Millennials generation is reshaping global economy, research shows
A survey provided last week by Ernst & Young and Economic Innovation Group (EIG) found that although millennials are willing to work hard, they deeply believe that “the economy is failing them.”
The study further discussed how the job market has left many new college graduates out of work or in low-level retail jobs, leading many to feel uncertain about the future.
The survey’s data showed that 30 percent of millennials are not making enough money to cover their expenses. Up to 78 percent are worried about having good-paying job opportunities and 79 percent are worried they will not have enough money to live on when they retire.
Even more interesting to see is that 32 percent of millennials believe their local community is still in a recession.
According to Steve Glickman, co-founder and executive director of EIG, the mindset of many millennials has been strongly impacted by the recession’s harsh economic realities, making them politically independent, economically pessimistic and skeptical of traditional institutions.
They are unsatisfied with how their sacrifices, i.e. getting an education and working hard, has not reaped any rewards.
Millennials deeply admire entrepreneurship, considering it to be the key to economic success. Many risks are, however, thought to exist when it comes to succeeding in business. In this case, capital is what they believe to be the biggest impediment to starting their own business. In particular, 55 percent believe their generation is more entrepreneurial than past ones. Going further, 62 percent have considered starting their own business, while 42 percent believe they do not have the financial means to start their own business.
As a Goldman Sachs research study shows, the millennial generation is reshaping the economy.
Their experiences are forcing companies to examine how they do business. Being the largest generation in U.S. history that was raised in a time of rapid change, technological advancement, globalization and economic disruption, millennials have developed a completely different set of behaviors from their parents.
Many have been slower to marry and move out on their own. The percentage of young people married and living on their own has dropped by more than 50 percent since the 1960s.
Millennials also seem less interested in buying expensive items such as cars and luxury goods. Instead, they are turning to a new set of services that provide access to products without the burdens of ownership. In this way, they have given rise to what is now called “sharing economy.”
As the first generation of digital natives, their affinity for technology helps shape how many millennials shop. They are used to instant access to price comparisons, product information and peer reviews.
Millennials also deeply care about wellness and like to devote time and money to exercising and eating right.
The infographic below provides information about the changes peculiar to the millennial generation and their impact on the economy.