How AI processes language, predicts words, and reveals itself through overused phrases
There are a lot of generalizations out there about millennials, who might just be the most studied generation in history—and perhaps the most misunderstood. Often criticized for being entitled and lazy, other stereotypes include that they're yoga-obsessed vegans who subsist entirely on avocados while constantly being active on social media. However, there's much more to this generation.
Defined as people born from 1981 to 1996, the term "millennial" was coined in the 1991 book 'Generations' by historians Neil Howe and William Strauss. And while the word is sometimes still used as a catch-all term to describe young people, some millennials are now in their 40s.
So click on for everything you need to know about millennials.
In the US, nearly 40% of millennials aged 25 to 37 have at least a bachelor's degree, compared to just a quarter of Baby Boomers and 30% of Gen X, when they were the same age.
By 2025, millennials will account for 75% of the global workplace. Many baby boomers will have retired by then.
Millennials are more likely than other generations to visit public libraries, which is probably because they're on a budget.
Millennials are making 20% less than their parents did when they were the same age.
Millennials are the most diverse generation, thanks in large part to immigration and changing attitudes about interracial relationships.
Between student loans and credit cards, American millennials have an average of almost US$28,000 in debt.
According to a study by Bentley University's Center for Women and Business, 84% of millennials said that helping to make a positive difference in the world is more important than professional recognition.
One study found that millennials will pay almost US$76,000 in rent by the time they're 30.
Even after waiting a long time to purchase, a 2022 study found that 82% of millennial homebuyers have buyer's remorse due to spending too much on a down payment and underestimating maintenance costs.
Due to the combination of high rent, student loan debt, and low-paying jobs, 66.2% of working millennials have nothing saved for retirement.
A 2023 report from credit reporting firm Experian revealed that 59% of millennials would rather spend money on experiences, such as concerts or travel, than saving towards retirement.
Millennials might be willing to spend on experiences, but they're still worried about money. In a 2023 study, an estimated 42% of millennials cited the cost of living as a major concern for them, and 52% revealed they live paycheck-to-paycheck.
When it comes to getting ink, 47% of millennials have at least one tattoo, while 37% have at least two, and 15% have five or more.
Millennials spend a lot of time online, with Statista reporting in 2021 that 98% of 30-49-year-olds use it regularly.
A 2023 survey revealed that 73.40% of millennials check their phones within five minutes of getting a notification.
Even though they have a reputation for being hooked on their phones, millennials are more willing to leave their phone behind while they travel than Gen X.
Over the next 20 years, millennials are poised to inherit some US$90 trillion of assets and become the richest generation in history. However, this only applies to those who come from affluent families, further deepening wealth inequality.
What used to be a taboo for the previous generation isn't anymore for millennials, as 63% have been candid about their paychecks with family members, 48% with friends, and 30% with coworkers.
A 2022 survey by LinkedIn and CensusWide revealed that 66% of millennials were considering a career change in the next year. The motivation was largely to earn a higher salary and gain greater work-life balance.
In 1970, the average groom was 23 and the average bride was 20.8. These days, it's 29.5 and 27.4, respectively.
The millennials who do choose to have kids are having them much later in life. The birthrate in the US has dropped, while the number of people giving birth for the first time aged 35 or older has increased.
A 2023 study by the job search site, Joblist, found that 49% of the surveyed millennials want to work fully remote.
Nine to five? Nope! Millennials tend to prefer flexible hours that give them the freedom to work early, late, or a combination, which promotes a good work-life balance.
Millennials don't place the same importance on taking kids to church that previous generations have.
A 2023 survey by the American Psychological Association found that Americans between the ages of 18 and 34 are reporting much higher stress levels than usual, with the average self-reported stress level being six out of ten.
Most millennials don't love driving. A 2022 study found that they drive less than both Baby Boomers and Gen X, 9% and 8% less, respectively.
Researchers at the University of Bath found an increasing tendency towards perfectionism in millennials, which further escalates their anxiety.
In a Global Shaper survey of over 31,000 millennials, 48.6% said that climate change is their biggest global concern.
Over 27% of millennials prefer to shop online. They tend to spend big on health, beauty, shoes, clothing, and electronic gadgets.
Sources: (CNN) (CNBC) (Mental Floss)
See also: Stereotype vs reality: How millennials actually spend their money
Everything you need to know about millennials
Here are the facts about this frequently-studied generation
LIFESTYLE Generation
There are a lot of generalizations out there about millennials, who might just be the most studied generation in history—and perhaps the most misunderstood. Often criticized for being entitled and lazy, other stereotypes include that they're yoga-obsessed vegans who subsist entirely on avocados while constantly being active on social media. However, there's much more to this generation.
Defined as people born from 1981 to 1996, the term "millennial" was coined in the 1991 book 'Generations' by historians Neil Howe and William Strauss. And while the word is sometimes still used as a catch-all term to describe young people, some millennials are now in their 40s.
So click on for everything you need to know about millennials.