Millennials, the Unbound Generation

Millennials are actively reshaping every facet of modern society. They are not following the paths and traditions set forth by the generations before them. Instead, Millennials are riding a wave of technology into the future, forging new landscapes as they go. This will continue to grow as Millennials are now between the ages of 18–34, the range in which generations begin to distinguish themselves the most.

Although there are many references to Millennials in popular culture, many people still don’t really understand who they are. The birth year for this generation is 1981–1996. The generation which precedes them is Generation X, ranging in birth from 1965–1980. The reality is Millennials have already started making vast changes in our country, breaking traditional molds everywhere they go.

There are many stark differences between this generation and those which preceded it. One quantifiable change is the detachment from traditional organizations. The two most prominent of these forgone networks are the political party affiliation and religion. The Pew Research Center shows 50% of Millennials describe themselves as political independents while nearly one-third of them claim no religious affiliation at all. These are significantly higher levels of disassociation with standard models than previous generations, even at the same age.

Marriage is another traditional concept that Millennials are approaching in a new way. From simply waiting longer to marry to the wide scale acceptance of gay marriage, Millennials proved once again they are not afraid to effect change.

One finding from the Pew survey speaks to the heart of why Millennials are so quick to break tradition. This generation rates significantly lower on social trust. When posed the question:

“Generally speaking, would you say that most people can be trusted or that you can’t be too careful in dealing with people?”

Only 19% of the respondents said that most people can be trusted. This number is significantly lower than other generations. Although some may consider this to be a negative trait, the implications tend to be positive. Lack of trust leads to questioning the status quo and having the willingness to find a better solution.

Technology has provided access to the information and tools required to find these answers. Instead of accepting things as they are, Millennials have proved to be more likely to innovate and create exactly what they want from a product or service.

This may be one of the driving forces behind the Millennial entrepreneurial spirit. Research shows 36% of this generation want to start their own business, two times Generation X and the Baby Boomers. Luckily for Millennials, they are armed with better tools than any other generation to realize their dreams.

This generation is the first in history to have been immersed in technology since childhood. Millennials are technology natives and now that they are growing within the business sector, they are taking technology with them.

As shown in other fields, technology brings freedom. Current banking institutions are too big to quickly adapt to the level of service and freedom Millennials have come to expect. A massive 73% of Millennials prefer financial services from tech companies over traditional financial institutions!

As technology continues to advance and become more available, Millennials will continue to innovate and create new landscapes in every field they enter.

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