Millennials, also known as Generation Y, are the people born between 1981 and the mid-1990s. They make up 23% of the entire global population and were the first generation to come of age during the digital era. Most of them are in their 30s and 20s and are an important part of the future global economy. But, how different are they from other generations?
1. They Want to Make an Impact at Work
Unlike Baby Boomers, Millennials prefer to work in a place where they can make a difference. While Boomers were more driven by loyalty and could work for the same employer for decades, Millennials seek growth and promotion. Additionally, they want flexible work schedules, good work environments, and stability. On the other hand, Gen Zers, people born between 1997 and 2012, are more focused on getting their dream jobs.
2. They Are More Educated
Millennials are more educated than past generations. According to research, about 39% of Millennials have a bachelor’s degree. Only 29% of Gen Xers and 25% of Baby Boomers have a bachelor’s degree. Millennials have easy access to information, education tools, and are more connected.
3. They Are Wealthier
According to research, Millennials are less wealthier than older generations were at the same age. They make less money than their parents did. Due to this, they have fewer assets and take longer to own homes. And instead of taking mortgages, many Millennials spend their paychecks on Ubers, gadgets, live entertainment, clothes, and sports.
4. They Have Healthier Lifestyles
Millennials are more health-conscious than older generations. They love eating healthy and keeping fit. This has contributed to a shift in food choices as they favor gluten-free and organic food. Compared to Gen-Zers, Millennials don’t mind paying more for a great customer experience. They also want companies to go digital. On the other hand, the Gen Z generation wants new products and services because they were born during a period of rapid innovation.
5. Urban Living Appeals to Them
Unlike Baby Boomers who prefer living in the suburbs, Millennials are drawn to cities. They prefer to live in urban cities even though it’s more expensive. This is influenced by their lifestyle, work, and access to opportunities and information. Gen Zers also prefer cities because of their fast-moving lifestyles.
City life can get very demanding, so most Millennials have different ways of overcoming stress–exercising, partying, traveling, and taking up new hobbies. The Good Patch, a company that makes hemp patches, reports that the millenials that purchase their products place relaxation and quality of life at the top of their list of priorities.
6. They Don’t Marry Young
According to a Pew Research study, many Millennials aren’t currently married. They are getting married later in life and most aren’t living as a family, even when they have kids.
Millennials are quite different from past generations and the younger Gen Zers. Born during the digital age, they have had access to technology and information for most of their lives. This has influenced the way they interact as well as their expectations.