The Millennial generation, also known as Generation Y, refers to the population born between the beginning of the 1980s and the mid-1990s. No chronological end point has been officially set, however, it generally includes people born until 1996. They are the first generation to come of age in the new millennium and they are the first natives of the digital age. With the first of the Millennial generation now in their thirties and many Millennials working their way up career ladders, they will be an important engine of the economy in the coming decades.
The most worried generation
Although they have achieved higher educational levels, Millennials are more
concerned with their financial future than previous generations. In the United States, for instance, their largest
economic issues include rent and mortgage, food, transportation, basic expenses, and also student loans. They put off commitments like marriage, and most of them are renters. Almost 40 percent either live or have lived with their parents due to poor economic conditions and proprty markets. In many Western countries, this situation is quite new to their parents. For Boomers and Generation X, settling and reaching financial independency has been, in fact, easier overall when compared to their children.
Digital natives
Millennials learned at a very young age to use internet and digital devices. Digitalization has driven Millennials’ behavior, habits, communication, and information. Worldwide, the average duration of daily mobile
internet usage among internet users aged 25 to 34 years amounted to 3 hours and 45 minutes, while some 3 hours and 30 minutes are spent using the internet via PC, laptop, or tablet. Therefore, Millennials spend a good part of their time awake in the digital world. This has a significant impact on the economy. Among others, the way of doing shopping has changed radically in the last years, with
more and more young adults preferring to making purchases online rather than in stores.
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