Even as they face challenges in managing finances, Millennial* workers in the United States are generally optimistic about the strength of their financial futures – especially if they can rely on support from their employers.

In the findings from the 2024 Financial Wellness in the Workplace Report, conducted by PNC Organizational Financial Wellness, this is one trend that differentiated Millennials to some degree from other generations. The general picture that emerges from surveyed Millennial workers is one of a generation facing some level of struggle with their finances, but one that is open to embracing tools and resources that can help them overcome it – including through benefits and financial education resources.

Here are five takeaways from Millennial workers surveyed:

1. Three in five U.S. workers say they are living paycheck to paycheck. This sentiment is highest with Millennials and Gen Z. However, across generational divides, the majority of workers indicated they are thinking positively, with 58% agreeing they feel secure in their financial future, 56% feeling in control of their finances, and 54% saying they had a clear and solid financial plan.

2. Benefits clearly play a role for Millennials in terms of retention, as 85% of Millennial workers said they were much more or somewhat likely to stay with an employer that offered more financial wellness benefits. 

3. Saving for retirement rated as the top financial goal for Millennial workers, at 55%, with the two next highest priorities for Millennials being building an emergency fund (53%) and improving their credit rating (50%).

4. Emergency savings accounts are a highly interesting benefit to Millennial workers. In the survey, 72% of Millennials who do not have access to an emergency savings account said they would use it – higher than the 65% affirmative response across all generational groups. 

5. More than half of American workers across generations said they would use financial education benefits if offered, and this number was highest among Millennials and Gen Z (each 63%). However, only 27% of Millennial workers who have access to these benefits use them, the lowest level among the generations.

These results represent a significant opportunity for employers, according to PNC chief human resources officer Vicki Henn. “Employers are operating in a tough environment, as they contend with a tight labor market and pressures stemming from inflation. While challenging, it’s critical for the health of an organization to find the balance between optimizing benefit offerings that can help attract and retain employees, while remaining cognizant of the associated expense.”

Henn added that a company’s values should also factor into the equation. “To be effective, employers need to consider which benefits are most connected to their organization’s goals and values, and also ask employees what is most meaningful to them.”

Webinar Replay: The Evolving Needs of the Multigenerational American Workforce

In the 2024 Financial Wellness in the Workplace: The Evolving Needs of the Multigenerational American Workforce webinar, PNC panelists offered in-depth discussion of survey results. A replay is available here.

Survey Methodology 

The Financial Wellness in the Workplace Study 2024 was conducted in early 2024 and surveyed two different populations: U.S. employers and U.S. workers. The research was conducted in two phases. The qualitative phase included in-depth interviews, separately, with employers and workers in January 2024. The quantitative phase included separate online surveys with employers and workers between February and March 2024. The Employer Survey was conducted online with a national sample of 505 U.S. employers with 100+ workers and annual revenues of $5 million or more. The sampling error is +/- 4.4% at the 90% confidence level. The Workers Survey was conducted online with a national sample of 1,006 U.S. workers ages 21–69 who work full time at companies with 100+ workers. The sampling error is +/- 3.0% at the 90% confidence level. The study was conducted by Willow Research, a custom market research firm and certified woman-owned business.

Ready to Help

Through PNC Organizational Financial Wellness, employers can offer meaningful options that help attract, retain, and motivate talent, including bank-at-work programs, health savings accounts, student debt assistance, online financial education, retirement plan services, earned wage access, and personalized guidance for employees with complex banking needs. Learn more here.

*Millennial workers are defined as being born between 1981 and 1996.