Money Meets Morals:
Work Life Edition

In the latest edition of Swell’s “Money Meets Morals” study, we took a look at how younger generations’ work lives are evolving and how that shapes the future of money.

SEE OUR FINDINGS

The Study

Harris Poll conducted an online study in October 2017 on behalf of Swell Investing which examined more than 2,200 Americans’ approach to employment and the way that the future of work is shaping money management.

Nearly 1 in 6 (15%) of Gen Xers who are saving for retirement aren’t sure how many retirement accounts they have.

Q: How many different retirement accounts, employer-sponsored or otherwise, do you currently have?  (eg. 401k, 403(b), non-employer sponsored account)

40% of employed Millennials believe they will have enough financial security to quit their “day job(s)” and pursue a passion project or activity for at least one year.

Q: Do you anticipate establishing enough financial security at some point to quit your "day job(s)" and pursue a passion project either permanently or for at least a year or more. (e.g., an artistic pursuit, becoming a surfing instructor, launching a nonprofit)

82% of Americans believe that who they work for and what they do must align with their values.

Q: How important is it that your values  (e.g., the set of principles or ideals that drive and/or guide your behavior, opinions and choices) align with the decisions you make about your workplace and employer?

21% of employed Millennials believe they would need less than $15,000 to quit their “day job(s)” and pursue a passion project or activity for at least one year.

Q: How much money do you think you’d need to have saved to be able to pursue a passion project for at least a year or more if you were able to establish enough financial security at some point to quit your "day job(s)?

29% of Millennials who invest want their returns to support their ability to choose work that they enjoy.

Q: What are you looking to gain from the financial returns that your investments generate?
In a follow-up survey conducted online by Harris Poll on behalf of Swell Investing in January 2018, we asked about attitudes around the future of and automation in the workplace. The Investing and Automation Study found:

If given $5,000 toward one type of investment, only 12% of Millennials would put it in a retirement account. Another 12% would choose to put it into cryptocurrency.

Q: If someone gave you $5,000 today to invest in one type of investment, which of the following would you put the money into? 1) A retirement account (e.g.,IRA), 2) Cryptocurrency (e.g.,Ethereum, Bitcoin, Litecoin).

45% of employed Millennials and 36% of employed Gen Xers believe some or all of their job functions will be automated in the next 5 years.

Q: Do you currently believe, or do you anticipate, that in the next five years that some or all of your job functions can be automated (i.e., use technology to do tasks you used to do manually, use artificial intelligence to solve complicated problems)?
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Money Meets Morals Study Method
This survey was conducted online within the United States by Harris Poll on behalf of Swell Investing from October 9-11, 2017 among 2,207 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
Investing & Automation Study Method
This survey was conducted online within the United States by Harris Poll on behalf of Swell Investing from January 16-18, 2018 among 2,033 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated
For complete survey methodology for both the Money Meets Morals and Investing & Automation surveys, including weighting variables and subgroup sample sizes, please contact press@swellinvesting.com.
SWELL RESEARCH

Money Meets Morals:
Work Life Edition

In the latest edition of Swell’s “Money Meets Morals” study, we took a look at how younger generations’ work lives are evolving and how that shapes the future of money.