BUSINESS CENTS
60% of Americans Say
Their Network Opens
Doors to Moneymaking
Article by Rebecca Rickert
(BPT) - One in three (31%) Americans say they owe the job they have now - and the salary they make (29%) - to their personal network, according to new research from Empower, a leader in financial planning, investing, and advice. For Millennials, that number rises to 40% on both dimensions.
Six in 10 Americans believe that the strength of their connections is key to success, from career advancement to pay and promotions. Half of people (50%) say it would be naive not to take advantage of personal connections. Some 75% say it's important to use your network to help others, and half of Americans say they've actively helped others get a job (53% overall, 61% Millennials).
"The 'Network Effect' is real, and your dream salary may be one connection away. Many Americans see the power of personal connections as a key to
unlocking moneymaking opportunities," says Rebecca Rickert, head of communications at Empower. "People view the investment of time or money as a means of paying it forward - an investment that pays back."
People are also turning to their inner circles for financial help. A third of Americans (32%) say they have not saved enough and need to rely on their network to make ends meet (41% Gen Z, Millennials). One quarter receive an average of $390 per month ($4,680 annually) in financial support from relatives or personal connections. Nearly a third admit to receiving financial assistance from their parents after the age of 18 (30%) - and 45% of parents say they provide financial support to their adult children. Additionally, 28% of people have received help with living expenses such as groceries, rent, or mortgage