More Than Half of U.S. Workers Open to Pay Cut for Better Quality of Life
A recent survey reveals that 51% of U.S. workers would consider accepting a 20% pay reduction in exchange for an improved quality of life.
Lynn Bufka, a clinical psychologist associated with the American Psychological Association, highlights the struggle many individuals face in finding a work-life balance. She notes that the drive to succeed and perform at work can often overshadow personal well-being, especially in certain parts of the U.S.
The survey indicates that younger adults are particularly inclined to prioritize a better work-life balance over financial gain. Sixty percent of millennials (ages 27-42) and 56% of Gen Z adults (ages up to 26) expressed their willingness to accept lower pay for a more fulfilling life.
Julia Toothacre, a résumé and career strategist, emphasizes that younger generations are vocal about the importance of balance in life. She notes that this desire for balance does not equate to a lack of ambition but rather reflects a need for flexibility without compromising health.
The survey findings also reveal differences among older adults, with 45% of Gen Xers (ages 43-59) and 33% of Baby Boomers (ages 60-78) considering a pay cut for improved work-life balance.
Toothacre observes a growing trend among her clients, who prioritize flexibility in their careers for various life events and commitments. Many are willing to forgo higher pay in pursuit of a more balanced and flexible career path.
The survey, conducted in August and September 2023, involved 16,086 online interviews across 16 countries, including the United States. Seventy-seven percent of respondents prioritize achieving a balanced life over career advancement.
Bufka underscores the importance of recognizing aspects beyond work in defining one's identity and fulfillment. Neglecting social and spiritual dimensions can lead to challenges in personal well-being.
Practically, achieving work-life balance involves making time for essential household tasks and family responsibilities. Balancing work demands with personal obligations remains a persistent challenge for many individuals.
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