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Jun 26 2013

Interesting Facts About Millennials (Generation Y)

GenYBy Dan Schawbel
(DanSchawbel.com)

Throughout the years, I’ve collected some of the most interesting primary and secondary research related to the millennial generation (also termed Gen Y). These stats shed lights on how the economy has affected their lives, their values, how they view the workplace, their consumer and investing habits, political views and entrepreneurial spirit. Here is my full list by category:

Economy

Values

  • 81% have donated money, goods or services. [Walden University and Harris Interactive]
  • 75% see themselves as authentic and are not willing to compromise their family and personal values. [Bentley University’s Center For Women And Business]
  • On track to become the most educated generation in American history. [Pew Research]
  • 61% of millennials are worried about the state of the world and feel personally responsible to make a difference. [Huffington Post]
  • 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. [Zipcar]
  • 44% of Millennials say that marriage is becoming obsolete, compared to 35% of Boomers who feel the same way. [Pew Researh]
  • 39% of Millennials have a tattoo. [Pew Research]
  • 33% of Millennials live in cities and 14% live in rural environments. [Pew Research]
  • More tolerant of races and groups than older generations (47% vs. 19%), with 45% agreeing with preferential treatment to improve the position of minorities. [US Chamber of Commerce]

Employees

  • By next year, millennials will account for 36% of the U.S. workforce and by 2025, they will account for 75% of the global workplace. [U.S. Bureau of Labor Statistics / The Business and Professional Women’s Foundation]
  • 41% of millennials do what their managers tell them to do, which is greater than older generations. [Strategy+Business]
  • 84% say that helping to make a positive difference in the world is more important than professional recognition. [Bentley University’s Center For Women And Business]
  • Millennials say they do not deserve special treatment and are equally as committed as non-Millennials. [PwC]
  • 92% believe that business success should be measured by more than profit. [Deloitte]
  • Millennial employees have about the same level of organizational commitment as boomers and Gen Xers. [Strategy+Business]
  • 40% of Millennials think that blogging about workplace issues is acceptable. Compared to 28% of Boomers. [Iconoculture]
  • 29% of Millennial workers think work meetings to decide on a course of action are very efficient. Compared to 45% of Boomers [Iconoculture 2011]
  • 80% of Gen Y said they prefer on-the-spot recognition over formal reviews, and feel that this is imperative for their growth and understanding of a job. [Achievers and Experience Inc.]
  • 70% have “friended” their managers and/or co-workers on Facebook. [Cisco]
  • 71% don’t always obey social media policie at work. [Cisco]
  • Connected to an average of 16 co-workers on Facebook [Millennial Branding / Identified.com]
  • It costs an average of $24,000 to replace each Gen Y employee. [Microsoft / Experience, Inc.]
  • 15% of Gen Y’s are already managers. [Millennial Branding / PayScale]
  • 56% of Gen Y’s won’t work at a company if they ban social media access. [Cisco]
  • 69% believe office attendance is unecessary on a regular basis. [Cisco]
  • Average tenure for Gen Y is 2 years (5 for Gen X and 7 for Baby Boomers). [Millennial Branding / PayScale]

Entrepreneurs

Consumers

  • By 2015, their annual spending is expected to be $2.45 trillion and by 2018, they will exclipse boomers in spending power at $3.39 trillion. [Oracle]
  • 63% stay updated on brands through social networks. [Ipsos]
  • 46% count on social media when buying online, but 55% of Gen Y share bad experiences. [YouGov]
  • 41% of millennials have no landline at home and rely on their cellphones for communication. [Pew Social Trends]
  • 48% of Millennials who say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad prompted them to buy. [Intrepid]
  • 41% of Millennials have made a purchase using their smartphone. [Edelman Digital]
  • 32% of Millennials say they don’t like advertising in general, compared to 37% of the general population. [Experian Simmon]
  • 43% have liked more than 20 brands on Facebook. [Mr. Youth]
  • 77% participate in loyalty reward programs. [Aimia]
  • 44% are willing to promote products or services through social media in exchange for rewards. [Aimia]
  • More engaged in activies like rating products and services than older generations (60% vs 46%). [BCG]

Investors

  • Millennials (who have accounts at Merrill Lynch) have already saved an average of $55,000 for retirement. [Merrill Lynch
  • 46% count on social media when buying online, but 55% of Gen Y share bad experiences. [YouGov
  • 43% of millennial respondents described themselves as “conservative” investor. [Accenture]
  • Gen Y is nearly 10% of all affluent investors in the U.S. [Cogent Research]
  • 84% of Gen Y are seeking advice about finance. [Merrill Lynch]
  • 57% will change financial advisors for a tech setting. [WealthManagement.com]
  • 61% want video meetings with advisors. [WealthManagement.com]

Politics

  • They elected our president – 60% voted for Obama in 2012, 66% in 2008 [Pew Research / Huffington Post]
  • Millennials will be 40% of the electorate by 2020. [The Center for American Progress]
  • 41% satisfied with the way things are going in the country. [Pew Research]
  • In 2008, 48 million millennials (those born between 1978 and 2000) were eligible to vote, and 25 million actually did. [The Atlantic]
  • Younger Americans are most progressive (56.6) on cultural and social values and the least progressive on economic and domestic policy (53.1). [American Progress]
  • 42%  believe that “our current economic problems show what happens when you rely too much on the market and reduce regulations on corporations. [American Progress]
  • 48% believe that their parents most influence their vote (aside from themselves). [Millennial Branding / Internships.com]
  • 58% said they would be following the 2012 election on social networks like Twitter and Facebook. [Millennial Branding / Internships.com]

Pre-order Dan Schawbel’s highly anticipated new book,
Promote Yourself: The New Rules For Career Success.

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