Millennial Minimalism
Baby Boomers were born between 1946 and 1964. Their parents lived through World War 2 and the Great Depression. Baby Boomers were raised post this scarcity and hardship, with the future looking a lot brighter than ever before. As the economy picked up and good jobs became available, financial stability was achieved. The goal for many was to get married, settle down, and start a family. Now that times were improving, the desire for material goods increased and the dream had become about consumer-driven purchasing, thus resulting in houses full of stuff. Just think for a moment about your grandparents and the amount of stuff they may have in their homes.
What are Millennials doing with their money?
The Brookings Institute defines a Millennial as anyone born between 1981 and 1996. I am 24 years old so I qualify ever so slightly into that age pool.
A common misconception about Millennials and their approach to money is that we are thoughtless spenders and useless at saving, but the opposite is true. According to a report published in 2020 by The Bank of America, it was noted that Millennials started saving earlier than any other generation before them however, they have less wealth than their parents did at the same age.
The manner in which Millennials spend their money is vastly different from the generations before us. We opt to spend our hard-earned Dollars, Euros, Rands, etc. on experiences rather than materialistic items. In addition to this, health and environmental consciousness are high on the list of where we put our money and energy. We are a generation that opts to share or rent than buy. We choose mobility over space and storage.
There are a number of reasons why Millennials’ approach to material things have changed. Minimalism is an old topic but its popularity has been on the rise over the last decade and has become an enticing lifestyle choice for Millennials.
What is Minimalism?
The word minimalism carries with it a complex set of meanings. This is ironic since it stands for the complete opposite. Nonetheless, I will attempt to explain what minimalism is and what a minimalist lifestyle stands for in the fewest words possible, so as not to bore you with details as that is counter-intuitive.
Minimalism is a lifestyle choice where you decide to only keep what is essential to your overall joy and what contributes to your optimal level of true happiness. It is not about living with the bare minimum (if that works for you then great) but, it does require engaging in further practices such as understanding your view on consumerism, becoming more self-aware, and enhancing your level of discipline. I aim to write about both these practices and the misconceptions of minimalism but that is for another day and another article.
Essentially, minimalism can be summed up into the following 3 points:
- Live simply
- Waste less
- Live purposefully through experiences rather than things
The following details a list of reasons why we as Millennials have taken so much to minimalism:
Minimalism is Sexy
Don’t let it get twisted, minimalism is sexy. The idea of decluttering your home, life, digital life, and your finances is very enticing to anyone. Living simply, organized, and having everything under control is an enticing lifestyle choice. In addition to this, the growth of minimalistic decor and home design has influenced this movement. It cannot be denied that minimalism is a hot topic.
The Environment
A study carried out in 2018 by The Pew Research Center based in Washington D.C. stated that over 80% of Millennials agree that global warming is a fact and 65% agree that humans are the main cause, 10% more than the general population. Millennials are the “green” generation and concerns around climate change, recycling, and reducing one’s carbon footprint have all added to the mass adoption of a zero-waste culture in minimalism.
Actions such as reusing products and clothing, and drastically reducing the purchasing of new items all fall into the lifestyle choice of a Minimalist.
Financial Hardship
The Millennial generation has taken advantage of the birth of the Internet and the rapid development of technology. However, having grown up through a recession, Millennials have experienced an economic struggle.
Millennials are the most educated generation in history but a majority struggle to secure employment post their tertiary/secondary education. That being said, I will agree that the ability to identify and take hold of an opportunity and live whatever dream we desire is most certainly more possible than ever before.
In addition to this, there is no doubt that prices have increased substantially over the last couple of decades and the goal of purchasing a home in your early twenties is out of reach for many.
Minimalism helps Millennials with this by making us opt to have less and therefore to own less. Now, this doesn’t mean we are poor as we still own things and invest our money but, just in a manner that allows us to pack up and move when and where we want.
We Are Not Our Parents
It is clear that Millennials don’t share the same aspirations as older generations. We aim to live a more nomadic, digital lifestyle that allows us to take our work with us wherever we go. Furthermore, we delay getting married, having children, and settling down with a home of our own. Globalization has allowed us to expand what opportunities lay before us, not just in our own country but into the entire world. The world really is our oyster.
These are just a few of the reasons Millennials have turned to minimalism. The continuous process of identifying when we have too much and then cleaning out our lives in every way until we only end up with what is truly important works wonders for me. As a result of this, the following is achieved:
We spend less to prioritize more.
Spending less
Minimalism teaches us to evaluate every item, person, and experience we allow into our lives, both physically and digitally. Thus, by practicing this, we spend less money, time, and energy on wasteful stuff.
Prioritizing more
By living a minimalist lifestyle we, therefore, become more self-aware as to who we spend our time with, what we spend our money on, and which activities we put our energy into.
The reasons for our new relationship with stuff stems from both financial hardship as well as just personal preference. The lifestyle of minimalism, therefore, fits perfectly with how we as Millennials aim to deal with this amazing madness that is our lives.
