Young workers' quit rate quickens

Last year, as part of the “Great Resignation,” many workers looked for new jobs. This year, more workers are seeking new employment than in 2022, with the youngest members of the workforce leading the trend, according to Bankrate’s 2023 job seeker survey.

Specifically, 55% of Gen Z (age 18-26) and 43% of millennials (age 27-42) are “very likely” to search for a new job in the next 12 months compared with 28% of Gen Xers (age 43-58) and 13% of baby boomers (age 59-77). And 42% of Gen Zers and 36% of millennials are likely to quit their jobs in the next 12 months, compared with only 19% of Gen Xers and 15% of baby boomers.

But economic headwinds could pose challenges. Job openings have softened as interest rates skyrocketed. After a record-high 12 million job openings last year, the Bureau of Labor Statistics reported 9.9 million job openings in February 2023, the first time that number was below 10 million since May 2021.

A weakening economy could hit younger workers the hardest. Already, more Gen Zers and millennials were laid off from their jobs in the past 12 months (11% and 10% respectively) than Gen Xers and baby boomers (5% and 4% respectively).

“The future trajectory of the economy, including whether job losses substantially accelerate as many expect, will help dictate how many workers look for a change, or will want to stay put,” says Mark Hamrick, a Bankrate senior economic analyst.