Millennials and Meaningful Work: What’s Missing is the Money

According to a study by the Environics Institute, less than half of Canadian Millennials have enough money to live the kind of life they desire. While they are focused on finding meaningful work that will offer them balance, flexibility and the opportunity to give back - what’s missing is the money. However, the financial services may provide a solution.

Due to financial constraints, many Millennials are forced to live with their parents, often after previously living on their own. While this generation often gets labelled as “lazy” or “entitled,” the reality is that the state of the economy means that there are not enough job opportunities for Millennials, and many are hoping to find careers that will allow them to make a contribution to society while maintaining work/life balance and having some level of flexibility.

As a cohort that’s purpose-driven, how do Millennials find work that’s meaningful and financially rewarding enough to move their lives forward in the direction they aspire to? Firstly, understanding who you are and what kind of contribution you’d like to make to society is essential.

Secondly, you need to leverage your skills and education to reach your career goals, and make money in a career that will give you the flexibility and work/life balance you desire.  Millennials aren’t typically afraid to explore new opportunities, and—at a time when 71 percent of Canadians worry that they don’t have enough money saved for retirement, and 40 percent admit to losing sleep over financial matters—there’s great opportunity to be explored in financial services and  you can make a difference if you choose this career path. As we’ve previously reported, the insurance and financial services have seen greater growth than the average weekly earnings of other industries; demonstrating that these are thriving industries that offer high earning potential. Tax preparers, financial advisors, and others in this sector often explore self-employment opportunities, which allows for the schedule flexibility that many Millennials desire.

Knowledge Bureau’s Real Wealth Manager Designation can help you kick-start your career as a financial advisor, helping Canadians better manage their wealth and plan for the future. Or, you can get a taste for the industry with certificate courses like Tax Efficient Retirement Income Planning, which has a free trial available.

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