Coming of age and entering the workforce in the shadow of the Great Recession has proven to be an uphill battle for many millennials, but those living in Washington state are likely faring better than many across the country, according to a newly released report by the personal finance website WalletHub.
In fact, WalletHub’s 2019 Best & Worst States for Millennials report, which compared the 50 states and the District of Columbia across 36 key metrics, found that Washington ranked No. 3 as the overall best state for millennials. Massachusetts and the District of Columbia ranked No. 1 and No. 2, respectively.
Among the findings: Washington ranked No. 3 for “average monthly earnings for millennials.” With regard to “quality of life” and “economic health,” Washington ranked No. 9 and No. 5, respectively.
As part of its report, WalletHub also gathered a group of experts to weigh in on the topic. When asked how state and local authorities can attract and retain highly skilled millennial workers, several experts emphasized the importance of millennials doing work that matters to them and policies that improve quality of life.
“Compared to earlier generations, they are more likely to seek purpose-driven work roles. This means employers need to convey to millennials the larger purpose behind what they do,” said Kendall Cotton Bronk, associated professor, Claremont Graduate University.
Added Mychal Eagleson, president and financial planner, An Exceptional Life Financial, “I believe the best thing authorities can do is to enact policies that improve quality of life for them including things like convenient, affordable access to childcare, ensuring fair and equitable pay, promoting programs that make areas livable, vibrant, and affordable. In places where things like this are happening, millennials seem to be flocking and in the places that are not, they’re beginning to or already have a labor crisis because millennials either leave or avoid living there altogether.”
Click here to read the full report.