Australia & New Zealand

What is a Millennial Generation Y? Definition from WhatIs com

They also see themselves as technological entrepreneurs who work with an employer rather than for an employer. They often expect to get promoted very quickly in comparison with previous generations. They seek new challenges and want opportunities for further development.

  1. The Pew Research Center defines generations as groups of people born within the same 15- to 20-year span.
  2. In the workplace, they often seek meaningful work, desire new challenges and rapid promotions, and value diversity and work-life balance.
  3. As we’ve examined in past work, generational cohorts give researchers a tool to analyze changes in views over time.
  4. Dr Abramson says the key difference between all of these cohorts are the different methods of communication they use.
  5. While they value teamwork and seek the input and affirmation of others, they also crave attention, feedback and guidance.

Despite being highly educated in relation to previous generations, members of Generation Y encountered significant economic challenges as they began their careers. For many, their careers got off to a slow start as they graduated from high school or college during a serious economic recession and its aftereffects. Many struggled with unemployment, stagnant wages, and debt, conditions that prevented them from being able to do as well as their parents in economic terms. Dr Abramson says the key difference between all of these cohorts are the different methods of communication they use. Where the silent generation and baby boomers had to rely on face-to-face relationships and are as a result more “engaged” in their real-life communities, the younger generations have social media for that, and create their communities online instead.

“But generations take on special meaning because their members tend to experience critical life events and transitions at particular historical moments, and these moments define their lives,” says Dr. Carr. The Pew Research Center defines generations as groups of people born within the same 15- to 20-year span. These divided time periods can help us understand how our worldview is shaped by the events that occur during our lifetime. After education, Generation Y are heading into an unpredictable jobs market. The employment rate is good, but many are in part-time work or self-employed, and they have faced the largest falls in real average earning in the wake of the 2008 recession.

Millennials are lazy

Most Millennials were between the ages of 5 and 20 when the 9/11 terrorist attacks shook the nation, and many were old enough to comprehend the historical significance of that moment, while most members of Gen Z have little or no memory of the event. Millennials also grew up in the shadow of the wars in Iraq and Afghanistan, which sharpened broader views of the parties and contributed to the intense political polarization that shapes the current political environment. And most Millennials were between 12 and 27 during the 2008 election, where the force of the youth vote became part of the political conversation and helped elect the first black president.

Beyond politics, most Millennials came of age and entered the workforce facing the height of an economic recession. As is well documented, many of Millennials’ life choices, future earnings and entrance to adulthood have been shaped by this recession in a way that may not be the case for their younger counterparts. The long-term effects of this “slow start” for Millennials will be a factor in American society for decades.

They will become institutionalised fairly quickly and be keen to progress within their current organisation, rather than seeking roles externally. Freelance is good money when it comes, but I’ve invested all my savings and time in the organisation and am living month to month,” Monemvasiotis said. And less people are getting married now, in total; in 1980 there were 38,500 marriages in Scotland. In 1980, the average age at which people in Scotland first got married was 24.5 for men and 22.6 for women.

The most-educated generation

Researchers have posited that the causes for millennials’ lag are complex, not necessarily limited to the recession. Part of the reason may be because more young adults are spending their early adulthood attaining college degrees. Since 1968 educational attainment has steadily grown, and by the 2020s about 4 in 10 millennials in the United States had earned a bachelor’s degree or higher—more than any previous generation. The rise in educational attainment has been especially sharp for young women. More millennial women than men possess bachelor’s degrees or higher, a trend that Gen X women started when, in 2001, they became the first generation to surpass men in educational attainment.

Their birth years during the 1980s and ’90s coincided with an increase in immigration, particularly from Latin America and Asia. This contrasts with earlier generations who were born during an era when immigration was historically low, and the few immigrants who did settle in the United States were white Europeans. Millennials, who have grown up with a far less homogeneous culture than their elders have, tend to have more open and positive attitudes toward diversity. One of the events that had a lasting impact on millennials was the Great Recession of 2007–09. Many millennials in the United States and Europe entered the workforce at the height of the worst economic downturn since the Great Depression.

Niazi, who is highly qualified with multiple degrees, saw getting a teaching qualification as a pragmatic decision. “For Generation Y, the generation who have lived on precarious zero-hours contracts and are confronting impossibly high rents, there is a lot more https://1investing.in/ insecurity and anxiety,” she said. Send in your comments and questions via social media using #BBCGenY or to This is not just because they have had less lifespan in which to meet a partner and settle down – people are getting married later and later in life.

Millennials and technology

There has also been a slight increase in the proportion of 25- to 34-year-olds who are still living with their parents – this is the case for 14% of millennials UK-wide. Technology, in particular the rapid evolution of how people communicate and interact, is another generation-shaping consideration. Baby Boomers grew up as television expanded dramatically, changing their lifestyles and connection to the world in fundamental ways. Generation X grew up as the computer revolution was taking hold, and Millennials came of age during the internet explosion.

Marketing to young generations as a single cohort will not be nearly as effective as segmenting your strategy and messaging. No matter how you slice the data, the younger generations have never been more critical to your financial institution’s future. It’s easy to see why there is so much confusion about generational cohorts.

What years are baby boomers?

Although Millennials have less faith in religious institutions, at the same time the numbers have also risen for those who have absolute faith in the existence of a god. Many churches’ messages clash with the Millennial ideal of tolerance for religious, racial, gender, sexual orientation differences. Millennials are also concerned about social justice and will not support institutions that they see as in conflict with social and economic equality. As such, Millennials are exerting their influence on the world around them, as all prior generations have done. One reported result of Millennial optimism is entering into adulthood with unrealistic expectations, which sometimes leads to disillusionment. Many early Millennials went through post-secondary education only to find themselves employed in unrelated fields or underemployed and job hopping more frequently than previous generations.

Generational characteristics are used to articulate major trends that distinguish one generation from another. However, as with any group, significant diversity remains within Generation Y. Research-based characteristics used to describe the group do not necessarily describe all individuals in it. Generation X parents were the first to use helicopter parenting styles. Unlike their definition of generation y Boomer parents, who famously let their kids stay outside until the streetlights came on, Gen X’ers have a tendency to be far more involved with their children’s social and educational development. Boomer parents notably redefined parenting by being the first generation to look at their kids’ perspective of growing up, and they started the concept of having family meetings.

Unlike the Boomers, there are no comparably definitive thresholds by which later generational boundaries are defined. But for analytical purposes, we believe 1996 is a meaningful cutoff between Millennials and Gen Z for a number of reasons, including key political, economic and social factors that define the Millennial generation’s formative years. In order to keep the Millennial generation analytically meaningful, and to begin looking at what might be unique about the next cohort, Pew Research Center decided a year ago to use 1996 as the last birth year for Millennials for our future work. Anyone born between 1981 and 1996 (ages 23 to 38 in 2019) is considered a Millennial, and anyone born from 1997 onward is part of a new generation. Generations provide the opportunity to look at Americans both by their place in the life cycle – whether a young adult, a middle-aged parent or a retiree – and by their membership in a cohort of individuals who were born at a similar time. Our approach to generational analysis has evolved to incorporate new considerations.

Again, it’s important to emphasize that referring to a cohort only by the age range gets complicated quickly. Ten years from now, the priorities of Millennials will have changed — and marketing tactics must adjust instep. There are also other categories of cohorts you can use to better understand consumers going beyond age or generation.

This familiarity makes them adept at understanding interfaces and visual languages. They tend to adjust readily to new programs, operating systems (OS) and devices and to perform computer-based tasks more quickly than older generations. Although it’s been proven that multitasking is not usually an effective way to work, Millennials may be the employees that are most likely to pull it off. According to a 2013 poll in the United Kingdom, Generation Y was found to be more open-minded than their parents to controversial topics. More than previous generations, employees from Generation Y are inclined to question authority.


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