Millennials’ student loan repayment may be affecting their level of engagement at work — and could hamper companies’ retention efforts, according to a new survey from ORC International and PadillaCRT.
Millennial employees are projected to comprise 75 percent of the workforce by 2025. One in four owe more than $30,000 in student loan debt.
Women are twice as likely as men to expect it will take 20-plus years to pay it off.
Currently, just 29 percent of millennial employees say they’re engaged at work — less than all other generations — and the survey results suggest student loan repayment obligations may be a factor.
Thirty-seven percent of women say they’re less likely to stay with their current employer because of their financial situation. Twenty-five percent of men feel their debt may cause them to switch jobs.
Fifty-nine percent of millennials also say they value student loan repayment assistance over other employee engagement programs, including more workday flexibility (51 percent), a traditionally popular option, and first-time home buyer assistance.
Visit PadillaCRT’s site for more on the survey.