In a rather provocative poll, millennials were asked what they were willing to give up for their career.
Comet, a website that provides student loan refinancing information, surveyed 364 single employed millennials without children, asking what they would sacrifice to get ahead financially.
“Our study reveals how many young people would stay single to focus on work and how many would break up with a significant other if it meant getting a promotion or raise,” Comet said in releasing the survey results.
Forty-one percent of participants said they would dump their partners for a “life-changing” promotion. Thirty-two percent said they would end a relationship if it meant getting a significant raise.
How much money would it take to stay stag? According to the survey respondents:
— $36,000 to delay getting involved with someone
— $37,000 to end a relationship
— $64,000 to delay getting married
And, $67,000 to delay having children. The latter is not without some merit, considering the cost of raising a child.
From the Comet survey: “Of the 364 millennials surveyed, men were willing to make most love life sacrifices for roughly half the money women needed to make the same decisions. While men only needed an average raise of $23,000 to delay a relationship, women would only stay single if the raise was $51,000. Women also needed $56,000 more than men to stall marriage, and $50,000 more to delay having children.”
In considering the survey results you might conclude some young adults have their priorities wrong. But do they? Perhaps they are simply well aware that love does not pay the bills.
“The results may not be so crazy,” writes Jennifer Liu for LearnVest. “Consider that many in this generation are still making up for graduating into a Great Recession-era job market saddled with record student loan debt. This financial scenario can create a domino effect in delaying life events, like putting off marriage or not saving for retirement.”
A new survey from Prudential found that 88 percent of millennials believe people now in their 20s and 30s will have to work much longer than previous generations before retiring if they want the same level of financial security.
Here’s what some young adults said in Prudential’s “The 80-Year-Old Millennial” study:
“Since I was in middle school I have been told that by the time I reach 65, Social Security will be depleted for our use. It’s something that I have continued to hear even into this most recent election. I’ve just accepted it as truth.” — Tiarra A., 26, Kentucky.
“The issue is not the inability to plan, it is the inability to save. Houses are expensive, kids are expensive, and currently I don’t even have enough money to send one kid to just one semester of college. Saving money for retirement just isn’t a luxury that anyone has.” — Ben T., 25, Illinois.
Color of Money Question of the Week
Would you dump someone if it meant a better promotion or more money? Send your comments to firstname.lastname@example.org. Considering that I’m asking you to out yourself, you can respond to this question by using just your first name. I still would like to know your city and state. In the subject line put “Single Survey.”
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Trump dumped Secretary of State Rex Tillerson in a tweet. What’s the worse way you’ve been fired?
The world knew that President Trump fired his secretary of state by a tweet. In doing so, the president broke a cardinal breakup rule: When breaking up, do it in person. It’s the decent thing to do.
Last week I asked: What’s the worse way you’ve been fired? I was appalled by the way many people found out they had lost their jobs.
JP of Mount Dora, Fla., wrote: “I was unceremoniously dumped by a cowardly boss before the era of the tweet. I showed up for work, on time, and went to pull my timecard out of the holder near the clock that ‘stamps’ the card to record the time one reports to work. Written in bold red-ink was one word: “TERMINATED.”
Patricia B. wrote: “I was in a hospital bed in Atlanta, recovering from a pulmonary embolism, when I received a call from my manager telling me I was being laid off, effective immediately. My company had merged with another and an entire division was being let go, so he said, ‘it wasn’t personal.’ I thought he could have waited another week until I was home, or at least come in to see me in the hospital and told me to my face. It was most depressing, given the state of mind I was in. It worked out well for me though. I secured a lucrative independent consulting gig with the acquiring company and worked with them off and on for several years … in France!”
It didn’t happen to her, but Lori H. of Pleasant Hill, Calif., wrote: “A co-worker left early for an appointment and intended to work from home later in the day. When he couldn’t log on as usual, he called his manager to find out if there was an issue. Manager replied, ‘Didn’t the VP tell you? He fired you today!’ Poor guy had no idea until his log-ins wouldn’t work. To this day, if my passwords don’t work I break out into a cold sweat.”
Here’s the firing story of Alan Hodesblatt of Newark, Del.: I am a lawyer who was taking a break from lawyering (for about 16 years) and had been working at a construction company and had worked my way up to be the controller. March 15 was coming up (gee, this is the anniversary) and we had to declare bonuses for the year for tax purposes. I had been asking the vice president for days about how we were going to do that, as I was the one that had to do the paperwork, etc. That morning I was going through the office mail and saw a letter from someone thanking the company for offering him the position as controller, i.e., my job. Obviously, I wasn’t supposed to see that.”
W.A. wrote: “Came to the concierge early morning on Monday only to find all your personal things parked at the reception, while the front door person said your services no more required, hence you are not authorized to enter here anymore. Devastating.”
Alistair B. of Westchester County, N.Y., wrote, “Back in 2005, I was on vacation in London, where I’m originally from. In a big surprise, I had just received my green card two weeks earlier: We weren’t expecting approval for several months yet. I was staying on top of my work email and saw an announcement of a mandatory all-hands meeting the following morning. I quickly checked in with my boss and asked if I should call into the meeting. The answer was no. After the meeting, my boss called me. One-third of the company was being let go, and I was among them. (In fact, it was ‘one-third minus one person,’ the maximum permitted without triggering the WARN Act. Many of us just got a week’s severance.) So, there I was, 3,000 miles from home, no job to come home to, and I had narrowly avoided not even being allowed back into the country because my visa had been tied to that job. Yeah, that stunk.”
“I was fired within 45 minutes of presenting a formal complaint to my boss’s boss about my boss’s bullying,” wrote Linda R. of Takoma Park, Md. “I was given 10 minutes to leave the building. My access to the Internet and email was instantly withdrawn. So I had no time to communicate with trusted contacts whom I was helping (victims of human rights abuses in developing countries) that I was leaving.”
Lynn N. from Boston wrote, “I returned from a two-week vacation excited about the promotion to manager I had received the day before I left.
Two days later, “I arrived to be ushered into a conference room with HR and handed separation paperwork. They walked me to my desk and then out the door. I wasn’t even allowed to get my coffee cup from the kitchen. To this day, I have no real idea why [I was fired].
Clearly, there are a lot of cowardly bosses out there.
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Have a question about your finances? Michelle Singletary has a weekly live chat every Thursday at noon where she discusses financial dilemmas with readers. You can also write to Michelle directly by sending an email to email@example.com. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read more Color of Money columns, go here.