Millennials outnumber everyone else in America. On paper they should be the perfect consumers to help a robust economy well into the second half of the 21t century.
But a new report suggests that big companies are having a sudden realization–something that almost every one of the 83.1 million Millennial Americans knew a long time ago, and in fact that they’ve been screaming from the proverbial rooftops.
It’s that while as a generation Millennials are “digitally native, mobile oriented, media savvy, politically progressive, ethnically diverse, well-educated and culturally savvy,” as Adweek put it recently, they also have one other giant defining characteristic:
They’re kinda broke.
For many years, having a career meant finding an employer and sticking with it until retirement. However, according to a new survey, millennials are likely to change jobs frequently, and they see that as a necessary step for career advancement.
The 2019 Millennial Manager Workplace Survey, released earlier today by Akumina, reports that 75% of millennials believe that constantly changing jobs advanced their careers. The survey’s data is based on information provided by more than 1,000 mid- to executive-level managers between the ages of 18 and 36 years old. The company conducted the survey to “gain insights into the realities of millennial managers’ career journeys, workplace needs and technology preferences.”
Millennials get a bad reputation for everything they do. They get blamed for killing the mayonnaise industry, the diamond industry and even the divorce rate. Myths and stereotypes follow every generation, and none of them are immune from job-hopping myths.
Industry experts told Business News Daily that these “facts” about job-hopping aren’t at all what they seem. Here are few common ones and how to combat them.
Back in 7th grade, Emma Diamond sat spellbound in front of the TV during the Oscars, notebook in hand, writing down her votes for best dressed. This year, she spent the evening combing social media comments for the best celebrity witticisms — and popularizing them via her fast-growing Instagram account.
Americans do not take mental health seriously enough. According to the NIMH, as many as 45% of mental health cases go untreated in this country, at a total potential cost of $147 billion per year.
These statistics are devastating and also not widely known — but they’re not terribly controversial. What is controversial — or at least uncomfortable — is the idea that millennials suffer from more mental health issues than any previous generation. This challenges some of the common assertions that millennials are entitled, lazy and lack a work ethic or respect for The Dollar.
Could it be that they’re simply more susceptible to a world in transition?
Millennials have been the target of more scrutiny than any other generation. Why? Because as a generation, they are larger than the Baby Boomer generation that clocked in at 77 million. Baby Boomers were a significant force in terms of purchasing power, political direction and now retirement as they have moved through their lives. Millennials, sometimes called Echo Boomers, are expected to have an equal or greater influence on society.
Representing 25% of the population, and 80 million strong, Millennials are generally agreed to have been born between 1980 – 2000. You will also hear them referred to as Generation Y. The youngest Millennials are 18 years of age while the oldest will be 38 in 2018.
What has this intense scrutiny revealed about these consumers?
The millennial generation is shaping the modern workforce—whether you like it or not. They’ve been blamed for a host of problems, such as being too entitled and obsessed with social media, and credited with several positives, such as appreciating creativity and having higher moral values. But of course, all of this depends on who you ask—some people claim these traits are inherent in the millennial generation, while others assert that they’re attributable to the coincidental youth of this particular generation or exist purely as anecdotal evidence.
37% of Japanese millennials expect to work till they die
Millennials now the largest living generation. If you type “millennials are” into Google, the search engine will suggest you complete the thought with “lazy,” “stupid” or “entitled.”
It turns out that you can make a lot of money by giving stuff away for free. That’s the lesson from Credit Karma, which today is announcing that it’s running its business profitably after earning $500 million in revenues last year.
Credit Karma launched to help consumers better understand their finances and to provide access to better financial products. Its flagship product is a free credit report and credit monitoring service, which it launched five years ago. Since then, the company has signed up more than 70 million users, which includes about one half of all millennials in the U.S.
Late in 2015, a new restaurant opened in Winter Park, Fla., a northern suburb of Orlando. It’s a big room with exposed ductwork, an open kitchen along one wall and a long bar skirting the other. The cooks there cut and smoke all the meats in house, and many of the ingredients are locally sourced. The patrons, not surprisingly, skew young, which also probably explains menu items like chicken waffles, Wonuts (a hybrid of waffles and donuts) and a pretzel braid appetizer that comes with a Samuel Adams cheese fondue. Out on the patio, you’ll find “Yappy Hour,” a happy hour with dogs invited, though you’ll probably have to wait for a table—weekends often see lines out the door.