Gen X and Y Say 'No Thanks' to Financial Services Careers

LIMRA found that most financial services professionals were happy with their career choice, and two-thirds would recommend their profession to a younger job seeker. However, some of the incentives recruiters use to try to attract Gen X and Y workers may not be attuned to what they're actually looking for. The report noted that traditional recruiting and compensation structures that attracted boomers hold no sway over younger workers. Additionally, young workers report valuing stability and security over big paychecks.

Technology is another factor in younger generations' reluctance to consider positions in the financial services world. Many companies have been slow to adopt new technologies, the report found, while young workers use the Internet to network both professionally and personally. LIMRA identified another disconnect between Gen X and Y workers' interest in being part of a team, and recruiters' tendency to emphasize "be your own boss" elements to sales positions.

“Our study shows that recruiters who align their message with the job qualities valued by the younger generations will be most successful in overcoming the preconceived ideas about the industry and attract people to a position that is both personally satisfying and financially rewarding,” Painter Eggers added.