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Every few months an article comes out suggesting that the current generation of twentysomething Americans lack a competitive edge, feel entitled and are narcissistic. It is widely agreed that they are an unlucky generation in terms of their current economic situation and prospects. But what if in spite of this public perception and bad luck, or perhaps even because of it, the Millennials were actually the most generous, educated and civic minded generation since the Greatest Generation? Source: http://onlinempadegrees.com/the-myth-of-the-millennial-generation/ Design by: http://oBizMedia.com
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Millennial Impact on Nonprofit Organizations18
The Myth of the
MILLENNIAL Often described as lazy and entitled by older generations, it turns out that millennials are just misunderstood. Armed with a record number of college degrees, these 18- to
31-year-olds are engaged in good causes with volunteerism statistics rivaling that of the Greatest Generation. Civic engagement and nonprofit participation characterize this
generation, despite recent challenging economic conditions.
MILLENNIAL STEREOTYPE
Millennials are often perceived as less motivated and productive than previous generations, because they are taking longer to get married, gain full-time employment, and move away from home.
Millennial generation
1982 1995
Stats on Millennials2
86 million
The number of millennials in the US in 20133
Young people ages 18-31, born between 1982 and 19951
More millennials than baby-boomers3
7%
The Public’s Perception of Millennials4
According to a Pew Research survey, the public thinks:
There is “a major difference in the point of view of
younger people and older people today”
Younger generations and older generations are “very
different” in the way they handle technology
Older Americans are superior in terms of their moral values, respect for
others, and work ethic
Unemployed or Underemployed
Of all millennials are unemployed in the US5 Of millennials have a job—half of which are part-time jobs2
Living at Home1
In 2007, 18.5 million millennials lived with their parents. Since then that number has risen to 21.6 million, with 36% of all 18- to 31-year-olds living at home.
“This is the highest share in at least four decades.” — Pew Research Center
REALITY BITES
Of younger millennials (ages 18–24)
live with their parentsOf older millennials (ages 25–31)
live with their parents
The recession has taken a toll on millennials, driving higher unemployment rates and raising student loan debt. Although more students are enrolled in college now than before the
recession, a bachelor’s degree costs more and delivers fewer results than it used to.
Of millennials had jobs in 20071 Of millennials had jobs in 20121
8 million
Number of jobs lost in 2008 and 20096
4.7million
Number of jobs created from 2010 to 20126
250Average number of résumés received for each corporate
job opening
o 4–6 will get an interview
o 1–3 will be invited for a final interview
o 1 will be offered the job7
Increasing College Enrollment
Employment Decline Over Time8
The employment rate of young adults enrolled in school
2007: 2011:
The employment rate of young adults not enrolled in school
2007: 2011:
According to a recent Adecco survey:9
58% Of hiring managers say they have NO plans to a hire a recent college graduate
59%
Of millennials have gone to college2
35%
Of 18- to 24-year-olds were enrolled in college in March
20072
39%
Of 18- to 24-year-olds were enrolled in college in March
20122
Impact of the Great Recession on Employment
Student Loans11
$9,350Average student loan debt in 1993
($15,081 in today’s dollars)
Less than 50%
Of students graduated with loan debt in 1993
$26,600The average student loan debt of millennials
who graduated from college in 2013
66%Of millennials graduate from college with outstanding debt
The amount of student debt has risen in the last decade, and the number of students graduating with debt has increased.
More than 50%
Of millennials financed their education through student loans
$100 billion
Amount of student borrowing in 2010
$1 trillion
Total amount of outstanding student loans in 2011
$798 billion
Total U.S. credit card debt in 2011
538% Increase in college tuition cost across the country over the last 28 years12
33% Of millennials say they would have been better off working instead of going to college and paying tuition13
Economic Impact
According to EPI’s The State of Working America, general wage stagnation that began in 2000 led to:14
High School-Educated Men
Entry-level hourly wages (between 2011 and 1979) =
High School-Educated Women
Entry-level hourly wages (between 2011 and 1979) =
-25.3% or -$4.00/hr -14.2% or -$1.64/hr
According to a Pew Research Study, 18- to 34-year-olds say:8
79% 73% 66%
47.6% 40.7% 73.2% 65%
49% 24%
35% 31%
They have taken a job they didn’t want just to pay the bills
They have taken an unpaid job to gain work experience
As a result of the poor economy, they have gone back to school
They have postponed either getting married or having a baby
80% 67%Of parents with young children in
1993 said children should be financially independent from their parents by the age of 228
Of parents with young children in 2012 said children should be financially independent from their parents by the age of 228
CIVIC MINDED DESPITE THE ODDS
In spite of recent economic woes, millennials are passionate about changing the world. They show heightened levels of civic engagement and volunteerism.
“Surveys show people born between 1982 and 2000 are the most civic-minded since the generation of the 1930s and 1940s.”
— USATODAY.com15
According to the Corporation for National and Community Service:16
Increase in volunteer rates for ages 16–24 between 1989 and 2005
Motivations19
79%
Passion
56%
Meet people
46%
Expertise
Increased Volunteerism
Between 2007 and 2008:16
From 2007 to 2008 there was an increase of 1.3 million millennials who volunteered in nonprofit organizations without compensation.
1 billion
Total hours of volunteer service by millennials between 2007 and 2008
Of millennials volunteer time to mentor other young people
or tutor others for free
Increase in volunteerism among young people attending college
Of youthful volunteer activity is done through religious or edu-cational nonprofit institutions
$22 billion
Approximate worth of the volunteer work contributed by millennials (based on estimated monetary value of a volunteer hour = $20.25)
70%
Of college freshmen believe that it is “essential or very important to help people in need”—the highest
level since 1970
40%
Increase in the interest in “keeping up to date on political affairs” among college students
The Most Important Things to a Millennial17
52%30%
21%20%
15%
15%
9%1%
Being a good parent
Having a successful marriage
Helping others in need
Owning a home
Living a very religious life
Having a high-paying career
Having lots of free time
Becoming famous
Increased Participation in Volunteer Organizations16
Increase in Teach for America applicants between 2007
and 2010
3 times
Increase in City Year applicants between 2009
and 2010
Increase in Peace Corps applicants between 2009
and 2010
27 3 to 1 18–24Average age of Peace Corps
volunteersRatio of AmeriCorps applicants to openings
in 2010
Age range of AmeriCorps volunteers
46%72%
Of millennials donated to nonprofit causes
Of millennials are interested in participating in a nonprofit young professional group
2012 Giving History19
83% Of millennials surveyed made a financial gift to an organization
READY TO CHANGE THE WORLD
By breaking down a wide range of statistics, we can see a more accurate, nuanced view of
this often misunderstood generation. Millennials are making the best of a challenging time,
striving to overcome economic setbacks and make the world a better place. Millennials’
beliefs, values, and goals are geared toward creating social impact and helping others. Not
only do they aspire to achieve these selfless acts, they go out and make them happen.
SOURCES
1 http://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-their-parents-home/
2 http://washingtonexaminer.com/harvard-just-6-in-10-millennials-have-jobs-half-are-part-time/article/2520719
3 http://online.barrons.com/article/
SB50001424052748703889404578440972842742076.html#articleTabs_article%3D14 http://www.pewsocialtrends.org/2009/08/12/forty-years-after-woodstockbra-gentler-generation-gap/2/5 http://bls.gov/news.release/empsit.nr0.htm
6 http://www.cbsnews.com/8301-505123_162-57562002/december-jobs-1.8-million-jobs-created-in-2012/
7 http://www.ere.net/2013/05/20/why-you-cant-get-a-job-recruiting-explained-by-the-numbers/
8 http://www.pewsocialtrends.org/2012/02/09/young-underemployed-and-optimistic/
9 http://www.adeccousa.com/articles/Way-to-Work-Survey.html?id=211&url=/
pressroom/pressreleases/pages/forms/allitems.aspx&templateurl=/AboutUs/pressroom/Pages/Press-release.aspx
10 http://nces.ed.gov/fastfacts/display.asp?id=372
11 http://www.usatoday.com/story/money/personalfinance/
2013/06/30/student-loan-debt-economic-effects/2388189/
12 http://www.bloomberg.com/news/2013-08-26/college-costs-surge-500-in-u-s-since-1985-chart-of-the-day.html
13 http://www.forbes.com/sites/halahtouryalai/2013/05/22/
student-loan-problems-one-third-of-millennials-regret-going-to-college/
14 http://www.epi.org/publication/ib327-young-workers-wages/
15 http://usatoday30.usatoday.com/news/sharing/2009-04-13-millenial_N.htm 16 http://ndn.org/blog/2009/08/millennials-lead-nation-service-our-country
17 http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/18 http://cdn.trustedpartner.com/docs/library/AchieveMCON2013/
Research%20Report/Millennial%20Impact%20Research.pdf
23%
10% 42%
16%37%
66%
Created by
16% 60%
16%56%
63%70%
