Millennials characteristics are Intriguing. These days millennials are the talk of the town especially when it comes to money, marriage and debt. You may be amazed when you hear some of these surprising facts about millennials. There are a lot of generalizations when it comes to the 73 million people that fit into the category of millennials so remember, there are always exceptions to the rule. Millennials are experiencing many problems and hopefully someone is working on some solutions. They seem to struggle more than their previous generation and it’s not because they are bad with money.
Stay with us and you will be able to form your own opinion about why they struggle more. One thing for sure, this generation called millennials are not afraid to ask for what they want. In fact, many millennials negotiate their own salaries and benefits as opposed to previous generations that took whatever they were handed out.
Here Are 9 Surprising Facts About Millennials Characteristics
- Millennials Are Saving But Not Investing
According to the Charles Schwab report 31% of millennials are more likely to have financial plans as opposed to 20% of Gen-Xers. Only 24% of non-planners were believed to have had an Emergency fun compared to 65% of financial planners. Furthermore only 33% of non-planners could claim that they paid their bills each month and had money leftover as opposed to 75% of financial planners. Millennials are not investing but they are saving their money. They are not as interested in stocks, real estate and retirement accounts. If the truth be told, they actually shirk these things.
- Millennials Are Distrustful Of Stock
According to the Saint Louis Federal Reserve only two out of five millennials own stocks and the ones that don’t, also do not have stocks in their retirement accounts. This is mainly due to the fact that 77% do not believe that investing long term in the stock market is the best place for their money. In 2002, 55% of 18- to 34-year-olds owned stock but by 2014 that figure decreased to 33%. It only climbed by 4% in 2018 according to Gallup.
- Millennials Are Earning Less Than Their Parents Did At Their Age
When baby boomers were the same age they earn 20% more than millennials according to a study done in 2019. When the dollars earned are adjusted due to inflation between time periods, the median personal income for young adults in 1989 was a little over 10,000 dollars more compared to the median income earned for young adults in 2013.
- Millennials Net Worth Is Half Of What Their Parents Net Worth Was
The median net worth in 1989 for 25–34-year-olds was $25,035 and by 2013 it had dropped to $10,900. The trend that millennials accrued only half the net worth of their parents was noted in a study done by Young Invincibles. Another study showed that the median net worth of gen-Exers in 2001 was 40% higher than that of millennials in 2016. This study was conducted in 2018 report by the Federal Reserve.
- Millennials Have More Student Loan Debt
According to educationdata.org, 23.2 million millennials under the age of 35 owe collectively $622.7 million. The total student loan debt in America is over 1 1/2 trillion dollars and the percentage of millennials carrying this debt is way higher than any prior generation. In 2017, 1/3 of millennials carried debt acquired from student loans whereas gen-Xers had less than 1/5 of student loan debt in 2004. According to CNBC, millennials believe that they will die before they can Pay off this debt which is scary since most of them are in their 20s and 30s. There are some options 4 forgiveness and student loan payments that millennials should consider. If you are a millennial, you should look into credible.com and think about refinancing your student loan.
- Millennials Are Highly Educated
There were only 8% of millennials that fail to graduate from high school. According to the Pew Research Center 28% of millennials have some college education and 39% have graduated with a bachelor’s degree or higher. Education attainment has improved significantly in the last 50 years and no one can explain why millennials are not earning more than previous generations, nor can they explain why they have lower net worth than their parents. Now, of course we are looking at millennials as a whole and there are exceptions to this example.
- Millennials Are Getting Married Later
One of the difference of the millennials characteristics is the fact they get married later in life. In earlier generations 35% of people were married by age 20 as opposed to only 6% of millennials are married by age 20. Not only do their marriage rates remain low but they also wait longer to get married. Many millennials believe that they will reduce divorce rates if they wait longer to get married. Research has shown this is partially true because the divorce rates have climbed when couples marry from the late 20s to their early 30s but the divorce rates began to climb again when they marry in their mid-30s.
- Millennials Have Smaller Families
According to the CDC in 2019, the United states hit a 33-year-old low for the number of births which was 3,745,540. This downward trend began in 2017 which show millennials are waiting longer to have children and having fewer number of them. This may be a good thing since they are waiting longer to get married. You cannot blame millennials for being reluctant and waiting longer to have children since they are earning lower paychecks and have an incredible amount of student loan debt.
- Are Millennials The Majority Of The Workforce?
The US labor force has 56 million participants and it is still growing. Millennials are the largest segment in the workforce and have overtaken gen-Xers and baby boomers. There won’t be any more millennials born however, the population and workforce of millennials in the U.S. continues to grow and will for quite some time due to immigration.
FAQs about the Millennials
Who are the millennials?
Millennials, also known as Generation Y, are the demographic cohort born roughly between the early 1980s and the mid-1990s to early 2000s. They came of age during the turn of the millennium, hence the name “millennials.”
What are the 7 basic traits of the millennials characteristics?
The traits associated with millennials can vary, but some common characteristics include their tech-savviness, desire for work-life balance, focus on experiences over material possessions, appreciation for diversity, socially conscious attitudes, adaptability to change, and a strong affinity for digital communication.
What are the stereotypes of the millennials characteristics?
Some common stereotypes of millennials include being entitled, lazy, overly dependent on technology, lacking commitment in relationships and jobs, and having a preference for instant gratification.
What are millennials’ weaknesses?
Millennial weaknesses may include challenges with financial management, a perception of being impatient, potential struggles with face-to-face communication, and the tendency to prioritize personal preferences over traditional norms.
What are millennials’ best known for?
Millennials are often recognized for their digital native status, their role in driving technological advancements, their focus on social and environmental issues, and their influence on changing work trends.
What do millennials value most in life?
Millennials tend to value experiences, work-life balance, social justice, inclusivity, personal growth, and the ability to make a positive impact on the world.
What are the millennials characteristics in terms of lifestyle?
Millennials are known for adopting flexible work arrangements, valuing experiences like travel and dining out, embracing minimalism, and prioritizing holistic wellness.
What are the positive and negative characteristics of the millennials?
Positive characteristics can include adaptability, innovation, inclusivity, and a commitment to social change. Negative characteristics might involve perceived entitlement, a tendency to job-hop, and potential overreliance on technology.
What are the problems with millennials in the workplace?
Challenges in the workplace for millennials might involve navigating the expectations of older generations, managing a work-life balance, and dealing with limited job opportunities in certain economic conditions.
What are millennials’ points of view on LGBT?
Millennials are generally more accepting and supportive of LGBT rights and inclusion compared to previous generations. The Millennials characteristics are more tolerant toward the LGBT community. They tend to be more open-minded and diverse in their views.
What are the millennial generation positive and negative traits?
Positive traits might include technological proficiency, adaptability, and a desire for positive change. Negative traits could involve perceived entitlement and impatience.
What are the disadvantages and advantages of being a millennial?
Advantages might include growing up with technology, a global perspective, and a commitment to making positive societal changes. Disadvantages could involve economic challenges and dealing with stereotypes.
What is the typical personality of a millennial?
The personality of a millennial can vary widely, but they are often seen as open-minded, creative, and driven by a desire for meaningful experiences.
In conclusion, the millennials characteristics present a multi-faceted and complex picture of a generation that has grown up in a rapidly changing world. Their tech-savviness, adaptability, and commitment to social change have reshaped various aspects of society, from the workplace to cultural norms. While they are celebrated for their inclusivity, innovation, and desire for meaningful experiences, millennials also grapple with stereotypes and challenges that stem from their unique upbringing.
As they continue to navigate adulthood, millennials are poised to make a significant impact on the future. Their ability to bridge digital divides, advocate for social justice, and challenge traditional norms speaks to their potential as catalysts for positive change. While no generation is monolithic, the millennials characteristics illustrate their dynamic role in shaping the present and shaping the legacy they will leave for generations to come…