The ripple effects of the pandemic have been felt not only in the market and the economy, but also in the lives of Americans. Years of working in stressful careers that lack satisfaction have led to record-level burnout. The pause created by the pandemic shutdown caused people to take a hard look at their career choice, and it appears they were not happy with what they saw.
The number of people quitting their jobs is higher than ever, and the trend does not appear to be slowing. People are looking for careers doing what they enjoy rather than what they must.
Finding a job that fits a desired lifestyle has become the main driver when looking at career opportunities. Moving to cities that provide affordable housing and lower cost of living has become a trend. The number of people moving from expensive large cities to smalltown USA is astounding.
Amidst the great resignation are people that will not likely return to the workforce. Women who are the primary caregivers in their family and baby boomers are among the highest percentages.
Working moms faced staggering struggles when dealing with remote learning and a lack of childcare options. Where possible, they have decided to focus on their families and incorporate remote working opportunities when available.
Many baby boomers were working because they were not quite to retirement age or to give a boost to their retirement nest egg. However, the shutdown and the required adaptations were too great for some, and an astounding number of boomers have retired and will not return to the workforce.
We are seeing the same trends among our clients and friends. We have helped many navigate the changing career landscape or transition into retirement. In most cases, the decision to make the leap is driven by their financial situation. Having a plan in place helps our clients confidently move forward when facing a life-changing event or opportunity. If you find yourself considering a change, before you move forward, contact our wealth management team. We can be a valuable resource in helping you through the decision-making process.
Whatever your situation, we wish you the best for a successful and happy 2022!
Listen to a deep dive about The Great Resignation on the Power Up Wealth podcast.
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