“Millennials are the first in the modern age to have higher levels of student loan debt, poverty and unemployment, and lower levels of wealth and income than their two immediate predecessor generations,” a recent Pew Research report on the group stated.
Perhaps the life of a millennial – experts say those born anytime between the early 1980s and the early 2000s – isn’t that difficult after all, at least according to a new study that found one-quarter of millionaires in the United States are millennials.
It’s no secret that millennials are often depicted as youth, students and young adults who are struggling to find a job, accumulate wealth, pay off their debt and live out the American Dream. However, a study conducted by The Shullman Research Center entitled “Millionaires Have Their Own Generation Gap” shows that a significant number of them are doing quite well in life.
With many opportunities in business, science and technology fields and youth being quite astute in these areas, it could be understandable to the average person why millennials are better off than what has been reported in the past – anyone remember 17-year-old Nick D’Aloisio?
Millennials didn’t necessarily just come into wealth. The study found nearly half (49 percent) looked to “get rich.” This figure is a lot higher than Generation X and Baby Boomers, who had six percent and 14 percent, respectively. Millennials aren’t modest about their wealth either: 82 percent are in the midst of purchasing a luxury item within the next year.
This study has surprised many, especially when looking at numerous statistics among youth: $1 trillion student loan debt, 14 percent youth unemployment rate and more than one-third of young adults living with their parents.
Other studies do not necessarily show millennials in a positive light.
Data from the U.S. Bureau of Labor Statistics (BLS) shows that the average person aged 18 to 27 worked six jobs by the time they reached 27. Another study by the Georgetown University Center found 44 percent of college graduates are underemployed.
Some hiring managers and business experts say that it’s not just the economy that is hurting youth but millennials themselves are hurting their own futures.
A staffing and employment Adecco survey of 22- to 26-year-old college graduates discovered that eight percent of respondents said a parent accompanied them to an interview, while three percent noted that a parent actually joined in an interview.
Furthermore, the most basic elements of the job search were forgotten, according to a separate survey of hiring managers: three quarters of millennials dressed inappropriately, while close to three-quarters posted improper messages on social media. Another two-thirds of hiring professionals said millennials showed they lacked proper understanding of the employment opportunity during the interview.
This has caused the companies to hire a worker over the age of 50 instead of someone younger.
“I’ve had moms call me for interviews,” said Dan Black, Americas director of recruiting at EY, in an interview with CNBC. He added: “I’ve gotten emails saying ‘hey, it was gr8 to meet you.’”
Previous reports have also indicated that millennials want to work at a job they love even if it means lower pay, they’d prefer to work for companies like Google and Apple or as a freelancer and tend to question their superiors.