5 Fact Based Reasons why Millennials are Amazing
Yeah, it’s true.
The Millennial generation has been getting a bad rap every since the term was coined. While the Baby Boomers continue to shirk their responsibility for corrupting the American Dream, and Gen X continues to struggle to maintain their cool, or relevancy, Millennials fight to remain positive everyday while facing the worst chances of financial success any generation has faced.
As Diane Hembree of Forbes puts it, those that are somewhere in their twenties or thirties today, “came of age in the wake of the worst economic crisis since the Great Depression, she notes. They owe record levels of student loan debt, the job market is rough and a full 45 percent of Millennials are working gig economy jobs that offer no health benefits, pensions or 401(k)s. On top of that, they face ridiculously high rents (think $3000 for a shared room in NYC and San Francisco), tight mortgage restrictions and stagnating wages.”
It’s important to note, however, that the rhetoric about Millenials might be changing as many people are now talking about how Millennials might be more similar to the Greatest Generation than any other generation:
Forbes — Smart personal finance choices under tough economic conditions.
CNBC — Save more and carry less debt.
Fortune — Housing, wages, and student debt concerns will have major economic consequences for everyone.
So, we will be spending some time over the coming weeks bringing to light why Millennials have already demonstrated why they deserve the spotlight.
Reason 1 — They work hard while being paid less than their parents were.
Young workers today (between 24–36 years of age) earn about $40,000/yr, but when adjusted for inflation, this is $10,000/year less than their parents were earning at the same age. (Report from Young Invincibles)
Reason 2 — Millennials fight through double the student loan debt than Gen X.
Findings from The College Investor shows the average student loan debt of a US Millenial is almost $40,000.
Reason 3 — They are very conscious about saving money.
Though crushed with debt, and earning less money, Millennials save at a rate of 8% of their annual salary, exactly the same rate as Gen X. Baby Boomers save at a rate of 9%. A study by T. Rowe Price even goes to say that Millennial 401(k) saving habits are BETTER than their Baby Boomer parents.
Reason 4 — They are arguably the most charitable generation.
About 84% make annual donations and about 70% volunteer their time. They are far more generous than you think. Doesn’t sit well with those popular “self-entitled” false stereotypes huh?
Reason 5 — Millennials are super focused on the environment.
According to large scale study involving more than 20,000 Millennials from 181 countries, environmental issues are of the utmost concern to Millennials. This is good for EVERYONE, especially for those yet to enter this world. Hopefully Millennials can get those in power to actually act, as they wait their own turn to take the helm.
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