The other day, I saw a comment on a Facebook post by a person born into Generation X (born 1966-1976) talking about the “Millennial mentality” and how the generation demonstrates an air of entitlement and lack of respect for authority. This was only a couple of days after I read a J.D. Power report titled Millennials are Better Prepared for Retirement than Their Parents, J.D. Power Finds.
I just happen to be a Millennial and I really wanted to respond to that comment, but I held my tongue (fingers in this case, I guess) because we all know how messy things can get in Facebook comments.
Well, now I’m going against that original thought. Let me explain to you the Millennial mindset and hopefully help clear up some of your misperceptions. If you’re unaware, it’s generally agreed upon that Millennials are those who were born between the early 1980s and mid- to late 1990s (those who are somewhere between age 22 to 40, as of the time of this writing).
First of all, keep in mind who raised the Millennials (looking at you, Baby Boomers and Generation X) before blasting them on Facebook because you believe we’re a generation of those who feel entitled, have never been properly punished, and who have been given participation trophies our whole lives.
We didn’t raise ourselves.
According to research, Millennials are hard workers (if you trust Harvard Business Review and World Economic Forum) who largely have a great understanding of the world as a whole and what the future looks like. We’re the people who are going to be paying into Social Security just to see it go right back out to pay for benefits for the older generations since the Social Security Trust Fund is projected to become insolvent in 2034, according to the Chief Actuary of the Social Security Administration. What was that you said about entitlement?
We also get to inherit the misfortunes of unprecedented amounts of student debt as well as continuously rising rent and home costs, all while facing stagnating and, in some cases, declining wages. Additionally, only 24% of us demonstrate a basic understanding of personal finance. I guess prior generations didn’t think this would be important to teach us.
According to the J.D. Power report mentioned above, “The average Boomer will hit age 65 with just 3.4 years of current income saved, far short of the 10 years some experts recommend.” Meanwhile, “Nearly two-thirds (61%) of Millennials have at least $25,000 in total retirement savings, and 27% of them have more than $100,000, with an average of 30-35 years before retirement.” No participation trophy to be found here. By the way, a pension to look forward to sure would be nice.
If this is the Millennial mentality that we’re talking about, then I think it’s a great mentality to have.
Please excuse us if we don’t want to follow in your footsteps.
