With the U.S. economy gaining steam, employers are finally hiring — and those benefits have spread to most corners of the job market. Even America’s young adults, who bore the brunt of the downturn, are starting to regain their economic footing.
That doesn’t mean all is well for millennials, especially those who entered the workforce when things were at their worst. Improvements in the headline statistics mask some of the longer-lasting effects of the recession. Here are some of the scars that recession graduates may bear for a long time to come.
Think you’ve got your millennial employees figured out? You may not know them as well as you think.
Last month, Bentley University released the results of “Millennial Mind Goes to Work,” a survey that polled more than 1,000 U.S. millennials ages 18 to 34 on their attitudes about career and workplace issues. The statistics revealed nuances of many of the assumptions older generations have made about Generation Y, such as their obsession with technology and propensity for job hopping.
The study, which was conducted as part of the school’s millennial workforce preparedness program called PreparedU, reinforces the fact that millennials have been mischaracterized by employers in many instances, said Bentley University President Gloria Larson.
Victoria’s Secret wants to see what today’s millennials are talking about with a new twist on mobile messaging.
At the same time that practically all millennial-minded marketers are using Snapchat, Line, Kik and every other social and mobile platform out there to get in touch with teens, Victoria’s Secret has rolled out its own chat feature within its Pink shopping app.
The lingerie brand is the first marketer to use a chatting feature from a mobile messaging app called Frankly.
After opening the chat feature, app users can talk about predetermined topics like holiday gifts or school. Because this is Victoria’s Secret and millennials are fickle the public chats are customizable with different shades of pink backgrounds and branded emojis. There’s also the usual crop of smiley face emojis that app users can play with, much like a text message.
After his junior year at Brigham Young University, Nick Walter, now 25, landed a great summer internship in the Seattle office of Pariveda Solutions, a Dallas-based tech consulting firm. Though he enjoyed the work and liked his clients and colleagues, he felt stifled. Used to jeans and t-shirts, he didn’t like wearing khakis and polo shirts and most of all, he says, “I hated that I had to be at this office every day for X amount of time doing what they said I had to do.”
So instead of heading down the career track he’d always expected of himself—he’d envisioned the security of a steady paycheck and benefits—he decided to go to BYU part-time for the next two years, while hiring himself out as a consultant and developing his own apps for the iPhone including seven how-two apps he wrote with a friend. One of them, called simply Weight Lifting Videos, has helped net $1,200 a month.Then he stumbled on a more lucrative possibility.
One Wall Street firm has an idea that’s raising eyebrows: forgive some student debt for first-time homebuyers.
It’s too early to say exactly how the stimulus measure BlackRock BLK suggested would work, but it would take Congressional action because the federal government administers the majority of student debt.
The move could be a creative way to ease student debt, which has quickly become a $1.2 trillion Achilles heel in the American economy.
Millennials aren’t buying many homes. Mounting student debt may be part of the problem. “Fiscal policy initiatives targeted at young workers with high levels of student indebtedness might, perhaps surprisingly to some, have an outsize impact in supporting the housing recovery and financial markets,” Rick Rieder, co-head of Americas Fixed Income at BlackRock, wrote in a recent commentary.
Generation X has a gripe with pulse takers, zeitgeist keepers and population counters. We keep squeezing them out of the frame.
This overlooked generation currently ranges in age from 34 to 49, which may be one reason they’re so often missing from stories about demographic, social and political change. They’re smack in the middle innings of life, which tend to be short on drama and scant of theme.
But there are other explanations that have nothing to do with their stage of the life cycle.
Gen Xers are bookended by two much larger generations – the Baby Boomers ahead and the Millennials behind – that are strikingly different from one another. And in most of the ways we take stock of generations – their racial and ethnic makeup; their political, social and religious values; their economic and educational circumstances; their technology usage – Gen Xers are a low-slung, straight-line bridge between two noisy behemoths.
American adults under age 30 hate cash so much that 51 percent of them will use plastic, even for purchases amounting to less than $5. That’s according to a survey released on Wednesday by CreditCards.com.
The older you are, the likelier you are to whip out cash, rather than a debit card or credit card, the study found. Seventy-seven percent of Americans 50 or older prefer cash for purchases of under $5.
Republicans and Democrats are equally likely to use cash for small purchases, and both parties’ followers are more favorably inclined toward cash than political independents. That may have less to do with political inclinations than the fact that independents tend to be younger.