Generation Y

77 million Americans are Generation Y, spanning 18 years from the year 1981 till 1999. They consist of about one fourth total population.  They are children of the baby boomers after WWII.  The Gen Y size is big because there are a lot of boomer women who could have babies, even though the number of births per woman plunged since Pill was widely available.

The older half of Gen Y, aka the Millennials, are young adults.  They participate in workforce, vote in elections, establish households, and make their presence felt in a myriad way in the workplaces and markets of the US.  So take a look at whom they are.  How they are different from and how they are the same as earlier generations mean for the way that Americans live, work, and play in the future.

Technology is their DNA

The single most important difference of Gen Y from earlier generations is they are familiar with technology.  They see technology as a way enhancing the quality of their lives, and they cut teeth on computers and digital media.  90% of Gen Y over the age 18 use internet, 75% uses social networking – facebook, linkedin, etc. 60% of them access the web wirelessly while on the go.  83% of them keep their cell phones nearby, day and night, awake or sleeping.  Two fifth even don’t have land line.

Diversity, diversity, diversity

Gradual racial and ethnic shifts in the whole population are more concentrated in the younger generations because most immigrates are young adults and Hispanic families tend to have more than the average number of children.  For now, the Gen X – the small cohort between baby boom and Gen Y and aged 30 to 45 – has the largest share of foreign born Americans.  As Gen Y move into that age bracket, their share of nonnative will swell.

They offer a lot to employers

Gen Yers are well schooled, and they are on track to beat all previous generation on the education level.  They are also culturally aware because a quarter of Gen Yers study abroad each year.  And the Millennials are used to working in groups.  From preschool onwards, they’ve been taught to work cooperatively, with stronger team members to help others.

Home is close to hive

Despite the Great Depression, Gen Y are not shying away from buying homes, and there’s evidence that they are doing so earlier than their older siblings and parents.  About one in three 18 – 32-years-old is already homeowner.  Most seem to follow the typical pattern of buying at the age 30, assuming the sour economy and tighten lending standard allow it.

Optimism reign

Despite the challenge of coming of age in the midst of the Great Recession, the Gen Yers are remarkably upbeat.  As a group, they are confident about their future and eager to take on the challenge that life has in store.

 

Source is here.

 

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