The Myth of The Millennial Generation
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Every few months an article comes out suggesting that the current generation of twentysomething Americans lack a competitive edge, feel entitled and are narcissistic. It is widely agreed that they are an unlucky generation in terms of their current economic situation and prospects. But what if in spite of this public perception and bad luck, or perhaps even because of it, the Millennials were actually the most generous, educated and civic minded generation since the Greatest Generation? Source: http://onlinempadegrees.com/the-myth-of-the-millennial-generation/ Design by: http://oBizMedia.com
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The Myth of The Millennial Generation
- 1. MillennialImpact onNonprofit Organizations18 TheMyth of the MILLENNIAL Often described as lazy and entitled by older generations, it turns out that millennials are just misunderstood. Armed with a record number of college degrees, these 18- to 31-year-olds are engaged in good causes with volunteerism statistics rivaling that of the Greatest Generation. Civic engagement and nonprofit participation characterize this generation, despite recent challenging economic conditions. MILLENNIAL STEREOTYPE Millennialsareoftenperceivedaslessmotivatedandproductive thanpreviousgenerations,becausetheyaretakinglongertoget married,gainfull-timeemployment,andmoveawayfromhome. Millennialgeneration 1982 1995 Stats onMillennials2 86million ThenumberofmillennialsintheUSin20133 Youngpeopleages18-31,bornbetween1982and19951 Moremillennialsthanbaby-boomers3 7% ThePublic’sPerception ofMillennials4 AccordingtoaPewResearchsurvey,thepublicthinks: Thereis“amajordifference inthepointofviewof youngerpeopleandolder peopletoday” Youngergenerationsand oldergenerationsare“very different”inthewaythey handletechnology OlderAmericansare superiorintermsoftheir moralvalues,respectfor others,andworkethic Unemployed or Underemployed OfallmillennialsareunemployedintheUS5 Ofmillennialshaveajob—halfofwhichare part-timejobs2 Living at Home1 In2007,18.5millionmillennialslivedwiththeirparents.Sincethenthatnumberhas risento21.6million,with36%ofall18-to31-year-oldslivingathome. “This is the highest share in at least four decades.” —PewResearchCenter REALITY BITES Ofyoungermillennials(ages18–24) livewiththeirparents Ofoldermillennials(ages25–31) livewiththeirparents Therecessionhastakenatollonmillennials,drivinghigherunemploymentratesandraising studentloandebt.Althoughmorestudentsareenrolledincollegenowthanbeforethe recession,abachelor’sdegreecostsmoreanddeliversfewerresultsthanitusedto. Ofmillennialshadjobsin 20071 Ofmillennialshadjobsin20121 8million Numberofjobs lost in 2008and20096 4.7million Numberofjobs created from2010to20126 250Averagenumberofrésumés receivedforeachcorporate jobopening o 4–6willgetaninterview o 1–3willbeinvitedfora finalinterview o 1willbeofferedthejob7 Increasing College Enrollment Employment Decline OverTime8 Theemployment rate ofyoung adultsenrolled inschool 2007: 2011: Theemployment rateofyoung adultsnot enrolledinschool 2007: 2011: AccordingtoarecentAdeccosurvey:9 58% OfhiringmanagerssaytheyhaveNO planstoahirearecentcollegegraduate 59% Ofmillennialshavegone tocollege2 35% Of18-to24-year-oldswere enrolled in collegeinMarch 20072 39% Of18-to24-year-oldswere enrolled in collegeinMarch 20122 Impact of the Great Recession on Employment Student Loans11 $9,350 Averagestudentloandebtin1993 ($15,081intoday’sdollars) Less than 50%Ofstudentsgraduatedwithloan debtin1993 $26,600Theaveragestudentloandebtofmillennials whograduatedfromcollegein 2013 66%Ofmillennialsgraduatefrom collegewithoutstandingdebt Theamountofstudentdebthasriseninthelastdecade,andthe numberofstudentsgraduatingwithdebthasincreased. More than 50%Ofmillennialsfinancedtheireducation throughstudent loans $100 billion Amountofstudentborrowingin2010 $1 trillion Totalamountofoutstandingstudent loansin2011 $798 billion TotalU.S.creditcarddebtin 2011 538% Increase in collegetuitioncostacross thecountryoverthelast28 years12 33% Ofmillennialssaytheywouldhavebeenbetteroff working instead of going to college and paying tuition13 EconomicImpact AccordingtoEPI’sTheStateofWorkingAmerica,generalwage stagnationthatbeganin2000ledto:14 High School-Educated Men Entry-levelhourlywages (between2011and1979)= High School-Educated Women Entry-levelhourlywages (between2011and1979)= -25.3% or -$4.00/hr -14.2% or -$1.64/hr AccordingtoaPewResearchStudy,18-to34-year-oldssay:8 79% 73% 66% 47.6% 40.7% 73.2% 65% 49% 24% 35% 31% Theyhavetakenajobtheydidn’t wantjusttopaythebills Theyhavetakenanunpaidjobtogain workexperience Asaresultofthepooreconomy,they havegonebacktoschool Theyhavepostponedeithergetting marriedorhavingababy 80% 67% Ofparentswithyoungchildrenin 1993 saidchildrenshouldbe financially independentfrom theirparentsbytheageof228 Ofparentswithyoungchildren in2012 saidchildrenshouldbe financially independent from theirparentsbytheageof228 CIVIC MINDED DESPITE THE ODDS Inspiteofrecenteconomicwoes,millennialsarepassionateaboutchangingtheworld. Theyshowheightenedlevelsofcivicengagementandvolunteerism. “Surveys show people born between 1982 and 2000 are the most civic-minded since the generation of the 1930s and 1940s.” —USATODAY.com15 AccordingtotheCorporationforNationalandCommunityService:16 Increaseinvolunteerratesforages16–24 between1989and2005 Motivations19 79% Passion 56% Meetpeople 46% Expertise IncreasedVolunteerism Between2007and2008:16 From2007to2008therewasanincreaseof1.3 millionmillennialswhovolunteeredin nonprofitorganizationswithoutcompensation. 1 billion Totalhoursofvolunteerservicebymillennials between2007and2008 Ofmillennialsvolunteertime tomentorotheryoungpeople ortutorothersforfree Increaseinvolunteerismamong youngpeopleattendingcollege Ofyouthfulvolunteeractivityis donethroughreligiousoredu- cationalnonprofitinstitutions $22 billion Approximateworthofthevolunteerworkcontributed bymillennials(basedonestimatedmonetaryvalueofa volunteerhour=$20.25) 70% Ofcollegefreshmenbelievethatitis“essentialor veryimportanttohelppeopleinneed”—thehighest levelsince1970 40% Increaseintheinterestin“keepinguptodateon politicalaffairs”amongcollegestudents TheMost Important Things to aMillennial17 52% 30% 21% 20% 15% 15% 9% 1% Being a good parent Havingasuccessfulmarriage Helping others in need Owningahome Livingaveryreligiouslife Having a high-paying career Havinglotsoffreetime Becoming famous IncreasedParticipation inVolunteer Organizations16 IncreaseinTeach for America applicantsbetween2007 and2010 3 times IncreaseinCity Year applicantsbetween2009 and2010 IncreaseinPeace Corps applicantsbetween2009 and2010 27 3 to 1 18–24 AverageageofPeace Corps volunteers RatioofAmeriCorps applicantstoopenings in2010 AgerangeofAmeriCorps volunteers 46% 72% Ofmillennialsdonatedtononprofitcauses Ofmillennialsare interestedin participatingina nonprofityoung professionalgroup 2012 GivingHistory19 83% Ofmillennialssurveyedmadeafinancialgift toanorganization READY TO CHANGE THE WORLD Bybreakingdownawiderangeofstatistics,wecanseeamoreaccurate,nuancedviewof thisoftenmisunderstoodgeneration.Millennialsaremakingthebestofachallengingtime, strivingtoovercomeeconomicsetbacksandmaketheworldabetterplace.Millennials’ beliefs,values,andgoalsaregearedtowardcreatingsocialimpactandhelpingothers.Not onlydotheyaspiretoachievetheseselflessacts,theygooutandmakethemhappen. SOURCES 1 http://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-their-parents-home/ 2 http://washingtonexaminer.com/harvard-just-6-in-10-millennials-have-jobs-half-are-part-time/article/2520719 3 http://online.barrons.com/article/ SB50001424052748703889404578440972842742076.html#articleTabs_article%3D1 4 http://www.pewsocialtrends.org/2009/08/12/forty-years-after-woodstockbra-gentler-generation-gap/2/ 5 http://bls.gov/news.release/empsit.nr0.htm 6 http://www.cbsnews.com/8301-505123_162-57562002/december-jobs-1.8-million-jobs-created-in-2012/ 7 http://www.ere.net/2013/05/20/why-you-cant-get-a-job-recruiting-explained-by-the-numbers/ 8 http://www.pewsocialtrends.org/2012/02/09/young-underemployed-and-optimistic/ 9 http://www.adeccousa.com/articles/Way-to-Work-Survey.html?id=211&url=/ pressroom/pressreleases/pages/forms/allitems.aspx&templateurl=/AboutUs/pressroom/Pages/Press-release.aspx 10 http://nces.ed.gov/fastfacts/display.asp?id=372 11 http://www.usatoday.com/story/money/personalfinance/ 2013/06/30/student-loan-debt-economic-effects/2388189/ 12 http://www.bloomberg.com/news/2013-08-26/college-costs-surge-500-in-u-s-since-1985-chart-of-the-day.html 13 http://www.forbes.com/sites/halahtouryalai/2013/05/22/ student-loan-problems-one-third-of-millennials-regret-going-to-college/ 14 http://www.epi.org/publication/ib327-young-workers-wages/ 15 http://usatoday30.usatoday.com/news/sharing/2009-04-13-millenial_N.htm 16 http://ndn.org/blog/2009/08/millennials-lead-nation-service-our-country 17 http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/ 18 http://cdn.trustedpartner.com/docs/library/AchieveMCON2013/ Research%20Report/Millennial%20Impact%20Research.pdf 23% 10% 42% 16%37% 66% Createdby 16% 60% 16%56% 63%70%