Millennials. It’s a term we hear often, but what exactly does it mean? Well, for starters, it represents the largest generation currently on our planet, who just so happen to be taking it by storm.
Millennials are the generation born between 1982 and sometime in the early 2000’s, and if there’s one thing you need to know about them, it’s that they play by their own rules.
With over 63% of Millennials having a Bachelor’s degree, they are the most educated generation in America — but, that doesn’t mean that they’re conforming to traditional learning tactics. In fact, 50% of Millennial college students say that they don’t even need a physical classroom, with 53% believing that online colleges are reputable, and 39% viewing the future of education as being more virtual.
However, education isn’t the only area where Millennials are breaking the boundaries — they’re doing just the same in their professional and personal lives.
When it comes to business, 90% of Millennials think being an entrepreneur means having a certain mindset rather than starting a company. Still, more than half of Millennials either want to start a business of their own or already have. Go-getter generation? Sounds like it to us.
Currently, there are 40 million Millennials in the work place, and by 2025, 3 out of every 4 workers globally will be Millennials. While they definitely possess hardworking traits, the traditional 9-to-5 work hours still just aren’t really for them — 89% of Millennials would prefer to choose where and when they work. For Millennials, flexibility and playing by their own rules are two major keys.
As for their personal lives, Millennials continue to shock and confuse parents and grandparents everywhere with their willingness to remain single. Just 26% of millennials in the US are married, compared with 36% of Generation X, 48% of Baby Boomers and 65% of the Silent Generation at the same age.
Instead of tying the knot, Millennials in relationships are opting to simply live with their partners, putting marriage off for later, if at all. However, there are three main reasons why Millennials are not getting married: 30% haven’t found the right person, 27% aren’t financially stable enough, and 22% are not ready to settle down. Welcome to the hookup culture, created by none other than Millennials.
Although Millennials are taking different approaches in seemingly all aspects of their lives than the generations before them, there’s still no denying that it’s working out for them pretty well. In the last 5 years, 87% of Millennial workers took on management roles VS. just 38% of Gen X and just 19% of Baby Boomers. And, by 2018, Millennials will have the most spending power of any generation.
While there’s no telling what Millennials may just come up with next, one thing’s for sure — wherever they’re headed, Millennials are the future.
More cool facts about Millennials:
• 63.3% of U.S. executives will be eligible to retire in the next 5 years thanks to Millennials taking over their roles
• It costs $24,000 to replace each Millennial employee
• 56% of Millennials won’t accept jobs from companies that ban social media
• 63% stay updated on brands through social networks
• The top five favorite brands of millennials in the US are Nike, Apple, Samsung, Sony and Walmart
• Millennials annual spending in 2015 was estimated to be $2.45 trillion and by 2018, they will eclipse Boomers in spending power at $3.39 trillion