30 Mind-Blowing Facts About Millennials
Forget diamonds: Student loan debt is forever.
There are a lot of generalizations out there about Millennials, generally defined as the generation of people born between 1982 and 2000. They're entitled and lazy. They spend all their money on takeout, and if they're not spending it on takeout, they're spending it on avocados or overpriced cocktails to brag about on Instagram, because they can't live without their phones, and on and on. The only problem? A lot of what people assume about Millennials simply isn't true.
If you think you know all there is to know about this generation, think again—these mind-blowing facts about Millennials might just surprise you yet. And for more insight into Millennial culture, check out these 40 Things Only Millennials Say!
They Dominate the Workforce
By next year, Millennials will account for 36 percent of the U.S. workforce, and by 2025 they will account for 75 percent of the global workplace. Luckily, if you fear you're falling behind, Meet the New Secret Weapon for Getting Your Career Back on Track.
They Want to Make a Difference
When asked, 84 percent of Millennials said that helping to make a positive difference in the world is more important than professional recognition, according to a study by Bentley University's Center For Women And Business. However, when you do want to make that 9 to 5 feel more worthwhile, you can start with these 20 Genius Ways to Make Work More Fun.
They Earn Less Than Their Parents
Millennials are making 20 percent less than their parents did when they were the same age. In fact, a Millennial with a college degree is only making slightly more today than a Boomer without one did in 1989. And yes, lower wages might mean you should consider one of The 10 Best Budgeting Apps to Boost Your Savings.
They're in Debt
Thanks to the rising cost of college tuition, Millennials have amassed $1 trillion in student loan debt. A survey of 1,000 Millennials found that two-thirds of respondents had at least $10,000 in student loans, and more than a third owed more than $30,000. If student loans have got you down, check out 20 Hilarious Tweets Every College Student Can Relate To.
They Are a Huge Demographic
One in three Americans will be Millennials by 2020, which means businesses would be well-served to pay attention to their priorities and personal beliefs. They can start by learning these 20 "Millennial Problems" That Actually Apply to Everyone.
They Aren't Prepared to Retire
Facing the combination of high rent, student loan debt, and low paying jobs, 66 percent of Millennials have nothing saved for retirement. Luckily, you can still get started with the 31 Best Ways to Save for Retirement.
They Love Their Dogs
Millennials are slow to buy a house, and when they do, it's not because they want to have children or get married. It's because they want a place where they're allowed to have a dog, something that isn't guaranteed in every rental. If you relate a little too hard, here are 10 Things You Need to Know Before Adopting a Shelter Dog.
They're More Likely to Digital Detox
Even though they have a reputation for being hooked on their phones, Millennials were more willing to leave their phone behind while they travel for vacation than Gen X. Who could blame them? These are The 30 Best Reasons to Take a Digital Detox.
They're the Fattest Generation
You might think of Millennials as yoga-obsessed vegans who subsist entirely on avocados and sprouted grain bread, but research by Cancer Research UK has found that they're going to be the fattest generation in recorded history. For more information, Here's Why Millennials Will Likely Be the Fattest Generation Ever.
They're Easily Duped
It turns out Millennials are more likely to be tricked by an online fraudster than an aging granny. Among those who reported fraud, 40 percent of Millennials reported losing money, as compared to only 18 percent of people over 70 who reported fraud.
They Control Massive Amounts of Money
It's estimated that by 2020, Millennials will worth $24 trillion, according to a report from UBS Bank. Of course, it's important to remember that this wealth won't be anything close to equally distributed.
They Pay a Lot for Rent
An analysis by the Resolution Foundation found that Millennials will pay almost $76,000 in rent by the time they're 30.
They Aren't Especially Liberal About Gun Control
Despite taking more progressive stances on some social issues, Millennials have an opinion on gun control that is almost exactly in line with adult Americans in other age groups.
They Value Quality Over Quantity
Specifically, Millennials would rather make $40,000 at a job they love than $100,000 at a job they hate. They also think that how much money you make isn't the best indicator of success.
They Have Some Big Knowledge Gaps
One recent poll found that 66 percent of Millennials didn't know what Auschwitz was, and 22 percent were unfamiliar with the Holocaust.
They Love Public Libraries
Currently, Millennials are actually the generation of Americans most likely to use a public library, with 53 percent surveyed saying they had used a public library in the past 12 months, as opposed to 45 percent of Gen Xers and 43 percent of Boomers, according to the Pew Research Center.
They're Very Generous
Research from the Charity Commission in the UK found that adults aged 18-24 were more likely to volunteer to give up their phone for a month for charity than other age groups. They also planned to make a larger charitable contribution and were more likely to research the charity they intended to donate to.
They're More Likely to Abstain From Sex
Despite what you may have heard about hookup culture and Tinder, Millennials are twice as likely to be virgins as Gen Xers of the same age.
Researchers at the University of Bath found an increasing tendency towards perfectionism in Millennials, which is wreaking havoc on their health and increasing their anxiety.
They're Less Religious
Numbers are dropping for Americans who believe in God or are "absolutely certain" there is a God. The number of people unaffiliated with a specific religion is rising, especially among Millennials.
Millennials are hands down the most diverse generation, thanks in large part to immigration and changing attitudes about interracial relationships.
They Believe in Personal Responsibility
The world needs fixing, and 61 percent of Millennials feel personally responsible for at least trying to make a difference in the world.
They're Ditching the Republican Party
Well, at least the women are. Between 2016 and 2017 women affiliated with the Republican party dropped two percent.
With part-time jobs, unaffordable healthcare, and low wages, it shouldn't be too surprising that Millennials are unionizing in record numbers.
They're the Best Educated Generation
Millennials have a higher percentage of people with bachelor's degrees than other generations. Unfortunately, the jobs that were there for Gen X are nowhere in sight.
They Are Frequently Overqualified
According to a survey conducted by Business Insider the first job 35 percent of Millennials took out of college didn't require a college degree. Their student loan debt prevented them from holding out for a job that met their qualifications.
They Aren't Having Children
The birth rates for women in their 20s dropped 15 percent between 2007 and 2012. And it isn't rebounding anytime soon.
They Don't Like Capitalism
Among Baby Boomers surveyed by YouGov, only 26 percent said they would like to live in a socialist country, but 44 percent of Millennials had a favorable view of living in a socialist country, and 7 percent were in favor of communism.
They Believe in Climate Change
In a Global Shaper survey of over 31,000 Millennials, 48.6 percent of them said that climate change is their biggest global concern.
They're the Latest Generation to be Criticized
Baby Boomers might think of Millennials as entitled, self-indulgent lazy kids, but that's nothing new. Research suggests that people have been complaining that younger generations are lazy, self-obsessed, know-it-alls who don't know how to spend their money for millenia.
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