The number of young Americans between 23 and 33 who plan to stay with the same employer for life has almost doubled since last year. A study by Fidelity Consulting Services suggests that the recession has made younger Americans more conservative. Their attitudes toward employment will reflect more closely those of their parents’ generation.
In the study by Fidelity Investments financial services group, one in four surveyed said they planned to stay with a single employer, compared with 14% last year.
Brad Kimler, executive vice president at Fidelity, considers the change in mindsets remarkable. “Historically this generation has been much more mobile, always looking for the next great opportunity. But heavy debts combined with the threat of unemployment has made them reluctant to job hop." About one-fifth of those surveyed owed more than $10,000.
According to Kimler, other factors behind the shift are greater responsibility for costs associated with benefits and less access to traditional pensions.
The study also showed that saving for retirement has become more important, with about 18% of those surveyed saying it was their top spending priority compared with 13% last year.