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Future of Work Expert, Keynote Speaker, NY Times Bestselling Author - Dan Schawbel

Future of Work Expert, Keynote Speaker, NY Times Bestselling Author - Dan Schawbel

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    • Back to Human Keynote
    • Bridging the Multi-generational Gap Keynote
    • The LeaderShift Keynote
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74 Of The Most Interesting Facts About Millennials

June 25, 2013 By Dan Schawbel • 87 Comments • Blog, Millennials, Research

millennial statsThroughout the years, I’ve collected some of the most interesting primary and secondary research related to the millennial generation (also termed Gen Y). These stats shed lights on how the economy has affected their lives, their values, how they view the workplace, their consumer and investing habits, political views and entrepreneurial spirit. Here is my full list by category:

Facts About Generations Series

51 Of The Most Interesting Facts About Generation Z.
74 Of The Most Interesting Facts About Millennials.
44 Of The Most Interesting Facts About Generation X.
53 Of The Most Interesting Facts About Baby Boomers.

Millennials and the economy

  • $1 trillion in student debt. [Bloomberg]
  • The average member of Gen Y carries $45 000 in debt. [PNC Financial Services]
  • Unemployment rate of 16.3% [Generation Opportunity]
  • 40% of Millennials said their stress had increased last year [American Psychological Association]
  • Just 6 in 10 Millennials have jobs, half are part-time [Harvard University]
  • 284,000 American college graduates working in minimum-wage jobs in 2012. [Wall Street Journal]
  • 48% of employed college graduates work in jobs that don’t require a four-year degree. [The Center for College Affordability and Productivity]
  • 50% do not believe that Social Security will exist when they reach their retirement age. [iOme Measure of Millennials]
  • Their average incomes have fallen 8% since the recession began in 2007. [Bloomberg]
  • 63% know someone who had to move back home because of the economy. [Pew Research]
  • Median net worth fell 37% between 2005 and 2010. [U.S. Census]
  • Average student carries $12,700 in credit-card and other kinds of debt. [The Daily Beast]
  • Nearly a third have put off marriage or having a baby due to the recession. [Pew Research]
  • 88% of millennials are optimistic about finding a job. [Millennial Branding & Beyond.com]
  • 45% believe a decent paying job is a “privilege”. [Telefonica]
  • Over 63% of Gen Y workers have a Bachelor’s Degree. [Millennial Branding / PayScale]
  • Median salary across Gen Y is $39,700. [Millennial Branding / PayScale]

Millennial values

  • 81% have donated money, goods or services. [Walden University and Harris Interactive]
  • 75% see themselves as authentic and are not willing to compromise their family and personal values. [Bentley University’s Center For Women And Business]
  • On track to become the most educated generation in American history. [Pew Research]
  • 61% of millennials are worried about the state of the world and feel personally responsible to make a difference. [Huffington Post]
  • 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. [Zipcar]
  • 44% of Millennials say that marriage is becoming obsolete, compared to 35% of Boomers who feel the same way. [Pew Researh]
  • 39% of Millennials have a tattoo. [Pew Research]
  • 33% of Millennials live in cities and 14% live in rural environments. [Pew Research]
  • More tolerant of races and groups than older generations (47% vs. 19%), with 45% agreeing with preferential treatment to improve the position of minorities. [US Chamber of Commerce]

Millennials as employees

  • By next year, millennials will account for 36% of the U.S. workforce and by 2025, they will account for 75% of the global workplace. [U.S. Bureau of Labor Statistics / The Business and Professional Women’s Foundation]
  • 41% of millennials do what their managers tell them to do, which is greater than older generations. [Strategy+Business]
  • 84% say that helping to make a positive difference in the world is more important than professional recognition. [Bentley University’s Center For Women And Business]
  • Millennials say they do not deserve special treatment and are equally as committed as non-Millennials. [PwC]
  • 92% believe that business success should be measured by more than profit. [Deloitte]
  • Millennial employees have about the same level of organizational commitment as boomers and Gen Xers. [Strategy+Business]
  • 40% of Millennials think that blogging about workplace issues is acceptable. Compared to 28% of Boomers. [Iconoculture]
  • 29% of Millennial workers think work meetings to decide on a course of action are very efficient. Compared to 45% of Boomers [Iconoculture 2011]
  • 80% of Gen Y said they prefer on-the-spot recognition over formal reviews, and feel that this is imperative for their growth and understanding of a job. [Achievers and Experience Inc.]
  • 70% have “friended” their managers and/or co-workers on Facebook. [Cisco]
  • 71% don’t always obey social media policie at work. [Cisco]
  • Connected to an average of 16 co-workers on Facebook [Millennial Branding / Identified.com]
  • It costs an average of $24,000 to replace each Gen Y employee. [Millennial Branding / Beyond.com]
  • 15% of Gen Y’s are already managers. [Millennial Branding / PayScale]
  • 56% of Gen Y’s won’t work at a company if they ban social media access. [Cisco]
  • 69% believe office attendance is unecessary on a regular basis. [Cisco]
  • Average tenure for Gen Y is 2 years (5 for Gen X and 7 for Baby Boomers). [Millennial Branding / PayScale]

Millennials as entrepreneurs

  • 35% of employed Millennials have started their own business on the side to supplement their income . [Iconoculture]
  • 90% say being an entrepreneur is a mindset instead of the role of a business owner [Millennial Branding / oDesk]
  • 46% of Gen Y wants to start a business in the next 5 years. [Employers Insurance]
  • 54% either want to start a business or already have started one. [Kauffman Foundation]
  • More than a quarter (27%) are already self-employed.[US Chamber of Commerce]

Millennials as consumers

  • By 2015, their annual spending is expected to be $2.45 trillion and by 2018, they will exclipse boomers in spending power at $3.39 trillion. [Oracle]
  • 63% stay updated on brands through social networks. [Ipsos]
  • 46% count on social media when buying online, but 55% of Gen Y share bad experiences. [YouGov]
  • 41% of millennials have no landline at home and rely on their cellphones for communication. [Pew Social Trends]
  • 48% of Millennials who say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad prompted them to buy. [Intrepid]
  • 41% of Millennials have made a purchase using their smartphone. [Edelman Digital]
  • 32% of Millennials say they don’t like advertising in general, compared to 37% of the general population. [Experian Simmon]
  • 43% have liked more than 20 brands on Facebook. [Mr. Youth]
  • 77% participate in loyalty reward programs. [Aimia]
  • 44% are willing to promote products or services through social media in exchange for rewards. [Aimia]
  • More engaged in activies like rating products and services than older generations (60% vs 46%). [BCG]
  • 84% report that user generated content on company websites at least somewhat influences what they buy [Bazaarvoice]

Millennials as investors

  • 46% count on social media when buying online, but 55% of Gen Y share bad experiences. [YouGov] 
  • 43% of millennial respondents described themselves as “conservative” investor. [Accenture]
  • Gen Y is nearly 10% of all affluent investors in the U.S. [Cogent Research]
  • 84% of Gen Y are seeking advice about finance. [Merrill Lynch]
  • 57% will change financial advisors for a tech setting. [WealthManagement.com]
  • 61% want video meetings with advisors. [WealthManagement.com]

Millennials in politics

  • They elected our president – 60% voted for Obama in 2012, 66% in 2008 [Pew Research / Huffington Post]
  • Millennials will be 40% of the electorate by 2020. [The Center for American Progress]
  • 41% satisfied with the way things are going in the country. [Pew Research]
  • In 2008, 48 million millennials (those born between 1978 and 2000) were eligible to vote, and 25 million actually did. [The Atlantic]
  • Younger Americans are most progressive (56.6) on cultural and social values and the least progressive on economic and domestic policy (53.1). [American Progress]
  • 42%  believe that “our current economic problems show what happens when you rely too much on the market and reduce regulations on corporations. [American Progress]
  • 48% believe that their parents most influence their vote (aside from themselves). [Millennial Branding / Internships.com]
  • 58% said they would be following the 2012 election on social networks like Twitter and Facebook. [Millennial Branding / Internships.com]

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Comments

  1. Phil says

    June 25, 2013 at 12:51 pm

    “Millennials have already saved an average of $55,000 for retirement. [Merrill Lynch]”. This seems to be out of place when looking all the other numbers about school debt, minimum wage numbers, part time employment numbers, millennials that have moved back in with parents, etc.

    Reply
    • Dan Schawbel says

      July 6, 2013 at 12:12 pm

      Thanks for the feedback, it has been removed.

      Reply
      • Tanya Hnastchenko says

        September 19, 2013 at 10:49 pm

        I don’t believe that stat above to be out of place. As a millennial almost all of the above apply, although I do have my own apartment. Considering I don’t expect social security to be around when I’m older, I have opted for an aggressive 401K. That being said, I still have large amounts of students loans. Food for thought.

        Reply
        • Ted says

          October 7, 2015 at 4:24 pm

          Agree with Tanya – just because I have started saving in many different ways, I still have debt. It’ about managing debt and investments properly. College Loan debt is cheap if you’re making more money on investments then the interest being charged. Student Loan debt will also be forgiven after 25 years of paying with Income Based plan…therefore smarter and cheaper then paying off in full.

          Reply
  2. Gadi says

    June 27, 2013 at 1:01 pm

    What do you define as a “Millennial”? Born between 1977-1990? 1980-2000?

    Reply
    • Dan Schawbel says

      July 6, 2013 at 12:11 pm

      Born between 1982 and 1993.

      Reply
      • Lisa Spencer says

        October 7, 2013 at 12:55 pm

        I am perplexed. If this cohort only spans 11 years, how can it be this high a proportion of the workforce?: (from list above)
        ‘By next year, millennials will account for 36% of the U.S. workforce and by 2025, they will account for 75% of the global workplace’

        Reply
        • LJ says

          May 15, 2015 at 1:39 pm

          The millennials are a huge group, the Gen Xers are a tiny group. Reserach states that Gen Xers felt like their families were too small and fragmented, so they made themselves these huge families with lots of little millennials.

          Reply
        • li05 says

          April 27, 2016 at 1:15 am

          There were more millenials born than boomers

          Reply
      • Brandon says

        November 11, 2018 at 10:57 pm

        So the millennial generation is only 11 years?? You got the birth years way wrong there, buddy.

        Reply
  3. Angela P says

    June 27, 2013 at 6:51 pm

    Fantastic article and well researched. It is mind blowing to even consider the extent to which social media and internet inform us today, and particularly how it has shaped the way Gen Y’s (someone believing it is as necessary as food and water!). I am of course curious to see what takes over from text messaging as the next wave of preferred communication for our future babes of the world.

    Reply
  4. John G says

    July 29, 2013 at 11:25 pm

    Great list you put together here Dan. I was surprised to see that only 41% of those in our Gen Y cohort made purchases using their smartphone. Given the continuing ease of use, flexibility and convergence between retailers and financial institutions I’m sure this number will increase significantly as time goes on. By the way I’m a new reader to your blog and will be subscribing.

    Reply
  5. Chris Conrey says

    August 28, 2013 at 1:47 pm

    How can they have a 16.3% unemployment rate and still have 6 of ten employed (half part time) in the first section. Seems like your math is off there.

    Reply
    • Riley says

      September 27, 2013 at 9:12 pm

      The official unemployment rate only includes people who are actively looking for work. Depending on the cutoff used, many millennials are still in school of some form.

      Reply
  6. Stephanie Pegler says

    May 16, 2014 at 4:13 pm

    Dan, I enjoy reading your posts and learning from them! You share some great insights. Check out my article on Millennial graduates and what we’re bringing to the workplace: http://bit.ly/1lrBnVL

    Reply
  7. Nick says

    April 30, 2015 at 2:40 pm

    are these global statistics?

    Reply
  8. Geo says

    June 13, 2017 at 2:10 pm

    42% believe that “our current economic problems show what happens when you rely too much on the market and reduce regulations on corporations. [American Progress]
    This just confirms to me that they are regurgitating a lot of what they are taught without doing research. I’ve worked in government most my life and we are not relying on the market to regulate corporations as claimed by so many anti-capitalist. I am not saying that a market should be a sole regulator however, never have we had so much government regulation in the history of this country as we do now.

    Reply
  9. Lentsch says

    November 16, 2019 at 3:08 pm

    Thank you Dan. Great data on Millennials. Love the stat of 56% of Gen Y won’t work at a company if they ban social media access. Always exciting to see the behaviors of each generation.

    Have an awesome day!

    -Tommy Lentsch
    https://www.imdb.com/name/nm4704179

    Reply

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  44. 5 blogging commandments for financial services firms | Gregory FCA says:
    November 12, 2015 at 9:51 am

    […] relevant as advisors start to turn their eyes toward millennials (their spending power will be $3.39 trillion in 2018 – more than boomers). Statistics show that visual content seriously resonates with this audience […]

    Reply
  45. How to Create a Branded Experience for Millennials - Shikatani Lacroix Design Inc. says:
    November 24, 2015 at 1:19 pm

    […] demonstrate quite different values and behaviour from their predecessors, based on the blog post “74 Of The Most Interesting Facts About The Millennial Generation” by Dan Schawbel and a more recent Pew Research Center 2014 study, […]

    Reply
  46. Public Relations in Twitter | How to use social media the correct way. says:
    November 29, 2015 at 7:35 pm

    […] believe that Twitter, along with social media is becoming a huge tool in Public Relations. Now that Millennial’s are becoming the people taking over businesses and especially PR teams or firms, technology is […]

    Reply
  47. Motivated Millennials – InsideNaij says:
    January 15, 2016 at 6:05 pm

    […] for better or worse. More good news as researched by millennial career and workplace expert Dan Schwabel shows that 61% of millennials are concerned about the state of the world and feel personally […]

    Reply
  48. Millennials and Student Loans | millenialsandfinance says:
    February 24, 2016 at 7:17 pm

    […] https://danschawbel.com/blog/74-of-the-most-interesting-facts-about-the-millennial-generation/ […]

    Reply
  49. Democrac(sex)y | Joshua W. Geary says:
    February 29, 2016 at 4:26 pm

    […] I really admire is that we care. We are passionate individuals that care about how the world works. My generation is known as a group that won’t take jobs that go against our values. We also donate more […]

    Reply
  50. Baby Boomers Versus Millennials: So You Want to be a Grown-Up? - Emerge Magazine says:
    April 13, 2016 at 4:09 pm

    […] degree would have made me stand out to employers. When I graduate, statistically speaking, 48 per cent of my classmates will be forced to work part-time jobs that don’t even require a four-year degree, just because […]

    Reply
  51. 3 elements to become a top employer for Millennial talent says:
    April 27, 2016 at 7:14 am

    […] me start with three interesting facts on Millennials that I found on Dan Schawbel’s post: 1) 54% either want to start a business or already have started one 2) 81% have donated money, […]

    Reply
  52. The Millennials: Next Greatest Generation? – Mara at Cisco says:
    June 14, 2016 at 2:41 pm

    […]  74 Facts about Millennials […]

    Reply
  53. Hey, Fellow Gen Xers: Let's Step Aside for the Millennials says:
    October 19, 2016 at 9:02 pm

    […] 74 Of The Most Interesting Facts About Millennials […]

    Reply
  54. Letting Go of Common Millennial Misconceptions | Level Up Leadership says:
    December 14, 2016 at 10:32 am

    […] “I see no hope for the future of our people if they are dependent on the frivolous youth of today, for certainly all youth are reckless beyond words.” That was said by the philosopher Hesiod in the eighth century BC. Socrates said, “The children now love luxury; they show disrespect for elders and love chatter in place of exercise. Children are tyrants, not servants of the household. They no longer rise when their elders enter the room.” (See other similar quotes here.) […]

    Reply
  55. #millennialnation Part 6 The Facts | Homeland Estate and Financial Services says:
    February 8, 2017 at 5:34 pm

    […] For this information on these facts and more click here and here. […]

    Reply
  56. 5 Reasons Millennials Are Going To Save The World (We Hope) says:
    June 6, 2017 at 3:13 pm

    […] priorities list. Two-thirds of millennials actually define success as being smart and well-read, 84 percent say making a difference in the world is more important than professional recognition, and 92 percent believe businesses […]

    Reply
  57. Why Employee Gift Certificates Are So Popular | gThankYou! says:
    June 15, 2017 at 12:15 pm

    […] percent said they prefer on-the-spot recognition over formal reviews, “and feel that this is imperative for their growth and understanding of a job,” according to Dan Schawbel, branding expert and author of “Promote Yourself: […]

    Reply
  58. 8 Reasons For People Need to Stop Shitting on Millennials - Newscult says:
    June 29, 2017 at 2:01 pm

    […] how much we’ve accomplished? We’re way more diverse then the rest of the population. 81% of us have donated money, goods, or services. We’re on track to be one of the most educated […]

    Reply
  59. The Problem with Millennials, and Everyone Else: Part 1 – To My Left or is It My Right? says:
    July 9, 2017 at 8:33 pm

    […] Fact: 65% of Millennials say losing their phone or computer would have a greater negative impact on their …I privately asked several coworkers and they all said they would rather lose their car because […]

    Reply
  60. Millennials, Here’s Why Job Titles Don’t Matter Anymore | Unconventional Life Show says:
    December 11, 2017 at 2:29 pm

    […] to the occasion with a shift towards businesses that do social justice. 92% of millennials believe businesses should be measured by more than profit. Undra Robinson, a millennial entrepreneur, […]

    Reply
  61. Millenials : 5 Raisons Pour Lesquelles l'Intitulé De Leur Poste n’Est Pas Important | Forbes France says:
    December 26, 2017 at 12:18 pm

    […] et des femmes se dirigent vers des secteurs relatifs à la justice sociale. En effet, 92 % des millenials pensent que le chiffre d’affaire ne suffit pas à faire la valeur d’une entreprise. Undra […]

    Reply
  62. The Unique Thing of Being a Millennial – Millennial says:
    January 28, 2018 at 9:39 pm

    […] Source: Danschawbel.com […]

    Reply
  63. YPO | Leading Differently For Today's Workforce - YPO says:
    June 18, 2018 at 9:55 am

    […] to lead and manage differently. More than one-in-three American workers today are millennials, and 69 percent of millennials believe office attendance on a regular basis is […]

    Reply
  64. Leading Differently For Today’s Workforce – YPO says:
    June 18, 2018 at 10:31 am

    […] to lead and manage differently. More than one-in-three American workers today are millennials, and 69 percent of millennials believe office attendance on a regular basis is […]

    Reply
  65. What Every Marketer Needs to Know About Millennials - RICHTOPIA says:
    August 27, 2018 at 7:52 pm

    […] however, it’s important to know a little about their values and what motivates them. According to Dan Schawbel, New York Times bestselling author, partner and research Director at Future Workplace, and the […]

    Reply
  66. By Definition, I Am a Millennial — Whatever That Means | The Imaging Channel says:
    November 2, 2018 at 8:17 pm

    […] and 2000 and represent more than one quarter of the of the nation’s population. We also carry 1 trillion dollars in student loan debt … YAY! We have all read the statistics and everyone keeps […]

    Reply
  67. Recruit a Millennial | Generation Y | Marmite love it or hate it says:
    March 19, 2019 at 5:42 pm

    […] that helping to make a positive difference in the world is more important than professional […]

    Reply
  68. What Millennials Want from Managers - says:
    January 27, 2020 at 12:13 pm

    […] of them believe that restrictions at the workplace stifle their creativity. Adding to this, around 69% of the millennials believe that regular office attendance is unnecessary. However, this doesn’t mean that they lack […]

    Reply
  69. 66 Of The Most Interesting Facts About Generation Z – genzfuturists.com says:
    May 7, 2020 at 3:37 pm

    […] Of The Most Interesting Facts About Generation Z. 74 Of The Most Interesting Facts About Millennials. 44 Of The Most Interesting Facts About Generation X. 53 Of The Most Interesting Facts About Baby […]

    Reply

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