Much ink has been spilled about where millennials will fit in to the future of the U.S. economy.
By the end of last year, this generation of 18-to-34 year olds made up roughly one third of U.S. employees, and they are expected to comprise 75% of the American workforce by 2025. (Forbes) Some have suggested that millennials are the “true entrepreneur generation,” willing to start their own companies rather than move up a corporate ladder. (Forbes) But this observation is complicated by the fact that millennials appear to be fiscally risk-averse. The average millennial has 52% of her savings in cash compared to 23% for other age groups. (WSJ)
Employers also recognize millennials’ willingness to eschew traditional notions about job loyalty, expressing a great deal of anxiety about whether they can convince millennials to stay put given their proclivity to move on within a couple of years. (WSJ)
These impressions, like millennials themselves, are open to change. For example, just two years ago, millennials were labeled as the first generation in modern memory that may not be wealthier than the one that preceded it. (NYT) Recently, however, millennials were identified as the emerging wealth class, due in part to expected inheritance. (Forbes) Wages and employment outlook for the millennial generation have also improved. (Bloomberg) Ultimately, millennials’ views on work, coupled with a steady but slow economic recovery, will shape what we can expect in their long-term earning capacity.
S.P. Slaughter
Follow me on Twitter: @SP_Slaughter
By the end of last year, this generation of 18-to-34 year olds made up roughly one third of U.S. employees, and they are expected to comprise 75% of the American workforce by 2025. (Forbes) Some have suggested that millennials are the “true entrepreneur generation,” willing to start their own companies rather than move up a corporate ladder. (Forbes) But this observation is complicated by the fact that millennials appear to be fiscally risk-averse. The average millennial has 52% of her savings in cash compared to 23% for other age groups. (WSJ)
Employers also recognize millennials’ willingness to eschew traditional notions about job loyalty, expressing a great deal of anxiety about whether they can convince millennials to stay put given their proclivity to move on within a couple of years. (WSJ)
These impressions, like millennials themselves, are open to change. For example, just two years ago, millennials were labeled as the first generation in modern memory that may not be wealthier than the one that preceded it. (NYT) Recently, however, millennials were identified as the emerging wealth class, due in part to expected inheritance. (Forbes) Wages and employment outlook for the millennial generation have also improved. (Bloomberg) Ultimately, millennials’ views on work, coupled with a steady but slow economic recovery, will shape what we can expect in their long-term earning capacity.
S.P. Slaughter
Follow me on Twitter: @SP_Slaughter
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