Why millennials prioritizing job security are missing out on extra pay

Why millennials prioritizing job security are missing out on extra pay
Why millennials prioritizing job security are missing out on extra pay

The research appears to debunk the myth that young workers are disloyal job swappers and even concludes that the benefits of staying in the same position is counterproductive, at least in terms of pay. Annual real pay increases for long-term employees were found to have dropped from around 4 percent to close to non-existent.

One theory offered by Bank of England Governor Mark Carney could be that people prioritize job security during a particularly tumultuous financial climate.

"Put simply, long after the original trigger becomes remote, perceptions endure. (People) become embedded in economic narratives and their salience persistently affects risk perceptions and economic behavior," Carney said in a speech the week following the Brexit vote.

The Resolution Foundation's data follows another report it conducted earlier in February which found that millennial men were earning on average £ 12,500 ($15,622) less than the male generation that preceded them by a decade.

CNBC

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