The way the media talks about millennials, you’d think they’re harbingers of the American Apocalypse. In addition to getting slapped with labels like “lazy,” “entitled” and “narcissistic,” millennials are often blamed for the less-than-stellar state of the U.S. economy.
Granted, millennials aren’t exactly problem-free. Those born between 1980 and the early 2000s have higher levels of student loan debt, unemployment, and poverty than their parents and grandparents. However, holding them fully responsible for the economy — when the previous generations were the economy’s driving force in the past — is unfair, if not outright ridiculous.
In fact, millennials may be just what America needs to get back on its feet. Here’s why:
Millennials Don’t Settle
Yes, millennials change jobs every two years, if not every year. But it’s not because they like job-hopping for its own sake. It’s because having a job they enjoy is important to them.
What makes a job “enjoyable” for millennials? According to the 2016 Deloitte Millennial Survey, their top five considerations are work/life balance, opportunities for progress, flexibility, a sense of meaning from work and professional development programs. If a company can offer these five, at the very least, they can expect their young, vibrant workforce to make full use of their talents, and take the company to a higher level.
Millennials Want to Be Entrepreneurs (and They’re Good at It)
On the other hand, a millennial may never be satisfied working for someone else, so they’ll work for themselves instead. Even if they’re not the next Mark Zuckerberg, they can still come close, as evidenced by the numerous under-35 entrepreneurs around the world.
It helps that millennials are often the first to spot rising trends. Niches like third wave coffee are popular, while the years of 2013 and 2014 saw a 19.4 percent rise in breweries devoted to craft beer alone. In short, entrepreneurs are vital to economic development.
Millennials Are Careful With Their Money
For a generation stereotyped as “spoiled,” millennials are surprisingly money-wise. Fifty-seven percent of them compare prices, reviews and other product information before purchasing anything. In other words, a company that wishes to appeal to millennials should offer high-quality products for the lowest possible cost. As far as economic competition goes, that’s a good thing.
Millennials Aren’t Afraid to Spend, Either
Whether older generations like it or not, millennials will make up half the workforce by 2020. They’ll have the greatest impact on the economy, for better or worse.
Luckily, all signs point to “better.” Since millennials spend $600 billion every year, and that number is expected to double by 2020 as well, that’s a more-than-significant boost to the U.S. economy.
Millennials Can Change the World
As cliché as it sounds, the world needs all the young minds it can get. With a little guidance from more world-weary elders, millennials have a strong potential to come up with creative solutions to problems. While they don’t really expect to solve everything wrong with the world, that doesn’t stop them from trying.
Final Words
Honestly, the media should give millennials a break already. They have much more to offer than youthful idealism and energy. If they’re encouraged to channel those qualities through the right avenues, they won’t have to be everyone’s favorite punch line anymore.
Featured image via Flikr by MIKI Yoshihito available under a Creative Commons Attribution 2.0 Generic license
