Bank of America published a comprehensive report on millennials, their habits, and their outlook. The guide was meant to be a thematic investing guide, but it detailed some revealing generation gaps between millennials and generations that came before it. The 75 million millennials (also referred to as “Generation Y” in the report) are set to overtake Baby Boomers this year as the largest demographic in the United States. They are set to become the #1 workforce demographic, as well as the largest consumer spending demographic in the coming years.
1. Millennials will soon be the largest generation
Millennials born between 1982 and 1997 are about to take over as the largest generation in the world
2. Millennials will have the biggest financial muscles
3. “Millennial” as a term is becoming popular
The term “millennial” is catching on Google Search as the generation becomes more affluent.
4. Millennials are projected to be the largest generational demographic for the foreseeable future
While Boomers and Gen X-ers decline, millennials are just growing up.
5. Millennials are the raceless generation.
Millennials around the world are very open about interracial dating
6. Millennials are staying single longer than any other generation
7. Millennials are generally more tolerant of non-traditional societal roles.
8. Millennials still prioritize family values.
Despite appearing to lead non-traditional lifestyles, millennials have not abandoned traditional family values. Being a good parent and having a successful marriage are on the top of their priorities.
9. The 7 types of millennial stereotypes:
The Boomerang Baby, The Perpetual Intern, The Grad Student, The Idealist, The Young Householder, The High-Tech Multitasker, and the The Startup Kid.
10. Millennials value success and status…
11. … but that comes at a price. Millennials are the most stressed-out generation
12. Millennials are more accepting of same-sex marriage than any other generation:
13. As a whole, millennials are extremely liberal.
But it’s not clear yet if the trend will hold as they grow older.
14. Millennials love marijuana.
77% of millennial Democrats and 63% of millennial Republicans think marijuana should be legalized.
15. More than 80% of millennials are confident of their financial future
They either feel they earn enough now, or are confident that they will earn enough in the future.
16. Tech companies top the millennial list of ideal employers.
“Millennials’ career aspirations are unsurprisingly driven towards tech, more specifically Silicon Valley. Nearly 1/5 said their ideal employer was Google and ~1/10 said Apple, with Facebook coming in third place.”
17. Millennials have more Facebook friends
“Millennials have 250 median number of Facebook friends compared to just 98 in
younger Baby Boomers. Millennials also use social media to broadcast their personal lives, letting their friends know what they are up to. This stems partly from the “YOLO” (you only live once) mindset that has been inculcated in Generation Y.”
You can read the comprehensive 241 page report from Bank of America.