What You Need to Know
- Twenty-four percent of millennials plan to buy a home, 22% to get a pet, 19% to change careers and 15% to have a child.
- The most frequently delayed plans included getting medical treatment, selling a home, moving to another part of the country and getting a divorce.
- More than half of millennial employees expressed anxiety over their financial futures, compared with 45% of employees overall.
As the country emerges from the depths of the pandemic, 81% of U.S. millennial employees are expecting to make a major life change in the next 12 months, according to results of a survey on open enrollment released this week by MetLife.
Twenty-four percent of millennials plan to buy a new home, 22% to get a pet, 19% to change careers and 15% to have a child.
Sixty-five percent of millennial employees said the pandemic has had a significant effect on their major life plans, compared with 54% of employees overall; 44% of millennials making plans said the pandemic had previously delayed them.
Among the most frequently delayed plans were undergoing a medical procedure or treatment, selling a home, moving to another part of the country and getting a divorce.
For other millennials, however, the pandemic brought a new wave of responsibilities. One in 5 said the pandemic led them to become a caretaker for a dependent family member.
“As we transition to a new phase of work and life amid the pandemic, millennials are facing new hurdles as they revisit aspects of their lives they had, until now, put on hold,” Marquis Smallwood, vice president for workforce engagement at MetLife, said in a statement.
“From buying homes to expanding their families — including pets — millennials are seizing this moment as a chance to course correct and put their once-paused plans into play.”
MetLife’s 2021 Open Enrollment Study was conducted in August by Rainmakers CSI, an international consultancy, among 1,006 full-time employees 21 and older at companies with at least two employees, and an additional 452 millennial employees.