What challenges do millennials face?

Millennials are getting a bad news. Those 20- and 30-somethings can’t catch a break from labels like “lazy,” “ungrateful” and “entitled.” Fundamentally, “Millennial bashing” has become a cultural pastime. Perhaps this is because millennials are more engaged, articulate and recognizable online, becoming the first generation to make full use of social media in their daily lives. Or rather, maybe it is because people underestimate the actual problems facing millennials.

Millennial Problem #1:

Millennials record highest stress and depression levels at the same age than any other generation.

Depression is hitting millenials hard. One in five young employees reported depression on-the-job, compared to only 16 per cent of Gen X’ers and Baby Boomers. New USA Today survey reveals that stress levels are dropping for most Americans – but not among the Millennial Generation, ages 18-33.

Millennial Problem #2:

According to a special study published by the Economist, the millennials are the most brainiest, best educated generation ever.

At first this doesn’t seem like a challenge, on the contrary it really sounds fantastic! The problem, however, is that the college diploma now has as much value as your high school graduation. The supply of skilled workers is far higher than the need for them in the workforce, shown to be either unemployed or underemployed by as many as 39 per cent of people under 25.

Millennial Problem #3:

College debt.

In late June, Americans owed more than $1.3 trillion in student loans, more than two-and-a-half times what they owed ten years ago. Based on an overview of recent data released by the Pew Research Center from the 2016 Survey of Household Economics and Decision-making by the Federal Reserve Board that four in ten Millennials aged 18 to 29, student loan debt is currently in place.

Millennial Problem #4

Living at home is becoming more popular for millennials.

By 2016, 15 percent of Millennials 25 to 35 years old had been living in their parents ‘ house. This is 5 percentage points higher than the share of Generation Xers who lived at the home of their parents in 2000 when they were the same age (10 percent), and almost double the share of the Silent Generation who lived at home in 1964 (8 per cent).

Millennial Problem #5:

Millennials have greater trouble finding a career that requires its degree than those of a similar age a decade ago.

Based on a comprehensive study by McKinsey among college-educated youth, only 55 percent landed in a job relevant to their field of study, with 25 percent seeking interim employment – jobs unrelated to their field of study and that youth intend to quit soon.

Millennial Problem #6:

Millennials are less likely than young adults of previous generations to be homeowners

According to the Council of Economic Advisers’ Millennials survey, the U.S. President’s Executive Office has a low rate of household creation and the “headship rate” among Millennials – the rate at which Millennials head their own households – has decreased. As single tenants or home owners there are fewer Millennials. Consistent with the lower headship rates, today’s young adults are less likely to be homeowners than previous generations’ young adults.

Millennial Problem #7:

Millennials are financially fragile.

The findings found in a survey carried out by the Washington Post are surprising:

  • 63 per cent of Millennials will find it difficult to cover an unforeseen cost of $500.
  • Just 6 per cent of Millennials believe like they are doing far more than they need to meet basic needs. The number is just 3 per cent for Millennial women.
  • 44 percent will spend $5,000 in lottery winnings paying off bills and loans, signaling a struggle to start, save and invest.

Nearly 30 per cent of millennial respondents reported overdrawing their checking accounts on a regular basis, according to the survey conducted by PwC.

Millennial Problem #8:

Fewer and fewer millennials are becoming Entrepreneurs

The US Small Business Administration study reveals that Entrepreneurship among Millennials is lower than among previous generations. Fewer than 2% of Millennials registered self-employment in 2014 , compared to 7.6% for Generation X and 8.3% for Baby Boomers. Similarly, the Kaufman Foundation reports that in 2013, millennials aged 20-34 accounted for about 23 percent of new entrepreneurs, down from 35 percent in 1996.

What should we do to fix these Millennial Issues? Let ‘s start with assisting them and ourselves. We are used to feeling powerless, because we have been exposed to immense forces beyond our control for most of our lives. But in fact we’ll be in charge pretty soon. We can take an initiative if you run a company to think about how we could change the previous ways of how we recruit and train employees. We can provide learning opportunities and adapt to tap on the great strength that millennials bring to any organisation. I believe that we can create a decent future that represents our ideals and demographics, and all the opportunities we ‘d like to have had. That might sound naïve and maybe it is. But I think that we all have a right to that.

Check out my related post: What is the zoomer generation?


Interesting reads:

https://www.ypulse.com/article/2018/07/02/the-15-biggest-problems-millennials-say-they-face-today/

https://thoughtcatalog.com/lance-pauker/2015/02/11-things-that-begin-creeping-up-on-you-in-your-mid-20s/

https://highline.huffingtonpost.com/articles/en/poor-millennials/

https://medium.com/@thetechconnect/7-issues-millennials-face-in-the-job-market-83667debed28

https://www.theatlantic.com/sponsored/deloitte-shifts/making-it-millennial/259/

https://www.entrepreneur.com/article/319707

https://bestworkinc.com/10-serious-problems-millennials-face/

https://www.businessinsider.com/biggest-financial-problems-for-millennials-2018-8#millennials-need-to-save-more-money-for-retirement-7

https://allgroanup.com/twentysomething-life-2/5-shocking-statistics-about-the-challenges-facing-the-millennial-generation-and-how-we-overcome/

https://www.theatlantic.com/ideas/archive/2020/04/millennials-are-new-lost-generation/609832/

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