There are some traits that make the millennial generation different from the rest. Learning certain things about millennials that will help you understand this generation better.
But, they are also seen to be “addicted” to the online world. A study showed that 65% of millennials state they and their routine would be more affected by losing their phone or computer than by losing their car.
The traits of millennials also stretch to the usual money worries of those before, but with a difference. Millennials are the ones struggling to buy housing. Plus, they are the ones who found the job hunt a struggle after university thanks to the recession.
However, whether we like it or not, millennials are the future and currently account for the largest section of America’s workforce.
But, what is it that makes them so different? Here are traits that make the millennial generation differ from their predecessors:
They have different priorities in life
Past generations used to push their challenges far from their minds by taking coffee, smoking a cigarette or even by sleeping for fewer hours. Millennials’ preferences are completely different; they prioritize their spiritual, mental and physical wellbeing differently from all other generations.
Millennials are generally into self-improvement. Whether it is learning how to become great leaders or change-makers and so forth, they never seem to get enough of it.
And with advanced workout regimes, diet plans for therapy, training, and applications meant to enhance people’s wellbeing, millennials are a population who put so much into self-improvement.
In fact, things like being civically engaged and helping others are among the highest priorities for most millennials.
They have different money goals
Of course, the best place to start with this kind of statement is Facebook. After all, a majority of its users fall into the millennial bracket! Plus, it seems fitting that earlier this year, Facebook published some research based on the conversations of US-based millennials.
Facebook’s findings revealed the following:
- About 50% of Millennials believe that being debt-free is the main aspect of successful financial management.
- Just 1 in 10 linked the possibility to retire to financial success.
- Millennials tend to set short-term goals when it comes to financial planning. They do save but do it for short-time goals like going on a vacation rather than buying a house.
- They are not familiar with investment – a quarter of Millennials reported they had no idea how to invest.
This attitude to money has meant most millennials plan to work for longer. However, they only plan to work for longer doing what they like and in an environment that suits them.
Given millennials are also more likely to live longer, it is hardly surprising they are looking for a compromise somewhere along the line!
They have new ways of doing things
It is so obvious millennials have shattered marketplaces by getting new ways of doing things. They spend their money buying luxuries which they cannot do without. For instance, smartphones and Wi-Fi are a must-have.
Whatever they buy stands out because they focus on both convenience and self-improvement. Millennials have also brought great changes in how things are done because they work more in groups and they use technology more.
Their social mindset is also an important factor because besides being excellent in digital communication, they are prepared to excel by doing well.
They have university fees and hefty rents
Linking to the above point about attitudes towards money, millennials have also been hit by sky-high rents and property prices. They have also doubled this up with hugely high university tuition fees.
In the UK, university tuition fees were brought in shortly before the millennium. Costing as much as £9,000 a year, and set to rise further for students in England, these fees are added to by expensive maintenance loans.
So much so, that the Institute for Fiscal Studies estimates that UK students will leave university with nearly £20,000 more debt following changes announced in 2012. When compared to previous generations who paid no university fees at all, the difference is noticeable.
And then there is renting. Many millennials, unable to gather together the deposit needed for a mortgage, are turning to rent. But it isn’t cheap. In London in particular, rents are notoriously extortionately high and wages are simply not keeping pace.
Their financial priorities are different
Despite these financial worries, one of the strongest characteristics of millennials is their attitude towards financial priorities.
According to the same survey by Legg Mason mentioned above, the rising usage of smartphones among young generations also leads to a different approach to financial services. In fact, 46% of UK millennials are estimated to use their smartphones for planning their personal finances. In comparison, just 13% of baby boomers use this approach.
No need to say that smartphones and computers have become an essential part of our daily lives. In September last year, a study by professional services firm Deloitte states that young UK adults are smartphone addicts. Around half of the 18-24-year-olds admit to checking their phones in the middle of the night.
Our reliance on gadgets also affects our financial priorities. These priorities tend to move from big things, like a car or a house, to smaller items, like phones and gadgets, which cost less but are becoming more and more important for our daily routine.
Plus, it would appear that millennials are moving away from traditional high street banks. According to the Millennial Disruption Index, 53% of millennials don’t believe their bank offers anything another bank offers. At the same time, millennials are more likely to switch banks in comparison with older generations.
This information demonstrates how important technology is for millennials. More than two-thirds of millennial respondents think that in 5 years the way we manage and use our money will change drastically.
They take better care of themselves
Compared to other generations, millennials take care of themselves better. Going to a gym or having a fitness membership is a priority. They pay so much attention to workout regimes, life coaching, therapy, diet plans and apps that improve their personal wellbeing.
Also, millennials are fast-paced and properly informed. They start understanding themselves when they are still young and they are able to grow skills like tolerance, resiliency, and self-worth which are necessary to succeed in life.
They consume information immediately as it is released and they spread it to others, normally through social media. This quick awareness has brought a new mentality in regards to life aspects. And since they are continuously trying to do better, they keep looking for new methods to keep fit and remain healthy.
The Internet has also played a great role in forming certain personality traits of the millennial generation. With social media, they meet people who think like them. They have grown up with continuous connectivity which has enabled them to create bigger communities of friends and they keep everyone informed of their progress.
Their expectations are high
Millennials’ expectations are higher than those of other generations. They have impractical expectations, realistic ones, and even the overly critical ones. Their performance on self-assessment shows a gap between how they are and how they think they should be.
Their unachieved ambition fuels their self-improvement fixation. For instance, millennials are not interested in just any kind of job. They are looking for jobs which fulfill their passion and not those that just fill their bank accounts.
This is among the basic millennial traits. Also, they go to work expecting to stand out very fast and get the recognition. They expect an active environment in which lots of opportunities for innovativeness, self-expression and high level of personal freedom in self-directed duties.
At the same time, millennials are optimistic and so daring about the future and older individuals.
They are taunted by other millennials
Emotional inconsistency is among the most telltale millennial traits. It makes them impatient and so they are running daily to get something new. They are always curious and they never get tired of discovering new things.
And on social media sites, they see other millennials doing so well and this leaves them feeling envious. They then develop a desire to do better than them even. This obsession actually pays off since a good number of millennials end up meeting their resolutions.
They are spoiled with a possibility
Most millennials have all the basic needs already – necessities such as security, shelter, and food. They have so little to worry about. They only suffer from the luxury of selecting from an ever-increasing list of material things, educational pursuits, media content, romantic partners and career possibilities.
With these many options, the chance to pursue their purpose in infinite ways comes – this can also lead to a tyranny of choice. Self-reflection also comes in and a drive to be the best version of them increases.
Millennials have all options in the world readily available and easily connectable via technology, hence the desire to be the best.
The millennial generation and its diverse traits
Millennials are the biggest, most learned, most well-connected and most diverse generation that has ever existed. They prioritize personal improvement and personal care and they possess innovative power that can eventually change the universe.
Millennials tend to take advantage of contemporary financial tools like e-banking, digital currencies and payment apps. All these tools and platforms are changing the way millennials manage their money and make payments. As a result, they are also given more freedom to decide what they want to do with their finances.
It’s perhaps easy to see how the world of the millennial differs from previous generations! The technological world they have been brought up in has allowed them to be more technologically savvy, which has seen a change in attitudes towards relationships and finances.
These millennial traits and values are likely to be passed on to future generations. This means that greater acceptance and less-stigma around self-help and therapy will continue being there.
Author Bio: Anabel Cooper is an editor on OnlineWorldOfMe and blogger from Harlow, the UK. She is looking for new inspiration and would like to bring something new into the lives of her readers. Follow her on Twitter to read more stories ;)
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