Focus on Purpose Shapes Younger Workers' Career Approach

NEWPORT BEACH, Calif., March 7, 2018 /PRNewswire/ -- Swell Investing announced today the latest results of its "Money Meets Morals Study," finding that two in five (40%) employed Millennials aged 18-34 anticipate establishing enough financial security to quit their "day job" and pursue a passion project/activity such as launching a nonprofit or taking up an artistic pursuit either permanently or for at least a year or more. The online study conducted in October 2017 by Harris Poll on behalf of Swell examined American's work lives and the way that the future of work is shaping money management.

The study also found that of Millennials who invest, 29% are looking for their returns to fund the ability to choose work that they enjoy, while 24% of Gen X investors aged 35-54 echoed that sentiment. An overwhelming majority of Americans (82%) report it is important that decisions around who they work for and what kind of work they do aligns with their values.

More than one in five employed Millennials (21%) anticipate they would need less than $15,000 to quit their day job(s) and pursue a passion project/activity for at least a year or more, while 29% of employed Gen Xers anticipated needing $1 million or more.

"Almost everyone wants to pursue purposeful work. But Millennials are most likely to take action," said Dave Fanger, CEO of Swell Investing. "That said, career pauses and pivots create new challenges when it comes to money management."

Nearly half (47%) of Millennials and more than two in five (41%) Gen Xers who have retirement savings accounts currently have two or more. Close to one in six (15%) of those in Gen X who are saving for retirement weren't sure how many retirement accounts they had. When asked how many different companies they had worked for in the last decade, 15% of Millennials said they had only worked for one company, while 37% of those in Gen X have had one employer during the same time period.

Another factor in younger generations' inclination to take time out of a traditional career path may be awareness that their work will change radically over the course of their lifetimes. In a follow-up Swell survey conducted online by Harris Poll in January 2018, when asked whether they anticipated that some or all of their job functions would be automated now or in the next five years, 45% of employed Millennials and about a third (32%) of Gen X workers responded yes.

"Retirement planning is challenging for everyone, but the next generation faces a changing employment future that will shape the way they plan," Fanger said. "At Swell, we're looking to create ways for anyone to align their values with their money as they plan for the future."

Swell Investing launched in May of 2017 to help people invest in portfolios of companies solving major global challenges. Currently Swell offers six portfolios: Clean Water, Green Tech, Renewable Energy, Zero Waste, Healthy Living and Disease Eradication. In addition to taxable accounts, Swell offers Impact IRAs, including SEP, Roth and Traditional offerings, as well as 401(k) rollover assistance.

Money Meets Morals Study MethodThis survey was conducted online within the United States by Harris Poll on behalf of Swell Investing from October 9-11, 2017 among 2,207 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

Investing & Automation Study MethodThis survey was conducted online within the United States by Harris Poll on behalf of Swell Investing from January 16-18, 2018 among 2,033 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

For complete survey methodology for both the Money Meets Morals and Investing & Automation surveys, including weighting variables and subgroup sample sizes, please contact [email protected].

About SwellSwell, an impact investing platform that aims to deliver profit as well as purpose, was built on the belief that today's biggest challenges will result in tomorrow's leading industries. Swell's team identifies high-impact, high-potential companies that are focused on a positive future, making the information and investment opportunity widely available. Swell is an SEC registered investment adviser incubated by Pacific Life, a company that has 150 years of experience in financial services. Learn more at www.swellinvesting.com, facebook.com/swellinvesting, twitter.com/swellinvesting, instagram.com/swellinvesting, linkedin.com/company/swellinvesting, blog.swellinvesting.com.

Swell Investing LLC is an SEC-registered investment adviser. Brokerage services provided to clients of Swell Investing LLC by Folio Investments, Inc., an SEC-registered broker-dealer, and member FINRA/SIPC.

Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Please consider your objectives and Swell's fees before investing. Past performance does not guarantee future results.

Investment outcomes and estimates are hypothetical in nature. Not an offer, solicitation of an offer, or advice to buy or sell securities in jurisdictions where Swell is not registered. Registration does not imply a certain level of skill or training.

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SOURCE Swell Investing