You may have heard the term Millennial thrown around about this younger generation, especially as they establish themselves in the work force and make a political statement with the current world. However, there are a lot of misconceptions about this generation, especially how they view and interact with the older ones.
Social Media. This should come as no surprise that this generation is not only tech savvy, but completely at home online. Facebook, Snapchat, Twitter, and YouTube have become the standards for normal communication. However, Baby Boomers are increasing their online footprint, with 78% of them estimated to be “surfing.”
Media Availability. Coupled with the increase of social media access is the desire to use it and voice their opinions. They require usage of it even at the work place, in fact 56% will not work somewhere with limited or no access to it. Even more so, 71% of them will ignore work place policies restricting access, and believe that they can use it as a platform to critique their place of employment.
Student Debt. Another little known fact about Millennials is the staggering amount of debt they are carrying. With over 1 Trillion dollars $ of student loan debt alone, this generation is the most heavily indebted coming out of college. However, they also have a surprisingly high graduation rate with over 63% with a 4 year or Bachelor’s degree.
Living with ‘Mom.’ This is a two sides of the coin statement. One hand you have 15% of millennials living at home with their parents, and their Baby Boomer parents that are eating some of that cost. On the other hand you have the Baby Boomer parents who not only are financially stable enough to help out their offspring, but their children had to deal with a horrible job market and recession for a long time.
Different Demographics. Another change for the old versus the new is the change in the demographics. Baby Boomers are 73% Caucasian and that number has been steadily shifting to the current Millennials at 56% Caucasian.
Land vs Air. Ever heard the statement “Print is Dead!” Well so is the landline. Millennials are truly cutting the cord. Only 41% still have a land line (including the ones living with mom!), and that number is expected to still fall. Baby Boomers still see the landline as essential and won’t make the switch to all cellular all the time.
Ebooks. Ever heard the statement “Print is….” Yes in the point above! Its not fully dead, but between newspapers, bookstores, and even libraries finding increasingly shrinking reader base, the transition to digital is in full swing.
Attention Span. In an age where media, T.V., commercials, ads, and even our music bombards us for our attention, it’s pretty easy to understand why Millennials are so good at adapting to it. Even if there is no such thing as true multitasking Millennials are some of the best. Counter to that, is the increased focus and attention span the Baby Boomers have. They have developed their ability to a laser focus and will see the task all the way through.