Millennials -Struggling But not Lazy
If you are a millennial and you are told you spend too much on frivolous things but, you are more educated than your parents and make less money!
Here is a list of millennial facts that will give insight on you live your life for older generations to read.
Millennials Will be Number One
They will control the economy, policies, fashion trends, cultural trends, etc.
- They are the largest age demographic
- In 2016 they numbered at 71 million
- Boomers numbered 74 Million but Millennials are expected to pass them as boomers pass
- Immigration numbers are also adding to Millennial population
- It’s expected to peak at 76.2 million in 2036
How Old Are They?
Millennials are persons born between the years of 1981 and 1999. They are anywhere from 35-37 to 18-19.
If you are between this age you grew up playing a Gameboy color, you probably grew up loving Pokémon, Digimon, or yu-gi-oh!
These ages are the ages when video games became BIG because you no longer had to go to an arcade to play.
- Generally in-between 18-37
- Born between the years 1981 and 1999
- They were the first generation to experience widespread in-home gaming consoles as children
They Are Not Having Kids
We are not having children for many reasons. You personally might just not like kids and never want them. You might not think you have the time or money to raise them!
Either way, whatever the reason is, we are not having a lot of kids in our age group.
- Only around 48% of Millennials women have kids
- This means only roughly 48% of people aged 18-35 are having children
They Are the Most Educated Age Group!
Millennials are the most educated generational group to ever exist in recorded history.
This is exciting as it shows our culture is shifting to a culture of more educated and knowledgeable people. This assures that our future is in good hands!
- As of 2013 47% of Millennials had some type of college degree
- 36% of Millennial women have a bachelor’s degree
- Only 20% of Boomer women have a bachelor’s degree
- 29% of Millennial men have a bachelor’s degree compared to 22% of Boomer men.
Millennials Have the Most Spending Power of Any Age Demographic
By the year 2020 millennials are expected to spend around 1.4 trillion per year. This amount of money gives them tremendous power with their money. We can boycott products, sway companies, and change trends.
Their amount of money can greatly influence the economy. The sooner we realize the amount of power we have the sooner we can make the changes we see fit for this world.
60% Of Them Share Streaming Site Passwords
This is a trend that will drive companies like Hulu and Netflix crazy! Instead of individually subscribing to all three services millennials you often only subscribe to one and get the password for another from a friend.
Some Millennials may even have 0 subscriptions coming out of their wallet and may be borrowing them all from friends! We don’t have much of a choice as cable is far too expensive and not a great service because of all of the commercials.
Hulu and Netflix are also on demand, so you can watch it whenever wherever!
Student Debt Is Rampant
This could prove to be a very negative force in the economy. Millennials can’t afford as many luxuries when they must make student loan payments for 20 years or more at 200 or more a month. It’s like a second car payment and wages have not caught up!
You aren’t at fault for taking at loans, we were taught to go to expensive schools and get the best degrees we could. We were told if we got a degree, we would get a job.
- 63% of Millennials have 10,000 or more dollars in student debt
- The average student loan debt of the last graduating class was $29,800.
Millennials Are Living Paycheck to Paycheck
Wages have not caught up with inflation. Many Americans are working 2 or more jobs. If the minimum wage would have kept pace with overall income growth in the economy, it would be at 21.16.
It is currently at 7.25. You are working 2 sometimes 3 jobs and barely affording to live yet somehow, we’re lazy and need to do better! If you’re living paycheck to paycheck and you work two jobs, it is not a good economy.
- 48% of millennials are living paycheck to paycheck
- 39% of workers aged 18-24 have a side job
- 44% of workers aged 25-34 have a side job
Median Income of Millennials is at 33,883
According to the US Census Bureau the median income of the millennial demographic is 33,883. This is not a lot.
The average millennial household income is 69,000, compare that to 77,600 for boomers and 85,800 for Gen Xers. This is not your fault; this is the fault of the people who are refusing to compensate you fairly for your hard work.
Millennials Spend Less on Entertainment
When you couple crippling student loan debt with smaller income you already can start to see why they spend less on entertainment.
They spend 2/3rds the amount of money on it as gen x and boomers. So, remember this fact when your mom tells you you’re spending too much on unnecessary things and that’s why you’re living paycheck to paycheck.
- 48% of Millennials live paycheck to paycheck
- They spend 33% less on entertainment than Gen X’s and Boomers.
- They just don’t have the expendable income Boomers have despite working multiple jobs
They Purchase More Online!
Millennials are very adept with technology and their lives are intertwined with it. Because of this they feel more comfortable doing things like finding products online and buying them.
We love buying things online just for the convenience! Why would you go to the store to buy headphones when you can have them with free two-day shipping?
Millennials Aren’t Buying Homes
Once again, we are seeing a down-trodden generation that is reaping far too little for far too much work. They are the most educated generation to ever exist, yet they cannot afford a home.
You may not be buying a home because you don’t like the idea. I don’t intend on buying a home because I like a flexible lifestyle where I can leave whenever I want. `
- 41% of millennials are delaying owning a home because of debt according to Padilla.
- 63% of millennials who bought homes have regrets
- They have an 8-9 percent less home ownership rate than their parents.
- 1/3 millennials had to work a second job to purchase a home, but hey, you’re lazy remember?
Millennials are as previously referenced very adept with technology, over 85% of them own smartphones.
With these smartphones they can always communicate with their friends, stay up to date with what’s going on in the world, google the answer to any question, and purchase items.
- Amazon is the number one app that Millennials have said they can’t go without.
- 39% interact with smartphones more than they do with significant others, parents, children, or co-workers.
- 25% say they spend 5 or more hours on their smartphone
- Millennials love their phones and computers more than their cars, 65% of them said it would be worse to lose these items. Amazing! They’re so connected to technology that losing a phone or computer would impact them more greatly than losing a car.
Brand Names and Social Media
Millennials are aware and intelligent enough to be able to find any way to save what little money they have.
This is also a smart move by the brands! The more they can stay in touch with their customers the more purchases they will make.
- 2/3rds of millennials follow a company on twitter to get store discounts.
- 74% share video content from brands on social media
- 21% would rather message the brand on social media rather than calling customer service.
Millennials Are Big Picture Thinkers
84% of millennials said making a positive difference in the world is more important than professional recognition.
This is according to a study done by Bentley University’s center for Women and Business. This is an amazing statistic because it shows the world may become a better place to live once this group acquires power.
- Millennials will be 75% of the workforce in 2025 so this is good
- 3/4ths of our workforce will be caring about not only their wallets but the world around them
They Don’t Have Money for Retirement
Hopefully you can figure out how to save money before it’s too late. Retirement savings are vitally important because there are not many jobs elderly people are capable of performing
- 66% of millennials do not have any savings for retirement! This is a dangerous statistic
- One third are saving for retirement
- Most have less than 20,000 saved
- The average 401k account balance is for millennials is $67,891
This is an issue; our largest workforce demographic is thousands of dollars in debt before their first paycheck. They can’t afford to spend the money they receive so this money is not going back into the economy efficiently.
- Millennials collectively hold over 1.5 trillion in student debt
- Student loan debt has increased by 102% since 2009
- The average amount of loans upon graduation is roughly $30,000
Too Many Educated Persons, Not Enough Jobs
48% of college graduates work in jobs that don’t require a college education. This is a by-product of the economy not keeping up. Millennial culture is to go to college because that’s the only way they think they have a chance to get a good job.
- Overqualified workers make 48-50% less than if they had the job they were qualified for
- This number has increased by 7-9% from 2000
Millennials Are Moving Back Home
Due to a weak economy that doesn’t have enough good paying jobs and due to the rise of housing costs millennials are being forced to move back home. Because of this 63% of millennials know someone who had to move back home. This is according to the pew research center.
- Studies have shown moving back in can cause depression
- On average 23% of Millennials live at their parents’ home.
They’re Not Getting Married
Another by-product of the economy is that millennials are putting off marriage or home ownership. 1/3 of them have put it off according to the pew research center.
If this trend continues America could mirror Japan and be another country with a negative birth rate due to long hours of work with not enough time for personal relationships.
They’re waiting until they’re financially stable enough to be married. This is also causing lower divorce rates as they’re dating for a longer period of time before they are married. One down side effect of this is that it may create a new generation of elderly poor.
- Marriage is down 8% since 1990
- The median age for first marriage is now 27 for women. It was 20 in 1960
- The median age for first marriage for men is 29. It was 23 in 1960
- 25% of Millennials are likely to never be married.
- 44% of Millennials believe marriage is either obsolete or unimportant.
- Only 35% of boomers feel that way about marriage, this explains the 9% drop in marriages.
They View Business as More Than Money
92% of millennials believe that business success should be measured by more than profit.
This means they view the role of money in society differently, that it should be used to benefit people and take care of things as opposed to just being spent on luxuries or accumulated.
Millennials Are Working Hard
35% of Millennials have started a business on the side to supplement their income. Not started a business for their sole source of income, a business on the side to help support their primary income.
More than have of millennials have an occasional side-hustle or second job.
Millennials Are Making Less Than Their Parents
When adjusted for inflation millennials are making 10,000$ less dollars than their parents were at their age. This is not a symptom of an age group being lazy, this is a symptom of a failingly structured economic system that is top heavy. Income inequality has skyrocketed in the last few decades
- The average has a net worth of $10,400
- Millennial student debt is 300% more than their parents. Not only do they make less but they owe more.
- Millennials have the highest percentage of full-time employees yet still make less.
They Donate to Charity
84% of millennials make annual charitable donations and 70% volunteer their time. This is a selfless generation that is striving to make sure other people don’t struggle.
- Millennials are working two jobs, donating to charity, and volunteering.
- Millennials average donating 481$ per year
- They earn less and are deeply in debt with student loans, so their contributions are likely more in comparison than others.
- 61% of us/you millennials are worried about the state of the world and feel compelled to do something about it according to the Huffington Post.
They Don’t Like Baseball
This could potentially be the end of Major League Baseball on the horizon. Only 18% of millennials describe themselves as baseball fans.
If Major League Baseball intents on surviving they need to work on their outreach to the millennial generation and to gen Y, otherwise they might find themselves not existing.
- 25% of people aged 21-34 are “very” or “somewhat” interested in baseball
- 23% of people aged 18-20 are “very” or “somewhat” interested in baseball
- For ages 50-69 this number is 32%
Millennials Are Creative
Art is born from struggle and hardships and if you’re a millennial there is a strong possibility that you are struggling.
More people than ever are using the hobby website Pinterest which is full of creative ideas. Millennials are also content creators, many of them are getting famous for videos they post on the internet!
Net Worth Falling
The median net worth among millennials fell 37% between 2005-2010. This can be attributed to the recession! Millennials are having a rough to of it finding high paying jobs right now.
Millennials Love Pets
You love your pets just as much as everyone else but maybe even more! We are seeing plenty of trends of millennials doing more for their pets than previous generations.
More people are grooming their pets, putting them on diets, and their pets even have social media accounts!
- 7 in 10 millennials own a pet
- 56% are dog owners
- 36% are cat owners
- Male millennials have more pets than females!
- 76% of male millennials have pets
- Only 68% of female millennials have pets
Millennials Are A Tad Bit Overweight
When most people think of millennials, they think of avocado toast eating vegans, or religious gym-rats. This couldn’t be farther than the truth.
Due to the unhealthy diets and sedentary lifestyles more, millennials are overweight than in previous generations.
- Studies show 70% will be overweight before they reach being middle-aged.
- There are far more processed foods now than in the 80’s
- Advancements in technology lead to more sedentary lifestyles
- More people are working from home
The Most Educated Generation Loves Libraries
It makes sense that the most educated group of people to ever exist loves books. What better place to get books than a public library?
Most millennials have been or are currently in college, so it also makes sense that they would need a library. Let’s be honest, who doesn’t love a good book and a quiet place?
- 53% of Millennials have used a library in the last year
- Only 45% of gen Xers have used one in the past year
- Only 43% of Boomers have used a public library in the last year.
They are Having Less Sex
Millennials are more likely to be a virgin at specific ages than their previous generations.
It is surprising coming from a generation with several hook-up apps and social media where they constantly stay connected to one another.
If you know why let us know in the comments, it is still unclear.
Some experts argue it’s because they’re putting off ALL adult milestones. When did you first have sex? Leave us your age and answer in the comments!
- They are twice as likely to be virgins compared to Gen Xers when they were the same age
- 15% of people aged 20-24 said they had no sex since age 18
- Only 6% of Gen Xers said the same thing
They’re Less Religious
Millennials are far less religious than their parents. The Silent Generation which is mostly composed of your grandparents or great-grandparents are the most religious.
It seems the younger the person the less religious they are. We’re not sure why this is, if you know let us know in the comments. Here are the facts:
- Only 38% of younger millennials say religion is very important in their lives
- 59% of baby boomers say it is very important in their lives
- Only 50% of millennials believe in a god with absolute certainty
- This number is 69% percent among baby boomers
In conclusion we suggest that Millennials be paid more in order to ensure the survival of many industries and the economy as a whole.
They are working more than previous generations and making less. If you have any comments or questions about this article, please let us know.
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Lisa Loeb is part of the content team at Vivipins where she develops resources to help customers start and grow their own businesses.