An Overview Of Their Economic and Social Impact In The United States
As a millennial myself, I would like to look at some facts of our generation and our social and economic effect in America.
Most studies group the millennial generation as those born between 1982 to 2000. There is a relatively wide age gap, with some millennials (such as myself) still in high school, and some having already received a college degree and established families of their own. Our generation is now larger than the Baby Boomer generation, reaching approximately 82 million people.
As a general rule, millennials desire to be leaders in their communities, and, according to several studies, at least half of them say that staying close to family and friends is important. They care about health and spend time and money on quality food and exercise. According to an article on DMR, 86% of American millennials own a smartphone, and of those, 83% say that they text more than they talk on their phone.
Millennials have grown up in an age of massive change in things such as education, technology, and everything in between. Now, we will look at how their behavior affects the economy in things such as buying or renting a home, a rise in online shopping, and more. We will also see what many of them believe on a variety of social issues, including gun regulation, gay marriage, and other big issues.
An article from Advisor Perspectives, Inc., written in 2015, explains some of why millennials will have such a big impact on the economy. The authors’ state:
“…the leading edge of the Millennials is in its mid-thirties and establishing careers and families. They are establishing homes, settling down and engaging in decisions about how to spend and invest their money. We think the rise of the Millennials is likely to have a significant effect on the economy and provide a catalyst for new investment opportunities.
“During our formative years — which roughly means the teenage years — individuals are highly impressionable as they seek to come to terms with the wider world. Events during those years can have a profound and lasting impact on views and behaviors. The Millennial Generation experienced many significant events during its formative years, including the Oklahoma City bombing, the shootings at Columbine High School, the 9/11 attacks, lengthy wars abroad and two periods of financial tumult.
“As a result, these individuals have tended to be cautious in their approach to many things, including household formations, the use of credit and spending in general. We think this restraint explains to some extent the sluggish economy of the past seven years. As their confidence improves with a better economic backdrop, we think their actions are likely to influence the direction of the U.S. economy in the future.
“This year marks the first time the Millennials — ages 20-35, totaling about 82 million individuals — will constitute the largest segment of the workforce and the population in general. Even the youngest of this generation may soon graduate from college and join the workplace.
“…this most-educated of generations is putting that education to use. About 34% of 25- to 29-year-olds hold a bachelor’s, master’s, professional or doctoral degree. The leading edge of Millennials is starting to make career headway, including moves into management and leadership roles. Some will enter their prime earning potential years within the next decade and the number of Millennial millionaires already outpaces the number of Generation X millionaires.”
In addition, an article from Goldman Sachs says, “They’re also the first generation of digital natives, and their affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information, and peer reviews.” Because of their tendency to purchase various products online, millennials may affect the way Americans handle commerce.
Over the past ten years, those from age 25-34 choosing to rent a home instead of own a home has grown from 52% to 60%. This article from Goldman Sachs also suggests that “As Millennials enter their peak home-buying years, their reluctance to enter the housing market could change. The cohort’s sheer size, plus its desire to settle down in the future, could lead to a surge in home sales.”
With all of these adjustments in the workforce, education, shopping habits, and more, America will see great changes in the economy. I hope to see more creative millennials finding ways to ensure a great future for the next generation so that they too can experience the blessing of being an American.
Many millennials hold liberal ideas on social issues, and many register to vote as Democrats. Speaking about the presidential race, an article from the Los Angeles Times says:
“The preference of voters younger than 30 for a Democrat over a Republican as the November victory nearly doubled in the last year as the presidential campaign grew in prominence, according to the survey by Harvard’s Institute of Politics.
”Currently 61% prefer a Democrat in the White House, and 33% favor a Republican, the poll found. In a similar survey released last spring, the gap between the two parties was only 15 percentage points.”
When it comes to specific social issues, an article from MarketingCharts gives this information:
-68% of millennials support gay marriage
-69% of millennials support the legalization of marijuana
-55% of millennials support a path to citizenship for illegal immigrants
-56% of millennials support abortion in most or all cases
-49% of millennials support increased gun control
-53% of millennials support bigger government
Not surprisingly, many millennials voted for Bernie Sanders in the presidential primaries. Considering all of this, please be looking for Savannah’s article this Friday, in which she will talk about liberalism amongst millennials, specifically their infatuation with socialism.
I hope this has provided some helpful information on millennials and how they will affect America.
Our generation will impact every area of society. I hope to see more creative millennials finding ways to ensure a great future for the next generation so that they too can experience the blessing of being an American.
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