If you are a millennial (by age or by heart) who wants to understand your generation way better, this article would be of good help to you.
The devastation of global pandemic has made the millennials become the icons of hope, perseverance, resistance, and resilience in financial aspect.
With the undisputed willpower to come up with alternative options to earn money, run a business, or conceptualize money-worthy ideas; this young generation is definitely on top of the game.
Who are the millennials?
Millennials, also known as Generation Y, are those born between 1981 and 1996. They are probably between the ages of 25 and 40 as of today.
When media first recognized their potential contribution to the impending new millennium as the high school graduating class of 2000, the word millennial was invented.
These young people are characterized as adaptable, inclusive, quick learners who are unfazed by mistakes; comfortable in agile working practices, and professional technophiles.
However, if millennials feel like they don’t get anything from their careers, have doubts about it, or are unsure of its outcome; they tend to feel and think that it’s likely not the best path for them.
Never before in history of time has a generation in such a desperate financial position left their safe, fixed-term jobs more often than millennials.
Some people may see this as a fear of hard work, but for millennials, it as a sign of determination and bravery.
Regardless, majority of the people in the workforce nowadays are millennials; ergo, this generation has a vital role in the workplace.
This is the reason why many people from other era; believe that millennials have lots of potential to become the primary shapers of economic growth in the present and future.
However, many millennials today are having trouble figuring out what they want to do with their lives. “What profession do I want to pursue?” “where I’ll be going next?” “How soon can I begin my investment journey?”
These are some of the more popular existential questions that most millennials are having trouble answering.
To better understand how millennials perceive the world at present, here we have a list of things that most millennials find essential these days.
1.) Millennials want financial security
Although Millennials have a reputation for being entitled and lazy, they are proven to be astute investors; generating higher net returns on investments compared to other generations.
They are more likely than their parents to prioritize conscientious spending that benefits both their financial well-being and their social priorities; such as the climate or third-world growth.
This generation grew up through a period of accelerated transition, which has influenced their priorities and aspirations in ways that previous generations have not.
In most every way, their unique upbringing and subsequent principles are reshaping our economy steadfastly.
Now if you are looking for a sign, this is it!
With population and employment growth, appreciation opportunity, and monthly cash flow prospects; this generation has noticed a gradual increase in many real estate markets.
Affordable mid-rise condominiums by Camella Manors are available nationwide. Start your investment as early as now to avail a good deal before prices go up.
Expect the real estate market to continue to change with too many potential options for people of all ages to invest in real estate. Millennial real estate owners, on average, have a higher future return on investment than capital market investors.
The most popular way for most people to invest in real estate is by their primary residence. You take out a mortgage, pay your monthly payments, and eventually own your home.
Start acquiring your property investment that offers potentially high return and low risk today.
2.) Taking over Social Media
Millennials were the first generation of people to recognize social media as a main platform for communication, and they were the first to embrace the system wholeheartedly.
Since most Millennials were already in school when they first began getting social media accounts, they see it as a space where both their personal and professional life will grow.
Since social networks have evolved into something more than a way to communicate with personal matters, it have become an extremely significant aspect of Millennials’ digital lives.
You may have learned that people constantly want to gain greater influence of social media, manage their time there, and increase the value of what they see in different ways.
According to the millennials, their social media accounts contain a fairly equal combination of contrasting and opposing viewpoints.
On the other hand, a number of people have voiced dissatisfaction with social media; claiming that it contains too much information, consumes too much of their attention; and contains too much unreliable content.
3.) Millennials want a stable, toxic-free workplace
Contrary to the popular belief that millennials are notable job hoppers, millennials are really more inclined into finding a stable job.
Compensation is vital to millennials and must be equitable, but it is no longer the driving force. This generation’s focus has shifted from a paycheck to a cause; and the culture must reflect this change.
Most millennials are unconcerned with the frills seen in certain modern offices; such as ping-pong tables, sophisticated latte machines, and free food provided by employers in an attempt to boost employee happiness.
Giving out toys and entitlements is a flaw of leadership, and it’s even more condescending.
This generation is motivated by a sense of purpose and development.
A traditional boss’s job is to order and manage. Managers who can mentor millennials, respect them as individuals and workers; and help them appreciate and develop their strengths are important to them.
The most critical realization is that everybody deserves a decent career. This is particularly true for the generation of millennials.
Employees are wondering, more than ever before in the history of organizational society; “Does this company appreciate my talents and contribution?” Is this company allowing me to do what I do best on a daily basis?” And for millennials, a career isn’t just a job — it’s a lifestyle.
4.) A generation that places a high emphasis on education
The Millennial generation grew up in a world that was constantly changing. Because of technological advancements, their entire adult lives have coincided with the advent of the internet and mobile phones.
Global transition has made post-secondary education more important than ever, but harsh economic conditions for many Millennials have sparked questions about the importance of college for others.
Families and parent roles have been reshaped as a result of cultural transition, with more two-income and single-parent households attempting to educate their children while still making ends meet.
Millennial parents have strong aspirations for schools; expecting them to teach their children essential learning skills and more. They see schools and teachers as partners in educating their children to be self-reliant, independent; and self-assured young adults.
Parents believe that while college readiness is critical; so is workforce readiness and preparing for life’s challenges.
Millennial parents believe schools have a part to play in all components; just as they consider schools the most accountable for academic readiness.
When a school fails to meet those standards, millennial parents are willing to make improvements inside the school or give their children the opportunity to get a quality education elsewhere.
There are significant variations in how high-income and low-income millennial households, as well as people with various degrees of schooling, feel about their children’s schools.
Lower-income parents and those without a college diploma are much less likely to believe that schools are doing a decent job, and they are dissatisfied with the knowledge they have about the schools and their children’s progress.
Because of that, the value they put on topics like teaching students workforce, life, and social skills, schools might not be able to quantify as accurately as core academic disciplines.
Teachers, the legislature, and the district, they believe, should play a greater role in keeping schools accountable for delivering a decent education to children.
Higher-income parents, on the other hand, are more likely to believe that a decent education would set their child on a path to further education after high school, and that they will play a key role in keeping their child’s school accountable.
Millennials are pleased with the schools and the information they believe they get from them, and they are happy to learn more about how their child does.
5.) People in their twenties and thirties are health-conscious
According to research, millennials are three times more likely than baby boomers to develop anxiety symptoms.
For millennials, wellness is a constant, active endeavor. They eat more healthily and exercise more so than previous generations. They don’t smoke too much. Almost half of those polled perceive healthy eating to be a lifestyle preference rather than a regimen with specific goals.
Technology has given people more access to fitness knowledge and placed personal health tracking in their hands. Millennials use smartphones and gadgets to remain healthy, and they spend more on health and wellness than previous generations while earning less.
As the biggest living generation, millennials have finally surpassed baby boomers. Other realities of becoming older, such as indicators of new health problems, come with this tag.
Millennials are often credited with being more mindful of and involved in their own wellbeing and wellbeing, but this may not be as true as previously thought.
According to recent estimates, millennials are on track to get poorer health than past generations as they age, with more costly and life-threatening diseases.
Although this may come as a shock to a generation that has, by most accounts, been hyper-aware of health and wellbeing, it is the reality.
Reality is that millennials adore the idea of “wellness,” and they are responsible for billions of dollars in corporate sales. Millennials continue to be interested in meditation, yoga, pilates, and other fitness programs.
6.) Millennials need a support system
Employee social well-being is essential to a productive workplace. Employees that are happier are healthy, more alert, and more active.
Millennials are the most common generation in the industry today; however, with this population comes a noticeable lack of employer loyalty.
As a result, the promise of meaning, fulfillment, and appreciation is the most powerful motivator for a Millennial to change jobs.
When you know that Millennials have been praised and given attention since they were children, it’s easy to see that they demand that as adults in the workplace.
They are less concerned about tickets and trips and are more concerned with the pace and accuracy at which they are recognized.
It satisfies the need for Millennials to have their say by including a constant feedback loop and virtuous acknowledgment period.
Peer-to-peer identification is dependent on infrastructure. As a result, Millennials can do it from everywhere, at any moment, bolstering their always-on, social-savvy identities.
Millennials aren’t waiting for one-time acknowledgement or infrequent interaction.
They want genuine relationships that meet their desires for openness, collaboration, and the chance to be a member of work environments that have a positive effect on jobs and the community.
Millennials excel in symbiotic employee-employer partnerships that help them achieve their goals while also contributing to the growth of your business.
This is something that peer-to-peer recognition can help with. Millennials reward their coworkers for excellent performance, fostering an atmosphere of appreciation and commitment.
Peer-to-peer recognition firms, given the importance of teamwork in today’s workplaces. It has a strategic opportunity to promote a healthy, welcoming, and collaborative culture that is trusted by their workers, especially Millennials.
Acknowledgement method further decentralizes organizational relations and promotes the idea that everyone’s viewpoint matters. Peer-to-peer learning fosters camaraderie, improves results, and encourages cross-generational teamwork.
Each generation has an impact on the world and changes the way people think about money. With the help of these essential components, millennials will continue to shape the economic landscape of the world; much as the previous generations created the world we are enjoying to live in today.