5 Ways Millennials Are “Reshaping” Today’s Economic World
“…for many, 30 is looking a lot like 20 used to as the generation that began with so much promise has fallen behind on nearly every adult milestone.” ~Allison, Linn CNBC
That is a bleak quote, but the truth is that we, as Millennials, have been hit hard by the economy. College debt piling up, moving back in with family, and struggling to find a job can take a toll on your self-esteem. Some take extreme measures, like I did, by working and studying abroad. Others acquire multiple roommates to keep some sense of independence.
It’s been hard, but here’s the thing…Millennials are growing up and it’s time we buck the stereotypes and take our power back. Agreed?
Millennials, we’re proving, are resilient and creative. Perhaps, necessity is the mother of invention after all. Coming of age in the worst economic times, since the Great Depression, we are taking what we’ve been given and creating new opportunities. Creating businesses, websites, and apps that are rising to become almost necessities in our cultures.
Here are 5 more ways Millennials are reshaping today’s world:
- New Buzzwords- Gig & Share Economy
With 38% of Millennials working as freelancers, we have created the “Gig” and “Share” economies. Working multiple, various jobs, rather than relying on one employer. Sites like Etsy and Fiverr make setting up “gigs,” to sell products or services, easier than ever and Millennials are rapidly taking advantage of the fact. To be successful as a freelancer, according to Gabe Miano of Forbes, you need to diversify your income streams and build a community.
- “Job Security” Replaced with “Job Fulfillment”
“Many of us value the nature of our work and its impact over our paychecks.”
Millennials love their families, yes, but we do not want to work a 9-5 just for food and shelter. We want to make a real difference in the world. Income level is becoming less of a value base for personal and job fulfillment than being part of something bigger. Creative freedom plays a much larger factor too.
- Increase Need for Public Transportation
An importance on saving money, plus taking better care of the environment, has led to an increased desire for public transportation and bike paths among Millennials. In fact, it has become a big issue when deciding where to live. In one survey, more than 50% of Millennials said that they would consider moving to another city if it had better options of transportation.
- Urban Renewal
Living in larger cities provides Millennials those better transportation options, but we’re not settling for things “as is.” The collapse of large manufacturing hubs in these major areas have left boarded up and abandoned properties. Many 20 and 30-somethings are passionate about renovation and urban renewal. The $350 million Vegas Downtown Project is proof that investors are listening.
Yes, Millennials will continue to create their own career paths as freelancers and entrepreneurs, but some still choose to work with more traditional companies. A lot more corporations are starting to offer mobile jobs where you can have some benefits of security while working on the go. Some even offer housing subsidies and education opportunities.
How 20-Somethings Are Fighting A Bad Economy
“We know how to hustle.”
With an average college debt of $30,000, I guess we better!