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Are Millennials a Lost Generation?

The generation with the highest joblessness and debt out of school remains optimistic, though the punches keep on coming.

Millennials = those coming of age since the millenium. 16-34 year olds.

At 14%[2] of the population, you can’t miss ’em.
Including the 15,875,590[2][1](number below x .37) Millennials who are unemployed or out of the workforce.
That’s 37% of the 42,907,000[2] total millenials (18+)

So what are Millennials?

Millennials are educated more than any other generation.

  • “Finished some college” from 18-28
    • Millenials: 54%
    • Gen X: 49%
    • Baby Boomers: 36%
    • Silent Generation: 24%

They have more tattoos[1]

    • four in ten have a tattoo
      • As opposed to 3/10 Gen X’ers, 1.5/10 Boomers, and 6% of Silent Gen’ers
    • two in ten have 2-5
    • and seven out of a hundred have 6 or more

Sidenote:Millennials with tattoes are significantly more likely to have voted for Obama (about 10% more dems have tattoes than GOPs, and about 10% more liberals than conservatives)[1].

Are more tech savvy

  • With twice as many Millennials self-identifying their generation with “technology use”(24%) than Generation X’ers.[1]
  • While generations before X don’t self-identify at all with technology use.

They hold flexibility of when and where to do something at a premium. And excel with e-learning opportunities.

They are more entrepreneurial

  • With 59% of Millennials wanting to or already starting a business
  • And 1/3 of the entrepreneurs in the U.S. aged 20-34[8]

Are more tolerant

  • With Millenials thought to be more tolerant by every other generation by a rate of 2 to 1
  • With 33% thinking gay parents raising a child is wrong, compared to 48% boomer and 55% silent.
  • And 22% believing living together w/o marriage is a bad thing. Compared to 44% boomer and 48% silent.

And are more optimistic about the future

  • Only 31% of Millennials believe they make enough now.
  • But a full 88% believe they will earn enough in the future.(as compared to 76% Gen X’er, and 46% boomers)

Too bad they started school right as tuition rates exploded.
What cost $3,101 in 1980 costs $18,947 today.[average for all institutions in dollars of time][6]

  • Avg. Prices by year in 2010 dollars[3]
    • 4 year colleges
      • 1980:$8,756
      • 1990:$12,303
      • 2000:$15,996
      • 2010:$21,657
  • With living costs averaging (public)$9,200, (private)$10,460 per year[4]
  • 2 year colleges
    • 1980: $5,580
    • 1990: $6,361
    • 2000:$6,766
    • 2010:$8,734

Leading student debt to quadruple to $1 trillion, IN TEN YEARS.[5]
(a trillion dollars is enough to pay the tuition of 11.4 million students through four year colleges…and it did.)

  • Avg. Debt from school
    • 2000: $23,335
    • 2004: $22,690
    • 2008: $24,614
    • 2011: $27, 547
  • As compared to the 90’s
  • 1993: $15,073
  • 1996: $18,855
[all in 2012 dollars]
  • While 52% have a $37,100 debt coming out of school.[7]

And the recession hit
Leaving Millennials to weather the challenges of “last one in, first one out.”
And giving the first Millennials 8 years to work their way up before the recession, and the latest an economy ravaged by 5 years of recession.

And then their debt increased
How it works:
$23,000 is the maximum one can borrow in federal loans.
Average debt from school is $27k
So almost everyone has some federal loans
Federal student loan interest rates doubled to 6.8%
Leaving all loan takers with 6.8% interest on federal loans, and rates as high as 8% on private loans.


Millenials, Gen Y, Gen next, Echo Boomers, Baby-on-board Generation, Screenagers, Facebookers, or Myspace Generation, call them what you want.
Because when you see one, you’ll know it. Millennials are a breed apart.
Top 5 self-definined characteristics by generation

  • Millenials:(24% technology use)(11% music/pop culture)(7%liberal/tolerant)(6% smarter)(5% clothes)
  • Gen X: (12% technology use)(11% work ethic)(7% conservative/traditional)(6% smarter)(5% respectful)
  • Boomer: (17% Work ethic)(14% respectful)(8%Values/morals)(6%”baby boomers”)(5% smarter)
  • Silent: (14% WWII, depression)(13% smarter)(12% honest)(10% work ethic)(10% Values/morals)

Are Millenials a Lost Generation?
Source: NonProfitCollegesOnline.com
citations
http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/

http://www.motherjones.com/politics/2013/06/student-loan-debt-charts
http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/index.html
http://www.cnbc.com/id/100857802
http://nces.ed.gov/fastfacts/display.asp?id=76
http://www.usatoday.com/story/money/personalfinance/2013/04/23/millennials-stock-market-averse/1970937/
http://businessonmain.msn.com/browseresources/articles/smallbusinesstrends.aspx?cp-documentid=254509415#fbid=aJe2ttb1m8s

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