- New research by Rest Industry Super reveals Millennials’ attitudes towards careers; passion over profit and flexibility is key
- 59% of young Australians are willing to take a pay cut to work in a field they’re more passionate about
Flexibility (59%) and freedom (59%) were cited as the top reasons to start a business by Millennials, taking part in the research proving how critical work-life balance is to the next generation of Australian leaders.
The study of over 1,000 young Australians aged 18-34 found that over half (57%) of respondents said they would take a pay cut to work in a more flexible job with better work-life balance, demonstrating the importance this age group places on factors such as mental health and wellbeing, over material wealth.
According to Rest Industry Super CEO Damian Hill, this focus on work-life balance is an interesting shift for this generation of Australians, who are typically stereotyped as career-driven and ambitious as they seek to establish themselves.
“It’s incredibly positive to see that this generation of Australians placing such a focus on creating genuine work-life balance,” said Mr Hill.
Chris Tanti, CEO of National Youth Mental Health Foundation, headspace, of whom Rest is a corporate sponsor, confirmed this shift signals a positive change for an age group that can often struggle to balance the conflicting demands and expectations of peers, friends and family members.
“This generation has grown up with a better understanding of the importance of maintaining good mental health,” said Mr Tanti. “It’s great to see that having a sense of purpose and balance is taking precedence over material possessions, which comes through so strongly in this Rest research.”
In addition to this, 47% of younger Australians aged 18-34 said they’d be willing to take a pay cut to work in a field they are more passionate about, demonstrating the considerable shift towards more of a ‘passion over profit’ mentality.
“This generation is exciting - they’re ambitious, they think differently, and they’re passionate about purpose” said Mr Hill. “Regardless of whether they choose to start their own business or continue on a more traditional career path, we encourage them to think about their future and keep their super health in check through regular contributions.”
“Looking after your financial health is even more important for young Australians thinking about starting their own business. If you’re concerned about achieving a comfortable standard of living in retirement we encourage you to contact a financial advisor,” concluded Mr Hill.
Corporate Communications Manager, Rest
t: (02) 9086 6348 m: 0458 815 252
About Rest Industry Super
Rest is one of Australia’s largest super funds by membership with over $37 billion in funds under management as at 31 December 2015 and around two million members. SuperRatings awarded Rest Pension of the Year 2015, the second year in a row Rest has won this award. Rest also received Money magazine’s 2015 and 2014 Best of the Best award for Best Super Fund Manager and Best Pension Fund Manager as well as receiving Super Fund of the Year for 2014 at the Chant West/Conexus Financial Super Funds Awards.*
*Ratings or awards are only one factor that you should consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au.
This material doesn’t take into account your circumstances. So, before acting on it, you should consider whether it is appropriate for you. Before making a decision about your super, please read the relevant Product Disclosure Statement available at www.rest.com.au. This information is provided by the issuer, Retail Employees Superannuation Pty Limited, ABN 39 001 987 739 as trustee of Rest (Retail Employees Superannuation Trust ABN 62 653 671 394).