By: Laura Walton AFC®
What are your priorities when looking for a job and would you believe that 4 of the 10 “best places to find a job in 2018” are in Arizona?
A recent Bank of America survey uncovered some interesting differences between the generations when asked about their priorities in job hunting. Everyone ranked pay first, of course, but Millennials (1982-2004) and the generation before them (Gen X – 1965-1984) put more value in flexible hours and workplace perks (i.e. free meals/snacks, bringing their pet to work) than the Boomers (1946-1964). The Boomers, no surprise, ranked healthcare benefits second and retirement benefits third.
Red flag alert to Gen X and Millennials – please rank retirement benefits higher! Your years to retirement and the wonder of compound interest between now and then will combine to create financial security for you if you focus on retirement today rather than waiting until you reach your 50’s.
This chart shows the monthly investment needed to build a $1M balance depending at what age you start. Note: starting sooner is a whole lot easier than starting later!
An interesting by-product of the younger generations’ preference for non-monetary benefits is that it at least partially explains the slow pace of wage growth…hummmm…I think I’d opt for income over snacks.
Now, the four places in Arizona that ranked among the best places to find a job according to WalletHub’s comparison of 180 cities based on the city’s job market and socioeconomic factors (median annual income, housing affordability, etc.): #1 Chandler, #2 Scottsdale, #4 Peoria and #5 Gilbert.
Sadly, Tucson doesn’t rank but did you see this week’s New York Times article “36 Hours in Tucson”? Tucson definitely earns lots of “cool factor” points…