New research by St James’s Place Financial Adviser Academy and hiring platform Indeed looks at how different generations are planning their careers and how financial pressure is impacting them.

Research released by UK wealth manager St James's Place this week shows that nearly seven in 10 (68 per cent) of Gen Z workers – people born between mid-to-late 1990s and early 2010s – have used social media to plan their careers.

This generation is nearly twice as likely to use social media for this purpose than Gen X workers (26 per cent) – often born in the mid-1960s – the research by St James’s Place Financial Adviser Academy and hiring platform Indeed, reveals.

However, Gen Z workers are not just relying on social media for their career advice; they are, in fact, the most likely generation to receive formal career advice. While 43 per cent of Gen Z haven’t received any formal career advice this increases to 49 per cent of Gen X, the research shows.

In today’s competitive job market, younger workers are having to be more intentional with career planning: only 18 per cent of Gen Z fell into their career by chance, compared with the national average of 32 per cent, the survey reveals.

Gen Zs are "sweating every avenue" to achieve their career ambitions; they are also the most likely to receive formal career advice, the firm said.

With younger workers committing a considerable amount of time, money and effort into their careers, they are more likely to want to stick to one career in their lifetime. Over four in 10 Gen Zs and Millennial workers (44 per cent and 47 per cent respectively) plan to do so compared with 39 per cent of Gen X, the survey reveals.

However, a divergence in younger workers’ mindset towards careers is prevalent as financial pressures impact career planning: 59 per cent of Gen Z and 57 per cent of Millennials are prioritising earning money over thinking about their career.

The research was conducted for St James’s Place by Opinium, among 4,000 UK workers and students between 7 February and 18 March 2024.

“The job market has become much more competitive in recent years and, coupled with the rising living costs, we’ve seen a fundamental mindset shift among many workers’ attitudes to their careers. It’s fair to say, our parents could find jobs easier and often were able to approach their career intuitively and work things out without a formal career plan,” Gee Foottit, partnerships manager at the St James’s Place Financial Adviser Academy, said. “In today’s climate, young workers often feel they don’t have the same luxury and, in turn, we’re seeing more intentional career planning. Utilising both formal career advice and informal avenues for career guidance through social media, it’s interesting to see how determined many young workers are in their career aspirations.” 

“However, with one in four workers feeling dissatisfied with their careers, it’s important to remember that it’s never too late to make a career switch, and having the courage to do so can reap many rewards,” Foottit continued. “We have people of all ages join the St James’s Place Financial Adviser Academy, with the average age being early thirties. And the switch can be much simpler than they might at first think. By this age and stage, they’ve gained the experience to know what they really want from their working lives – and have loads of transferable skills to help them achieve this.”