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article imageIs the U.S. facing a student debt crisis?

By Tim Sandle     Sep 10, 2019 in Lifestyle
Nintex, a global enterprise technology company, released a report — The GenZ Effect on the U.S. Workplace — that comprises data from Gen Z and business decision makers. The report also reveals information about the extent of student debt.
The report from Nintex ("The GenZ Effect on the U.S. Workplace") and it looks into issues relating to obtaining a college degree (the legacy of debt) and the experience that Generation Z face in the workplace. The survey was made up of 500 current and 500 future Gen Z employees, within the U.S..
In terms of the extent of debt, the survey finds that 61 percent of Gen Z graduates from college with student loans. It is perhaps unsurprising that salary is the top factor that led Gen Z (49 percent of respondents) to their current job.
The survey also looks at motivational factors at work, including what triggers a Gen Z to exit from the workplace. In terms of what would cause Gen Zers to leave their current job sooner than they’ve planned, the top reason was finding a job that pays a higher salary (59 percent). This was followed by a lack of opportunities for long-term career growth (34 percent); and then with a perception that the work isn’t meaningful (31 percent).
Within these figures there are interesting findings relating to student debt. Here Gen Zers with student loans are more likely to say they plan to leave their current job within a year. This is with: 36 percent who say they will leave within a year, whereas for those without student loans, 22 percent say they will leave within a year.
Some of the students polled in the survey (with are anonymous) said: “I’m worried I won’t get paid enough to cover my debt”; and “I’m scared I won’t be able to negotiate a livable salary”.
There is a similar finding when it comes to salary negotiations. Those new entrants with loans are much more likely to have negotiated their salary than those without (this was 52 percent vs. 31 percent).
With career expectations, the majority of Gen Z expect fairly rapid progression. Here 53 percent expect a promotion within one year of starting their first job; and 3 out of 10 expect a promotion within 9 months. However, if conditions are right and people feel they are well-looked after, then 60 percent of Gen Z said they expect to remain at their first job past the year mark, with 71 percent of that group planning to stay past the two-year mark. In contrast, just 31 percent said they plan to leave at or before the year mark.
More about generation z, Work, Employment, Student debt
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