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Are Millenials a Lost Generation?

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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%[2] of the population, you can't miss 'em.
Including the 15,875,590[2][1](number below x .37) Millennials who are unemployed or out of the workforce.
That's 37% of the 42,907,000[2] 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[1]
  • 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

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)[1].

Are more tech savvy
  • With twice as many Millennials self-identifying their generation with "technology use"(24%) than Generation X'ers.[1]
  • While generations before X don't self-identify at all with technology use.
They hold flexibility of when and where to do something at a premium. And excel with e-learning opportunities.
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[8]

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][6]
    • Avg. Prices by year in 2010 dollars[3]
      • 4 year colleges
        • 1980:$8,756
        • 1990:$12,303
        • 2000:$15,996
        • 2010:$21,657
    • With living costs averaging (public)$9,200, (private)$10,460 per year[4]
    • 2 year colleges
      • 1980: $5,580
      • 1990: $6,361
      • 2000:$6,766
      • 2010:$8,734
    Leading student debt to quadruple to $1 trillion, IN TEN YEARS.[5]
    (a trillion dollars is enough to pay the tuition of 11.4 million students through four year colleges...and it did.)
    • Avg. Debt from school
      • 2000: $23,335
      • 2004: $22,690
      • 2008: $24,614
      • 2011: $27, 547
  • As compared to the 90's
    • 1993: $15,073
    • 1996: $18,855
    [all in 2012 dollars]
  • While 52% have a $37,100 debt coming out of school.[7]

  • 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)

    citations
    1. http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/
    2. http://www.census.gov/population/age/data/2011comp.html
    3. http://www.motherjones.com/politics/2013/06/student-loan-debt-charts
    4. http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/index.html
    5. http://www.cnbc.com/id/100857802
    6. http://nces.ed.gov/fastfacts/display.asp?id=76
    7. http://www.usatoday.com/story/money/personalfinance/2013/04/23/millennials-stock-market-averse/1970937/
    8. http://businessonmain.msn.com/browseresources/articles/smallbusinesstrends.aspx?cp-documentid=254509415#fbid=aJe2ttb1m8s


    Are Millenials a Lost Generation?