Leaves Aren’t the Only Things Changing

Its officially been autumn for over a week and that means its time for XYZ University’s annual scary stats campaign.

Its officially been autumn for over a week and that means its time for XYZ University’s annual scary stats campaign. Every year, we take a look at how generational changes are affecting the workplace, membership organizations and society as a whole. Last year, Millennials overtook Boomers as the largest generation and Generation X is projected to surpass Boomers in population by 2028. (source) No more wondering what will happen when Millennials take over. The largest generational shift of our time has happened. So what does that mean for you and your organization? This week, the spotlight is on Millennials. If you’re not familiar, here is a quick rundown.

At home

1. For the first time in more than 130 years, adults ages 18 to 34 were more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household. (source)

2. One-fourth of Millennials in the U.S. speak a language other than English at home. (source)

3. 43% of Millennial adults are non-white, the highest share of any generation. About half of newborns in America today are non-white, and the Census Bureau projects that the full U.S. population will be majority non-white sometime around 2043. (source)

4. One third of older Millennials (ages 26 to 33) have a four-year college degree or more—making them the best-educated cohort of young adults in American history. (source)

5. 35% of Millennials report having student loan debt. (source)

6. The outstanding balance of the nation’s student loans is growing by an estimated $2,726.27 every second and Americans’ student loan debt has risen to $1.2 trillion. (source)

7. 85% of Millennials access the Internet from their phones and are less likely to get news other information from TV, unlike 70% of Boomers. At least eight in 10 report using it to manage their finances, pay bills, shop online, and watch or listen to online content. (source)

At work

1. 87% of Millennials believe that “the success of a business should be measured in terms of more than just its financial performance.” (source)

2. Only 29% of Millennials are engaged at work. (source)

3. 64% of Millennials would rather make $40,000 per year at a job they love than $100,000 per year at a job they think is boring. (source)

4. 40% of Millennials say, if given the choice, they would like to leave their current employers in the next two years. (source)

5. 40% percent of Millennials who report that their manager holds regular meetings with them are engaged, but only 21% of Millennials meet with their manager on a weekly basis. (source)

6. For Millennials in most markets, work-life balance comes before career progression when evaluating job opportunities. (source)

As Consumers

1. Millennials are spending $13 less per day than their same age group in 2008 and are unable to catch up to pre-2008 spending levels at the same rate as older generations. The difference in young adults’ spending from 2008 to 2015 costs the U.S. economy at least $949 million each day. (source)

2. 71% of Millennials have gone online to compare prices, compared with 55% of older generations. (source)

3. 66% of Millennials in the US follow a company or brand on Twitter and 64% like a company or brand on Facebook to score a coupon or discount. (source)

4. 51% of US Millennials would share information with companies in exchange for an incentive. (source)

5. For 95% of Millennials in the U.S., friends are the most credible source of product information. (source)

In Society

1. Only 19% of Millennials say most people can be trusted, compared with 31% of Gen Xers and 40% of Boomers. (source)

2. 44% of Millennials describe themselves as independents. Only 28% identify as Democrats, and 19% identify as Republicans. (source)

3. 49% of Millennials say the phrase “a patriotic person” describes them very well—with 35% saying this is a “perfect” description. (source)

4. 51% of Millennials support gay rights, compared with 37% of Gen Xers and about a third of older adults. (source)

5. 51% say they do not believe there will be any money for them in the Social Security system by the time they are ready to retire, and an additional 39% say the system will only be able to provide them with retirement benefits at reduced levels. Just 6% expect to receive Social Security benefits at levels enjoyed by current retirees. (source)

6. 49% of Millennials say the country’s best years are ahead, a view held by 42% of Gen Xers, 44% of Boomers and 39% of Silents. (source)