5 Facts That Are Helping Millennials Shape the World
What comes to mind when you hear the word “Millennial?” Do you automatically see a picture in your head of 19–36-year-olds? How do you perceive this generation? Do you see them as not only a generation, but a group that is molding the future, just like an artist molds clay in his or her hands?
Millennials are, and will continue to be, a tremendous influence on society. This begs the question: Are they portrayed as the powerhouse of influence that they truly are?
Millennial Areas of Influence
Millennials today outnumber the Baby Boomer generation, and they are affecting many areas, from consumer buying to family values:
- Millennials have substantial spending power and, according to Accenture, spend an estimated $600 billion a year.
- BazaarVoice states that 73% of Millennials report making a purchase via their smartphone, and that they are much more likely to trust their social media network, or their friends, over brand advertising (98% will “engage” with a post by a friend more often that that from a brand, on social).
- When it comes to work, Millennials are known as “job hoppers.” According to the Harvard Business Review, 21% of Millennial workers have left their jobs in the last year “to do something else.” This is three times the number of workers of other generations.
- Approximately 20% of moms today are Millennials; of the 1.5 million new moms this year, 90% are Millennials. These moms are a tech savvy, connected bunch, having come of age with the Internet.
- Estimates show that approximately 24 million people under the age of 29 voted in this presidential election and, according to NPR, Millennials can potentially have a significant effect on elections for the next 35 years.
Five Facts About the Millennial Generation
There are a variety of perceptions about Millennials, but these five facts will help you better understand this generation.
- Millennials value entrepreneurship. A survey released by Bentley University shows that, while 13% of millennials reported wanting to “climb the corporate ladder” in order to become an executive such as a president or CEO, 67% reported wanting to start their own business.
- Millennials are well-educated. According to Pew Center Research, Millennials are on course to be the most educated generation in American history. Because of the demands of a knowledge-based economy and a scarcity of jobs, Millennials are enrolling in graduate schools, colleges, and community colleges. And they want their children to be educated as well: When Millennial parents were asked about values, more than three quarters reported that they want their children to graduate college.
- Millennials prioritize. The recession has caused Millennials to adapt accordingly and reset their priorities, including choosing to get married later in life in order to build their careers first. Some are having children later in life, too.
- Millennials expect everything to be done quickly. The world moves faster now that it did for previous generations. Advances in technology have kept things moving at lightning speed, forcing all generations to keep up. Because Millennials grew up in this technologically advanced time, they expect things to get done right away.
- Millennials are passionate about changing the world. Millennials are passionate about making a difference and improving the world. They want to give back to their communities through work, get involved in philanthropic causes, and use social media for civic engagement.
Perhaps more than any generation before them, Millennials are making a difference in their world. Knowing what is important to them will help you to better understand, and maybe even appreciate, this group a little more.