The general consensus agrees that the age range of Millennials are individuals that were born between the early 1980s and early 2000s. This age range is often debated and sometimes reported to being between 1981 and 1996.
I speak about Millennials quite a bit in this blog. That’s probably because I’m part of this generation. Most Millennials are now entering their early thirties and replacing the majority of the workforce.
This means that Millennials have a huge impact on the economy, consumerism, and trends. They are now the “current generation”, so to speak.
So let’s take a closer look at what the age range of Millennials are, and what it all needs to be a millennial.
The millennial generation
For this article to remain consistent and to make these analytics meaningful, we will use the general consensus. Generally, the age range of Millennials is those that were born between 1982 and 1996 (72.1 million millennials). From 1996 onwards is a part of the new generation.
The millennial generation is characterized as being quite unique. That’s because it started before the technological revolution and lived through its adoption and widespread use.S
Being a millennial myself, I do remember a time where computers were pretty big and barely had any functionality. How time flies, right? Now we have supercomputers in our pockets. What a crazy perspective to have, having lived through that transition.
Millennials also had the unfortunate timing to experience September 11th of 2001, the recession of 2008, and the coronavirus pandemic of 2020. As I write this article, millennials are also facing the largest housing shortage in history. It’s been quite a rocky road for this generation to face.
Millennials are also known for prioritizing experiences such as traveling as opposed to material possessions. They’re very little in assets, are very deep in student loan debts, but typically prioritize experience is above all else.
Millennial financial stereotypes
Just like any other generation before Millennials, they are certain habits and stereotypes that are associated with them. This is especially true when it comes to their finances.
Every generation has its own labels that are given to them by prior generations. Here are a few notable ones.
1. Millennials have high student loans
This has been the Talk of the Town for the longest time. Statistically, Americans owe more than $1.4 trillion in student loans. The majority of that number is currently held by millennials.
This creates a negative effect on making meaningful progress in life. Starting a job while burdened with tens of thousands of dollars in debt is not the best way to start adulting life.
Over the years, the cost of college tuition has more than doubled, making the cost of higher education that much more expensive.
2. Millennials aren’t buying home
To piggyback off off the previous Point, statistically, Millennials aren’t buying as much homes as previous generations. This is no surprise considering how much student debt, on average, Millennials have on their backs.
This is no fault of their own though. As years have gone by, the cost of education has risen significantly, whereas income has not kept up.
Buying a home is no easy task. It’s one thing to save up for a down payment, but it’s another to qualify for the mortgage based on the lender’s requirements.
I wrote an extensive article talking about how Millennials aren’t buying homes, so you should definitely check it out.
3. They don’t hold a job for long
Another interesting stereotype that is brought up regarding Millennials is that they don’t hold a job for long. Unlike previous generations, millennials I suggest you change jobs more frequently.
In a survey conducted by Gallup poll, it found that well over 21% of Millennials change jobs within a year. This is a stark difference comparing with baby boomers. they are cases where they would stay with a company all the way up to retirement.
This stereotype, I believe, is quite the strength. Millennials understand that in order to maximize income potential and climb up the corporate ladder faster, it has been proven that switching jobs will accomplish that much faster.
Things have changed in the last 50 years of working. Older Generations might have been able to cope sticking to one employer all throughout their careers. Nowadays, it makes complete sense to switch jobs instead.
I also wrote a article going over this exact thing. Definitely worth a read.
The future for millennials
Being a millennial myself, it’s hard not to be biased by this question. It’s completely natural for me to have a positive outlook and optimism towards our future, but is that really what’s going to happen?
The funny thing about life is that nobody has a crystal ball that can show them everything that’s going to happen. It’s all speculation and assumptions, however, they have some facts to be considered.
The fact that we have a student loan pandemic and very low numbers of home ownership doesn’t show a bright outcome. The number one store of wealth in the United States is real estate, and staying out of the game is causing most millennials to lag behind.
Like every other generation before Millennials, and all generations that are to follow, there are always going to be opinions about them. Some will be negative, and some will be positive.
It’s also important to filter out all the noise, look at the facts, and determine the future outcome of this generation.
Then again, I might be slightly biased since I am part of this generation, but at the end of the day, I truthfully believe it doesn’t really matter in the end. It is all up to the individual and their choices that will determine their future.
So, what are your thoughts on this generation? Are we as doomed as they say, or is there something that everybody is missing? Let me know your thoughts in the comments below 🙂
Till next time!
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