Millennials, or the group that ranges from ages 24 to 39 right now, are an important demographic with their own set of typical Millennial characteristics. As of 2016, this cohort makes up more of the workforce than any other generation, according to Pew Research Center. Millennials’ habits have also changed the way things work: from the rise of online shopping to the normalization of talking about mental health issues.
While we know a lot about the Millennial generation already, but many Millennials get bad reps and there are still plenty of myths floating around about them. A new study done by Zety shows that there are four main myths about this generation. Take a look at those myths and find out the real facts about the Millennial generation.
What are the myths about the Millennial generation?
Myth 1: Millennials are less likely to get married than other generations.
Fact: 87% of respondents said that they believe Millennials are less likely to get married than previous generations, and 93% of Baby Boomers that responded to the survey said that Millennials are in no hurry to get married.
But the truth is that Millennials are getting married later than those in previous generations. The average age to get married in the 1970s was around 23, but the average age for Millennials is around 30.
Myth 2: Millennials get divorced more often than other generations.
Fact: 55% of respondents believed that Millennials get divorced more often than other generations. The rising age of marriage is helping drive the divorce rate down, dropping 18% from 2008 to 2016. According to a University of Maryland professor, Millennials take more time to make sure their marriage plans are long term.
Myth: Millennials are less satisfied with their careers.
Fact: 82% of people say that Millennials are significantly less satisfied with their careers than those in previous generations, but actually 65% of Millennials are satisfied in their current jobs and more than 85% say they feel they are treated with respect in the workplace.
Myth 3: Millennials don’t work as hard as the previous generations.
Fact: 48% of respondents agree that Millennials don’t work as hard as previous generations, and even 42% of Millennials themselves claim that they are working less than other generations.
But the fact is that Millennials work differently, as about 38% of Millennials are a part of the gig economy.
Myth 4: Millennials smoke and drink more than previous generations.
Fact: Of those surveyed, 48% said Millennials smoke tobacco more heavily than previous generations, while 64% believe that Millennials consume more alcohol and start drinking at an earlier age, while 83% believe Millennials smoke more marijuana than previous generations.
But actually Millennials have abused drugs less than previous generations at the same age– except when it comes to prescription pain killers.
What are the truths about Millennials?
Truth: Millennials are more likely to move out of their parents’ houses at later ages. They also buy real estate later on in their lives. The millennial generation currently still has the most people still living with their parents at 30%.
Truth: 80% of respondents believe that Millennials are better educated compared to previous generations, and those people are right. Around 39% of Millennials have a Bachelor’s degree or higher, compared to 29% of Gen Xers when they were the same age.
Truth: Also, 75% of respondents believe that Millennial women are more educated than Millennial men, which is also true. Around 43% of Millennial women have earned Bachelor’s degrees, compared to only 36% of Millennial men.
Truth: Speaking of education, 90% believe that Millennial college debt is higher than that of previous generations. Unfortunately for Millennials, the majority is right on this one. On average, a four years of college tuition costs two and a half times more than Baby Boomers paid in 1964.