Millennial and Baby Boomer Investors Think ‘Base Salary’ Is by Far the Most Crucial Benefit

“23% of working Millennials, 19% of Generation X and 17% of Baby Boomers say their employer enhanced work benefits/perks’ within the last year.”

Courtesy of  PM Images / Getty Images 

By Jane Burnett 

Recent data from TD Ameritrade shows that 72% of Millennial and Baby Boomer investors, respectively, think “base salary” is the most crucial benefit when deciding on a job offer.

Among full-time and part-time workers, 58% of Millennials, 56% of Generation X and 47% of Baby Boomers say that they “expect additional work benefits and perks” due to “low unemployment levels.”

This data was released before today’s job report, which revealed that the percentage of people who are out of work in this country— 3.7%— is reportedly the lowest it’s been since the year 1969.

True North Market Insights polled 1,110 adult investors in the United States who each have “at least $10,000 in investable assets” for TD Ameritrade’s research. Millennials were defined as those born between 1977 and 1989, Generation X-ers were born between 1965 and 1976, and Baby Boomers were born between 1946 and 1964.

For Baby Boomers and Millennials, these benefits have an impact when deciding on a job offer

Here’s what people in these two generations say would impact their “decision when considering a job offer:”

  • “Base salary:” 72% Baby Boomers, 72% Millennials
  • “Vacation time:” 68% Baby Boomers, 63% Millennials
  • “Health insurance:” 66% Baby Boomers, 69% Millennials
  • “Retirement savings account with company match:” 65% Baby Boomers, 63% Millennials
  • “Flexible schedule:” 56% Baby Boomers, 60% Millennials
  • “Bonus incentives:” 48% Baby Boomers, 56% Millennials
  • “Company culture:” 43% Baby Boomers, 51% Millennials
  • “Employee stock ownership plan:” 35% Baby Boomers, 36% Millennials
  • “Tuition assistance to cover further education:” 5% Baby Boomers, 18% Millennials
  • “Student loan repayment program:” 2% Baby Boomers, 14% Millennials

Twenty-three percent of working Millennials, 19% of Generation X and 17% of Baby Boomers say that their employer enhanced their “work benefits/perks” within the last year.

Here are the top five most popular benefits all generations surveyed say would impact them when deciding on a job offer:

  • “Base salary:” 73%
  • “Health insurance:” 67%
  • “Vacation time:” 67%
  • “Retirement savings account with company match:” 65%
  • “Flexible schedule:” 56%

The least popular choice among all of the respondents was a “student loan repayment program” at five percent.

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