Understanding Millennials
Understand Millennials - do we? I've read a few other posts on this topic and the answers are interesting. Coming up with answers, I figure I need to ask the right questions. And who better to ask than my own daughters who are all millennials. After all, understanding their motivations will be a good way to connect with them and align ourselves with what is most important to them.
As a babyboomer I understand my demographic pretty well. So it's interesting that all of my daughters are milennials and I get to write about their generation. They live in three other states, so this is actually a good way for us to connect.
I've asked each of them to tell me what they feel is the biggest misconception about their generation?
What would they want the rest of us to know about their generation?
And I told them to advise of anything else they wanted to add.
One of my daughters just moved to another state, so this was a fun exercise. Another has bounced around from the west coast to Alaska and is now in Iowa. Another one has lived in the South for more years than any other state. They are very different, but obviously share being a millennial in common.
Their responses are interesting and I've compiled one daughter's response, to which the others agreed:
"I have the usual misconceptions (as I've inferred from other similar articles) that we're spoiled and have a sense of entitlement. I think the truth in that is we are over-educated for a tight job market and have high expectations for our quality of life, which is in conflict with diminshing economy prospects. Also our generation is supposedly spoiled but we have high rates of philanthropy."
An interesting tidbit in all of this is the National Association of Realtors 2014 survey results:
The typical first time home buyer is 31
Median income for first time home buyers is $68,300
95% of first time home buyers financed their homes
44% of home buyers had difficulty getting a mortgage due to student loan debt
So, let's review.
Understanding Millennials: they are in a tight job market, wait till their 31 to buyer a home, most likely will need financing, and supposedly earn about $68,300.
This has been an interesting and enlightening research project, Understanding Millennials.
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