student-debt-employee-engagement.pngMillennials’ student loan repayment may be affecting their level of engagement at work — and could hamper companies’ retention efforts, according to a new survey from ORC International and PadillaCRT. 

Millennial employees are projected to comprise 75 percent of the workforce by 2025. One in four owe more than $30,000 in student loan debt.

Women are twice as likely as men to expect it will take 20-plus years to pay it off.

Currently, just 29 percent of millennial employees say they’re engaged at work — less than all other generations — and the survey results suggest student loan repayment obligations may be a factor.   

Thirty-seven percent of women say they’re less likely to stay with their current employer because of their financial situation. Twenty-five percent of men feel their debt may cause them to switch jobs.

Fifty-nine percent of millennials also say they value student loan repayment assistance over other employee engagement programs, including more workday flexibility (51 percent), a traditionally popular option, and first-time home buyer assistance.

Visit PadillaCRT’s site for more on the survey.

{{cta(‘f9a9b5fe-c4b3-43f7-852f-b736b795a98c’,’justifycenter’)}}