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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% of the population, you can't miss 'em.
Including the 15,875,590(number below x .37) Millennials who are unemployed or out of the workforce.
That's 37% of the 42,907,000 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
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).
- 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
Are more tech savvy
They hold flexibility of when and where to do something at a premium. And excel with e-learning opportunities.
- With twice as many Millennials self-identifying their generation with "technology use"(24%) than Generation X'ers.
- While generations before X don't self-identify at all with technology use.
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
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]
Leading student debt to quadruple to $1 trillion, IN TEN YEARS.
- Avg. Prices by year in 2010 dollars
- 4 year colleges
- With living costs averaging (public)$9,200, (private)$10,460 per year
- 2 year colleges
- 1980: $5,580
- 1990: $6,361
(a trillion dollars is enough to pay the tuition of 11.4 million students through four year colleges...and it did.)
As compared to the 90's
- Avg. Debt from school
- 2000: $23,335
- 2004: $22,690
- 2008: $24,614
- 2011: $27, 547
[all in 2012 dollars]
While 52% have a $37,100 debt coming out of school.
- 1993: $15,073
- 1996: $18,855
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)