10 Economic Facts about Millennials

10 Economic Facts about Millennials

Millennials, the group of people in America who were born in time 1980 and the mid-2000s, are the biggest generation formed in the U.S., representing 1/3 rd of total population of U.S in the year 2013.

Most members of this generation are just starting their career and so will be an important engine of the economy. This is the first generation who have had internet access in these formative years. Millennials also stand good because they are most dedicated, educated, and diverse.

About 61% of adult in Millennials have attended college, but only 46 percent of the Babies did so. They have different facts to follow for their growth.

  • Millennials are the largest, diverse generation in population to be as the biggest of the population for coming years. They were shaped very well by the technology. From past few decades they have witnessed advances in computing and technology. Since in late 1970’s, personal computers were introduced to schools. Technology companies have innovated at startling speed, and there is being new platform or computer model every year.
  • Millennials value a lot for family, community, and creativity. They have deep relationships with their friends, parents and relatives. We can say that it is very important for them to live much closer to their family and school students.
  • More than previous years, Millennials have invested in human capital. Than any other generation of young adults more Millennials have a college degree. 47 percent of 25 to 34 year-olds in 2013 have received a post graduation degree such as bachelors, associates, graduate degree.
  • More students do their post-secondary education as enrolments grow and students based on loans. Increase in the taking of debts by students is due to the enrolment among Millennials.
  • Not only the school and college work they also focus on different fields. There has been a corresponding decline in labour participation among 16 to 24 year-olds with college enrolments at historic, about 90 % of young adults are either participating in school or in the labour work.

Because of Affordable Care Act, many of them have insurance policies from their young year more than the past generations. Since September 2010, Young people are generally eligible to be under their parent’s insurance policy until they turn to 26 years. But previously, young adults were not under a parent’s plan when their age turned to 19 or if they are graduated from college.

During a historic downtown millennials will do with the effects of their starting careers for years to come. Millennials currently are about a third of the labour force and, where as a new generation they got to face different typical, complicated challenges to enter the work field since the recession during the most pronounced downturn.

They had substantial payoff for investments in human capital. Recent company placements are giving importance to the students who have completed their school diploma or preferably graduation and this gap has been increasing with the time.

In the college premium, the difference between college versus high school graduates and median earnings, have rapidly increased from 60 percent in 2004 to approximately 70 % in the year 2013.

Just having a college degree such as associates or bachelor’s will result in a lower probability of having earnings in the lowest income such that 16 to 28 percent of the college degree holders versus 37 to 41 percent of people who do not hold any degree.

Bachelor’s degree holders are also 6 times more likely to have more earnings.