Through my experience and research, I’ve found that Millennials are much less likely to ask for raises, which, in today’s world, could be detrimental to their financial well being. As individuals with exponential student debt, higher cost of living, and less income overall, Millennials are set up for financial struggles. Asking for a deserved raise should not be a thing of anxiety for these young adults.
According to Payscale’s data, only 37 percent of Millennials have ever asked for a raise, while older workers were far more likely to ask (48 percent for Baby Boomers, and 45 percent for Gen Xers). So, why are Millennials not asking?
They feel lucky.
They don’t know how.
They underestimate themselves.
They might be used to others measuring their monetary “worth.”
The truth is, asking for a raise is never easy no matter what generation you come from. Know your value, and know that the time to ask for a raise is when you realize you’re so versatile that if you leave, the company will suffer in some way. Ask, and you might receive. Don’t, and guarantee yourself nothing.