Nearly Half of Americans Consider Job Changes

In a survey conducted by Verywell Mind, substantial numbers of Americans expressed job dissatisfaction and mused about seeking new employment prospects. The study revealed that nearly half (46%) of employed individuals contemplated seeking new positions within the last month.

Additionally, a significant portion (40%) overall are open to switching jobs or pursuing career transitions during the course of 2022.

This phenomenon, dubbed the "Great Relocation," differs from the well-known "Great Resignation" in that workers are driven by aspirations for improved compensation, flexibility, work-life balance, and benefits.

Financial Stress: A Major Impact on Overall Mental Health

Verywell Mind's surveys have consistently shown that concerns about finances outweigh COVID-19 as the primary source of anxiety for Americans. The study's findings reflected this trend, with 31% of respondents identifying financial issues as their top stressor, significantly higher than those citing COVID-19 as their primary concern (20%).

Furthermore, financial worries profoundly influence mental health and well-being. Almost one-third of Americans (31%) reported experiencing daily financial anxiety, while over a quarter (27%) encountered difficulties affording necessities such as food and housing. Financial stress was also correlated with poor sleep, appetite changes, and negative self-talk.

The Impact of Stressful Work Environments on Mental Health

The survey revealed a strong correlation between considering quitting a job and recognizing the detrimental effects of work on mental health.

• Over half (51%) of those contemplating quitting acknowledged the negative impact their jobs had on their mental well-being.
• Work-related stress significantly affects financial well-being, perpetuating cycles of stress and anxiety, even as individuals actively seek more positive work situations.

Turning Financial Stress into a Catalyst for Change

While financial issues can negatively impact mental health, the intention to enact change suggests that people are open to taking action towards improvement.

• Among those considering resigning, almost half (49%) planned to seek professional help from a mental health practitioner in 2022.
• Additionally, 68% actively worked on their mental health on a weekly basis, demonstrating a desire for effective coping strategies to address stressors.

Younger Americans Leading the Shift Towards Change

The trend towards decisive action is particularly evident among younger generations:

• 51% of Gen Z respondents intended to change jobs in 2022, followed by 48% of Millennials.
• Boomers, on the other hand, displayed a lower propensity for job change, with only 20% considering such a move.

However, the distribution of those who had considered quitting within the past month was more balanced:

• 34% of Boomers
• 32% each of Gen Z and Gen X
• 26% of Millennials

These findings suggest that younger generations, particularly those reliant on tips or gratuity or in temporary or contract work, feel less secure in their current employment situations and are more inclined to seek job changes.

Burnout: A Hidden Epidemic

The survey highlighted the prevalence of burnout, with 58% of workers reporting experiencing it at least once in the past year, and 40% experiencing it recurrently.

• Financial concerns exacerbated this trend, with 68% of those worried about finances daily experiencing burnout in the past year, and 52% experiencing it multiple times.

These findings underscore the intertwined nature of financial worries, job stress, and burnout, especially for those dependent on steady employment. The survey suggests that financial concerns may overshadow personal happiness, fulfillment, and self-worth associated with work, given the immediate need to meet basic living expenses.

Although heightened awareness of mental health struggles during the pandemic has generally been positive in encouraging self-care, it may have an adverse effect if meaningful changes are not implemented. For example, individuals who cannot afford to take time off due to financial constraints experience significant stress from daily mental health challenges.

While disentangling work output from the ability to provide for oneself may not be feasible, the surge in workers seeking new employment opportunities demonstrates Americans' optimism and hope for improved employment conditions.