10 surprising facts about millennials
Millennials may be the most picked on generation of all time, but their generation entails much more than stereotypes. Here are 10 millennial facts that might very well surprise you.
1. Gen Y is not after material gain.
Despite being the most indebted generation, millennials are do not consider the pursuit of profit to be the highest business achievement. They value purpose over matter.
2. Millennials spend more on grocery shopping than any other generation.
In a recently published survey by Bankrate, surveyed millennials reported spending a total of $797 on groceries per month, which surpasses the amount spent by any other generation.
3. They are better at budgeting than other generations, though.
A new Earnest survey revealed that millennials are not only better at budgeting than other generations but are also more equipped to handle an $500 emergency bill without going into debt.
4. Millennials’ coffee consumption could be leading to a worldwide shortage of supplies.
A 2016 Bloomberg report revealed that millennial coffee demand is on an unprecedented rise as people are becoming hooked on the beverage at an earlier age while young adults are increasing their daily coffee intake on a faster-than-ever pace.
5. They are more generous than you think.
A whopping 84 percent of millennials made a charitable donation in 2014 while 70 percent of them spent at least an hour volunteering, according to data from the Millennial Impact Report.
6. Millennial women are better at adulting than men.
“Across the board, millennial women are more likely than men to say they have already reached a milestone they said represented financial adulthood,” Earnest’s survey report reads.
7. Mental health is a major concern to Gen Y.
According to the Global Youth Wellbeing Index 2017, youth should be given better access to mental health care given that many of them feel their lives are too stressful/believe the way they feel to be getting in the way of their academic, professional and personal lives.
8. Millennials would sacrifice career promotion for the sake of leading a healthy life.
A PwC study revealed that the Gen Y workforce is willing to sacrifice attractive career factors such as rapid promotion and higher-paying positions in order to maintain a positive work-life balance.
9. They don’t necessarily trust you.
Based on Pew Research Center data, millennials have emerged into adulthood with markedly lower levels of social trust than older generations.
10. Millennial wealth will be 1.5 times the size of the U.S. economy by 2020.
UBS research predicts that millennial wealth will reach a whopping $24 trillion by the year 2020 due to factors like entrepreneurial activity and income growth.