According to the U.S. Chamber of Commerce Foundation, millennials are the most well educated generation in America’s history. Education is expensive; this cost translates into high levels of debt and unpaid student loans for graduating students. Millennials value their dollar and are more likely to spend money on advantageous experiences, such as college, than mundane material items.
According to LinkedIn Business, the degrees most likely to be held by a millennial are: information science and technology, computer science, electronics, international business and computer engineering. All of which are deemed extremely lucrative and sustainable careers.
A leading reason for this is that the millennial generation witnessed firsthand the repercussions of the stock market crash and are instinctively frugal with their spending. Bloomberg refers to millennials as the “frugal generation”, and states that they often consider the “resale value” of a product before making a purchase. In fact, a study conducted by Accenture concluded that 43% of millennials identify themselves as “conservative investors.”
This conservative nature has led to an increase in self-employment. Many millennials forgo joining large companies due to the fear of another economic crash. They would rather be self-employed and in control of their own paychecks. Millennials believe that self-employment offers a sense of financial security.
Goldman Sachs found that millennials are also more likely to rent than buy, use public transportation than own a vehicle, and prolong living with their parents in hopes of gaining financial stability. They often maintain the mindset of purchasing what they need, not what they want. Another contributing factor in this decision making process is that millennials change jobs far more frequently than those before them. According to Forbes, 91% of millennials expect to stay in their current job for less than three years. This means that millennials may change jobs 15 – 20 times over the course of their working lives.
It is evident that millennials embrace flexibility in the workplace. This flexibility ranges from a change in hours or location to an opportunity for promotion and balancing work and family life. Overall, flexibility is imperative to this generation. Next week we will be exploring how flexibility plays an important role for millennials and their careers.