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The Myth of The Millenial Generation

The Myth of the MILLENNIAL Often described as lazy and entitled by older generations, it turns out that millennials arejust misunderstood. Armed with a record number of college degrees, these 18-to 31-year-olds are engagedin good causes with volunteerism statistics rivaling that of the Greatest Generation, Civic engagement and nonprofit participation characterize this generation, despite recent challenging economic conditions. MILLENNIAL STEREOTYPE Millennials are often perceived as less motivated and productive than previous generations, because they are taking longer to get married, gain full-time employment, and move away from home. Millennial generation Young people ages 18-31, bornbetween 1982 and 1995' 1982 1995 Stats on Millennials? 86 7% million The number of millennials in the US in 20133 More millennials thanbaby-boomers The Public's Perception of Millennials“ According to a Pew Research survey, the public thinks: 79% 73% 66% There is "a major difference in the point of view of younger people and older people today" Older Americans are Younger generations and older generations are "very different" in the way they handle technology superior in terms of their moral values, respect for others, and work ethic Unemployed or Underemployed 16% 60% Of all millennials are unemployed in the US5 Of millennials have ajob-half of whichare part-time jobs? Living at Home' In 2007, 18.5 million millennials lived with their parents. Since then that number has risen to 21.6 million, with 36% of all 18-to 31-year-olds living at home. "This is the highest share in at least four decades." - Pew Research Center 56% 16% Ofyounger millennials (ages 18-24) live with their parents Of older millennials (ages 25-31) live with their parents REALITY BITES The recession has taken a toll on millennials, driving higher unemployment rates and raising student loan debt. Although more students are enrolled in college now than before the recession, a bachelor's degree costs more and delivers fewer results than it used to. Impact of the Great Recession on Employment 70% 63% Ofmillennials hadjobs in 2007 Of millennials had jobs in 20121 8. 4.7 250 Average number of résumés received for eachcorporate job opening million million Number of jobs lost in 2008 and 2009 Number ofjobs created from 2010 to 2012 o 4-6 will get an interview o 1-3 will be invited for a final interview o 1will be offered the job? Employment Decline Over Time® The employment rate of young adults enrolled inschool The employment rate of young adults not enrolled in school 2007: 2011: 2007: 2011: 47.6% 40.7% 73.2% 65% According to a recent Adecco survey: 58% Ofhiring managers say they have NO plans to a hire a recent college graduate Increasing College Enrollment 59% 35% 39% Of millennials have gone to college? Of 18- to 24-year-olds were enrolled in college in March 2007 Of18-to 24-year-olds were enrolled in college in March 20122 ($) Student Loans" Less than $9,350 50% Average student loan debt in 1993 ($15,081in today's dollars) Ofstudents graduated with loan debt in 1993 $26,600 66% The average student loan debt of millennials who graduated from college in 2013 Of millennials graduate from college with outstanding debt The amount of student debt has risen in the last decade, and the number of students graduating with debt has increased. More than $100 50% billion Of millennials financed their education Amount of student borrowing in 2010 throughstudent loans $1 $798 trillion billion Total amount of outstanding student loans in 2011 Total U.S. credit card debt in 2011 538% Increase in college tuition cost across the country over the last 28 years" Of millennials say they would have been better off 33% working instead of going to college and paying tuition3 Economic Impact $ According to EPI's The State of Working America, general wage stagnation that began in 2000 led to:4 High School-Educated Men High School-Educated Women Entry-level hourly wages (between 2011 and 1979) = Entry-level hourly wages (between 2011 and 1979) = -25.3% or -$4.00/hr -14.2% or -$1.64/hr According to a Pew Research Study, 18-to 34-year-olds say. 49% 24% They have takena job they didn't want just to pay the bills They have taken anunpaid job to gain work experience 35% 31% As aresult of the poor economy, they havegone back to school They have postponed either getting married or having ababy 80% 67% Of parents with young children in 1993 said children should be financially independent from their parents by the age of 228 Of parents with young children in 2012 said children should be financially independent from their parents by the age of 228 CIVIC MINDED DESPITE THE ODDS In spite of recent economic woes, millennials are passionate about changing the world. They show heightened levels of civic engagement and volunteerism. "Surveys show people born between 1982 and 2000 are the most civic-minded since the generation of the 1930s and 1940s." - USATODAY.com5 Accordingto the Corporation for National and Community Service:" Increase in volunteer rates for ages 16-24 between 1989 and 2005 23% Motivations"9 79% 56% 46% Passion Meet people Expertise Increased Volunteerism Between 2007 and 2008:16 From 2007 to 2008 there was an increase of 1.3 million millennials who volunteered in nonprofit organizations without compensation. 1 Total hours of volunteer service by millennials between 2007 and 2008 billion 10% 42% 66% Of millennials volunteer time to mentor other young people Increase in volunteerism among Ofyouthful volunteer activity is done throughreligious or edu- cational nonprofit institutions young people attending college or tutor others for free S22 Approximate worth of the volunteer work contributed by millennials (based on estimated monetary value of a volunteer hour = $20.25) billion 40% 70% Increase in the interest in "keeping up to date on political affairs" among college students Ofcollegefreshmen believe that it is "essential or very important to help people in need"-the highest level since 197O The Most Important Things to a Millennial" 52% Being a good parent 30% Having a successful marriage 21%| Helping others in need |20%| Owning ahome 15% Living avery religious life 15% Having a high-paying career 9%| Having lots offree time 1% Becoming famous Increased Participation in Volunteer Organizations" 37% 16% times Increasein City Year applicants between 2009 and 2010 Increase in Peace Corps applicants between 2009 and 2010 Increase in Teach for America applicants between 2007 and 2010 27 3 to 1 18-24 Average age of Peace Corps volunteers Ratio of AmeriCorps applicants to openings in 2010 Age range of AmeriCorps volunteers Millennial Impact on Nonprofit Organizations" > 46% Of millennials donated to nonprofit causes Of millennials are ..►72%| interested in participating in a nonprofit young professional group 2012 Giving History" 83% Of millennials surveyed made a financial gift to an organization READY TO CHANGE THE WORLD By breaking down awide range of statistics, we can see amore accurate, nuanced view of this often misunderstood generation. Millennials are making the best of a challenging time, striving to overcome economic setbacks and make the worlda better place. Millennials' beliefs, values, and goals are geared toward creating social impact and helping others. Not only do they aspire to achieve these selfless acts, they go out and make them happen. SOURCES 1 http://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-their-parents-home/ 2 http://washingtonexaminer.com/harvard-just-6-in-10-millennials-have-jobs-half-are-part-time/article/2520719 http://online.barrons.com/article/ SB50001424052748703889404578440972842742076.html#articlelabs_article%3D1 * http://www.pewsocialtrends.org/2009/08/12/forty-years-after-woodstockbra-gentler-generation-gap/2/ 3 http://bls.gov/news.release/empsitnr0.htm • http://www.cbsnews.com/8301-505123 162-57562002/december-jobs-1.8-million-jobs-created-in-2012/ 7 http://www.ere.net/2013/05/20/why-you-cant-get-a-job-recruiting-explained-by-the-numbers/ * http://www.pewsocialtrends.org/2012/02/09/young-underemployed-and-optimistic/ 9 http://www.adeccousa.com/articles/Way-to-Work-Survey.html?id=211&url=/ pressroom/pressreleases/pages/formslallitems.aspx&templateurl=/AboutUs/pressroom/Pages/Press-release.aspx 10 http://nces.ed.gov/fastfacts/display.as p?id=372 11 http://www.usatoday.com/story/money/personaltinance/ 2013/06/30/student-loan-debt-economic-effects/2388189/ 12 http://www.bloomberg.com/news/2013-08-26/college-costs-surge-500-in-u-s-since-1985-chart-of-the-day.html 13 http://www.forbes.com/sites/halahtouryalai/2013/05/22/ student-loan-problems-one-third-of-millennials-regret-going-to-college/ 14 http://www.epi.org/publication/ib327-young-workers-wages/ 15 http://usatoday30.us atoday.com/hews/sharing/2009-04-13-millenial_N.htm * http://ndn.org/blog/2009/08/millennials-lead-nation-service-our-country 17 http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/ 1* http://cdntrustedpartner.com/docs/library/AchieveMCON2013/ Research%20Report/Millennial%20lmpact%20Research.pdf Created by OBizMedia Online MPA Degrees.u

The Myth of The Millenial Generation

shared by obizmedia on Jul 28
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Every few months an article comes out suggesting that the current generation of twentysomething Americans lack a competitive edge, feel entitled and are narcissistic. It is widely agreed that they are...

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