Written by: Dr. Gigi Arnaud, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Not only are Millennials the majority of my clientele as a Mindset & Mindshift Coach & Hypnotherapist; they are part of the future, one of the generations who will be taking over now… in business, politics, healthcare and more. So, let’s get to know them better… and their biggest concerns.
Millennials are, generally, the demographic cohort born from 1981-1997. They are the generation after the GenXers…who were after the Baby Boomers.
For MILLENIALS:
after the Baby Boomer generation, millennials are the second-largest generation in the USA electorate.
there have been large cultural and societal shifts since their grandparents’ generation. In general, millennials are better educated, which is a factor for employment and financial well-being. These days though, there is a sharp divide between the financial stability of those who are college-educated and those who aren’t. And it seems like a college degree is necessary, as a high school diploma used to be, in previous generations.
they’ve brought more racial and ethnic diversity to American society. Both millennial and Gen X women are in the workforce, more than previous generations.
they’re delaying or foregoing marriage and seem to be slower in forming their own households. They’re more likely to be living with their parents and for longer periods of time (economic factors).
they are much better educated than their grandparents and have had big gains in educational attainment for young women.
most Millenial women are in the workforce as young adults.
they may have to ‘job hop’ but do stick with their employers like Gen X did, at the same age.
they were affected by the Great Recession’s high unemployment rate, which would impact their future earnings and wealth.
as far as household wealth, millennials seem to have accumulated slightly less than older generations had at the same age.
this generation’s wealth gap may have to do with the differences in debt: student debt is higher in the millennial generation than in previous ones.
they are less likely to be married than previous generations at the same age. This can, most likely, be attributed to societal shifts, increased choice and acceptance of various lifestyles and lack of financial security.
they’re more concerned with work-life balance than with just getting ahead, professionally and financially.
CONCERNS:
1. Millenials are the best-educated, brainiest generation ever and the most diverse, with approximately 60% of adult Millennials having attended college. Problem is, their college degree now feels worth about as much as your high school degree used to. So, the supply of these educated workers is higher than the demand for them and there is a lot of unemployment.
When they are working, they earn less than the same age group did in the past.
It’s not surprising that financial stability and well-being are a big concern and that this generation is living at home (with parents) longer.
2. Student loan (college) debt: this generation owes about 2.5 times more than a decade earlier. Again, future financial well-being is a concern. This goes along with job insecurity, constant job change and unemployment (in some fields more than others).
3. Highest levels of stress and depression (mental health concerns) than any other generation at the same age. We’re not yet sure why this is but the fact that their higher education doesn’t mean as much and their inability to find employment and the effect this has on their longtime finances and well-being, are surely factors. It’s no surprise then, that as a Mindset Coach, Hypnotherapist & Speaker, Millenials make up most of my clientele.
Also, there is less professional and therefore, financial security. The typical Millennial searches for new work every 2-3 years. This can raise anyone’s stress level. So, they have to be more flexible and resilient and less concerned with routine and security (not an easy task).
Social media and technology addiction are also factors in higher stress levels and depression.
Also, like some other generations, they may have to care for aging parents.
4. Financially fragile: they don’t feel they can do much more than cover basic needs. They have student loans and other bills to pay and are struggling to save and invest. Housing costs are high, particularly in the big cities, where many jobs are located. This, of course, is changing for some with the Covid pandemic, and the ability to work at home.
5. This generation is more concerned with work-life balance. It seems that many women want to work and do other things: family, travel, other passions, etc. and many men want to work, as well as caring for their kids, traveling and pursuing their passions. They seem less ‘driven’ than previous generations to work, work, work… at all costs, at all hours.
Of course, with the Covid pandemic, this balance has become much more challenging. The boundaries between home and work, personal and professional life, are not as clear. Many have lost jobs and have left bigger towns and cities and have also returned to their parents’ homes.
Now that we’ve mentioned many of the concerns and challenges for millennials at the present time, let’s talk about the fact that there is also much hope.
Millennials are learning how to be very flexible; they often have to change jobs, careers, places. They have had to learn how to work at home, especially with Covid and to put much of their young social lives on hold. It’s been tough professionally and personally. Many missed some time of carefree living, freedom and fun. But, they’ve learned to become flexible and resilient, two qualities that will help them for life.
They’re more concerned with health, our planet, balancing personal/professional lives and with letting themselves and others express themselves and be who they are (ie: straight, gay, trans, black, brown, white, married, single, etc.). They are more open and accepting than generations before them. The balance between men and women seems to be more equal. Their priorities seem to be oriented more towards the human than the material.
Once they can get a good footing in the financial and housing aspects of their lives, they can be a generation who leads us, in a more humane way, into the future…
There is hope that the Millenials can move us forward into a healthier, more humane, more balanced future. Personally, I look forward to it!
With smiles and love,
Dr Gigi
You can reach me @www.gigiarnaud.com or DM me @drgigiarnaud: Instagram, Facebook, and LinkedIn.
Change your Thoughts (Mind) to Change your Life!
Dr. Gigi Arnaud, Executive Contributor Brainz Magazine
Dr. Gigi Arnaud is an award-winning, NYC-based Mindset Coach, Hypnotherapist, and Speaker. For over thirty years, she worked as a dentist in her own private practice and, 17 years ago, also decided to become a certified life coach and hypnotherapist. For so many years, she had been that smiling person who looked sunny and successful on the outside yet was quietly suffering on the inside. Through her own discovery and years of training and treatment (i.e., coaching, therapy, and more), she did the work to change from the inside out and unlock the traps inside her mind. Now, she helps others do the same and change their negative and unhelpful thought patterns to those more aligned with who they authentically are, what they truly want, and how to get there (actions). She uses her unique ‘art and science’ background, intuition, and practical tools to help her clients hear their own unique voices so that they finally flourish in their personal and professional lives. Her mission is to transform your thinking to transform your life, become the real you, and thrive!
