“Uncertainty means that nothing is predetermined. Uncertainty means that the future is yours to shape — with the force of your will, the force of your intellect, and the force of your compassion. Uncertainty is freedom.”—Jim Kim, President at The World Bank speaking at Northeastern University in Boston to this year’s graduates. Via the Business Insider.
“It’s voguish to dismiss the millennial generation as a narcissistic, me-driven, entitlement-presuming cohort. The millennials are, for starters, what previous generations have compelled them to be. If these young people seem unduly pre-occupied with self and money, it’s at least partly in recognition that traditional social nets like medical insurance and Social Security are running out of gas. They bear no resemblance to the financial needs imposed by our much longer lifespans. The millennial focus on self is also matched if not surpassed by an equally strong commitment to social responsibility.”—Forbes contributor, Simon Graj, opens an article how Millennials Call Today’s Marketing Tune with this quote. Have a read of the full article for an interesting perspective.
New research out of Melbourne says that though most Gen Y have a short term savings plan in place, they are falling short when it comes to longer-term savings. It also notes that Gen Y gets less credit than it deserves when in relation to finances.
According to a recent article from On Wall Street, Gen Y investors now comprise nearly 10% of all affluent investors in the US and they get their financial information much differently from older generations. Based on a report by Cogent Research, 35% of Gen Y respondents said they recalled mutual fund contacts via social media (versus 4% for non Gen Y investors). Advisors who want to tap into this lucrative source of future clients should weigh alternative approaches to connecting – social media platforms, company websites or blogs are recommended.
Recent college graduate Pierre Gergis shares some insight into Millennials and corporate adaptability on Forbes.
The author argues that senior corporate leadership needs to reevaluate how it is integrating Millennial new hires. As digital natives, Gen Y was immersed in web ‘language’ at a young age, ensuring adaptability to new scenarios, regardless of specific experience and increasing the likelihood of eloquence when it comes to treating these systems and environments for what they are: tools for building and creating. Most of Millennials experience and learnings can no longer be easily reflected on a resume; however, the forward-thinking insight, flexibility and almost reckless abandon with which Millennials approach work, make it possible to create brands and technologies that challenge and overshadow decades old institutions.
According to the Daily Mail, for the first time since the single currency was created in 1999, the unemployment rate has hit 12% in the eurozone (compared with 7.7% in Britain). The numbers are even bleaker for those under 25 – 58% in Greece, 56% in Spain, 38% in Portugal and Italy and 24% in the eurozone as a whole. Officials say that the ‘economic and social consequences of high unemployment continue to represent one of the most significant threats to the future of the eurozone’ and that ‘urgent action is required to avoid the creation of a lost generation of young people who have been denied access to work’.
According to a recent study, “Lost Generations? Wealth Building among Young Americans”, the average wealth of American households doubled over the last quarter century, the average wealth of people ages 29-37 had fallen by 21% from 1983 to 2010. Reasons include the foreclosure crisis, ballooning student debts and a decline in business equity and other assets. The author suggest that young people can start making savings automatic and urges policymakers to focus more attention on wealth building among younger households and other low-wealth groups.
Notably, it isn’t all bad news. Read more over on The Atlantic.
Author David Burstein argues that while Boomers helped produced long-lasting change with the passage of the civil rights and the end to the war in Vietnam, today’s millennial activism is more powerful, more suited for the time and more sustainable. Through the use of technology, creation of organizations and businesses to implement solutions to pressing national issues and the use of consumer power to push companies to be more socially responsible, Millennials have created a unique approach to effecting change.
"While the workplace has evolved over the last several years, it is not adapting quickly enough for Millennials; according to the US Bureau of Labor Statistics, one out of every two millennials is either unemployed or under-employed."
Forbes contributor Michael S. Malone looks at how the job market has evolved for the Millennial workforce.
“Gen Yers are impatient to change the world and social entrepreneurship gives them an outlet to do so. Social entrepreneurship resonates with some of the typical values that characterize Gen Y: collaboration, accessibility, sustainability, globalization and self-expression.”—
According to CultureQ research, Millennials have been incorrectly portrayed as lazy and instead, actually list academic success, personal fulfillment and the global economy as important issues in their lives. Ms. Bahr Thompson, Founding Partner of Onesixtyfourth, suggests the following strategies for brands and marketers to relate to millennial consumers:
“The prospect of a generation of workers who are facing job insecurity and uncertain career growth has broader social consequences that can’t be written off as the inconvenience of a coddled few.”—Via Forbes
The graphic tells a great story about what’s driving Millennial behaviors and aligns closely with the trends found in our study as well. Check out the full article on JWTIntelligence for more information.
“In school, you learn that there’s symmetry in the world. Every force has an equal and opposite reaction. Chemical equations must balance. Supply and demand are intimately related. Life is no different. It’s full of tradeoffs and cause and effect relationships. You’ll never get something for nothing. Everything has a price. First you do the work, then you get rewarded. You give, then you get. Those equations appear throughout your career, your life, the business world, everything.”—10 Lessons On Leadership For Gen Y
A great read on success and how to get there for any age group, but especially younger generations.
Really interesting analysis of the US-based bro-culture of male Millennials from mtvinsights:
By Jill Bromann, MTV
photo credit: College Humor
Guys have moved in packs ever since they were hunting with spears, and the concept of the “bromance” and “metrosexual” are at least as old as is I Love You, Man. However, there are significant and noteworthy new dynamics…
“Part social network, part crowdfunding service in the style of Kickstarter, Upstart provides an online forum where participants post personal profiles with their background and goals in the hope of attracting at least five financial backers.
The backers - acquaintances, alumni or other accredited investors - provide funding that will typically range between $20,000 and $50,000 in exchange for an agreed share of the graduate’s future income over a 10-year period. Upstart determines the portion of future annual income to be shared based on the total sum raised and the person’s qualifications, including academic record and field of study.”
“Curiosity, creativity, discovery and wonder; they aren’t traits of youth, they’re traits of learning. If you want to feel younger and you want to replicate the conditions of youth, do that.”—Benjamin Salka (via hapa-nings)
“Girls have to fight against a lot of the same stuff we did growing up…peer pressure, exploitation, etc. But what worries me the most is this trend that caring about something isn’t cool. That it’s better to comment on something than to commit to it. That it’s so much cooler to be unmotivated and indifferent. Our culture can get so snarky and ironic sometimes and we kind of wanted Smart Girls to celebrate the opposite of that.”—
Amy Poehler, on empowering you girl thru her web-series, “Smart Girls At The Party.” (via ceedling)
“The kids who grew up inside AOL chat rooms and came of age on Facebook have an intuitive understanding of the power of networks that our generation will never have. They are not asking us to fix the problems we left them with. They are asking us not to get in their way as they try to dig themselves out. I think we owe them that.”—
Michelle and I are saddened to learn of the passing of Steve Jobs. Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.
By building one of the planet’s most successful companies from his garage, he exemplified the spirit of American ingenuity. By making computers personal and putting the internet in our pockets, he made the information revolution not only accessible, but intuitive and fun. And by turning his talents to storytelling, he has brought joy to millions of children and grownups alike. Steve was fond of saying that he lived every day like it was his last. Because he did, he transformed our lives, redefined entire industries, and achieved one of the rarest feats in human history: he changed the way each of us sees the world.
The world has lost a visionary. And there may be no greater tribute to Steve’s success than the fact that much of the world learned of his passing on a device he invented. Michelle and I send our thoughts and prayers to Steve’s wife Laurene, his family, and all those who loved him.
Bolded our favorite line from this. (Thanks Matt for sending this along)
Another sign that the college lecture might be dying: Harvard University physics professor Eric Mazur is championing the “flipped classroom,” a model where information traditionally transferred during lectures is learned on a student’s own time, and classroom time is spent discussing and applying knowledge to real-world situations. To make it easy for professors to transition out of lecture mode, Mazur has developed Learning Catalytics, an interactive software that enables them to make the most of student interactions and maximize the retention of knowledge.
““This is a generation of kids that have learned to communicate, search and purchase on very small devices, like mobile phones,’’ said James McQuivey, Forrester Research media analyst. “This year is a guinea pig year, next year the move will be en masse.’’ The trends are already striking. Forrester Research projects that 15.5 million e-readers will be sold this year, a 50 percent increase over last year. While the firm does not break out sales by age, children are a growing customer base. When Barnes & Noble launched a digital library for children last October, it had 120 picture book titles; today it has 570, including classics such as Curious George and Corduroy. Similarly, publisher HarperCollins reports that young adult e-books have surged 125 percent year over year.”—Oh, the pages that glow! - Boston.com (via infoneer-pulse)
“In that sense, one of the key struggles that people face in old age — isolation and boredom — is likely to look very different in the future, if not vanish entirely for some. The people who will be facing these challenges in 40 years will be people accustomed to amusing themselves digitally, and creating a social life for themselves without another person physically present. To put it bluntly, the people who turn 70 in the year 2050 will be people who grew up playing video games. And the digital environment that now seems like a recipe for distraction — a constant feed of personal messages, links, and updates on one’s friends — starts to look a lot like a way for even a housebound person to stay engaged with the world.”—
“I hope kids are still finding some way, despite Google and Wikipedia, of not knowing things. Learning how to transform mere ignorance into mystery, simple not knowing into wonder, is a useful skill. Because it turns out that the most important things in this life — why the universe is here instead of not, what happens to us when we die, how the people we love really feel about us — are things we’re never going to know.”—
“The study surveyed 500 American college students. Seventy-three percent of them said they would not be able to study without some form of technology, and 38% said that they could not even go more than 10 minutes without checking their laptop, smartphone, tablet or ereader.”—