Almost half of workers want to find a new job in the next year

Almost half of all American workers plan on finding a new job in the next 12 months, a statistic that shoots up to two-thirds for Generation Z.

A new report by Bankrate says that 48% of workers want to start a job search soon if they haven’t already been looking. That number is down from 56% in March 2023.

Gen Z are much more likely to look for a new job at 64%, according to Bankrate RATE-0.84%, while just 25% of baby boomers surveyed will be seeking out new opportunities.

Mark Hamrick, senior economic advisor for Bankrate RATE-0.84%, told Quartz that the results of the survey are “consistent with what we would tend to view as normalization of the job market.”

Hamrick said it’s telling that at a time when inflation remains high half the workforce is considering looking for a new job. He believes “at least part of that is inspired by economics,” as workers search for higher paying and higher quality jobs.

Bankrate found that while just 22% of all workers said they were willing to relocate for a job, 39% of Gen Z said they would consider a move. Baby boomers are also the least likely age group to report relocating for a new job, at just 6%.

“That’s kind of an American story, or even, to some degree, a global story, where there is this mobility and some people are willing to move to presumably improve their lives and to derive higher compensation.”

Bankrate also found that 29% of workers are interested in starting their own businesses, including 41% of Gen Z, 34% of Millennial, and 23% of Gen X workers.

“If there’s a sign of potential for the US economy, it’s about enterprise births,” Hamrick said. “It’s promising and I love that younger cohorts — and even 12% of Boomers — are thinking of that.”