capital Group’s latest Wisdom of Experience investor survey.
The survey found a third of Millennials work in the gig or sharing economy, with Gen Xers and Baby Boomers reporting lower numbers in those workforces. The gig economy is the job market where workers have short-term contracts and freelance work as opposed to permanent jobs and the sharing economy is characterized by online transactions. According to the report, two-thirds of Millennials have held two to three or more jobs in the past five years. In addition, 14% earn a supplemental income through a website or app.
The survey also found nine out of 10 Millennials save for retirement. Millennials have a greater expectation that employers and the government should play a role in helping with their retirement than Gen Xers and Boomers. Saving for retirement ranks second in Millennials’ financial priorities, with housing being the most important.