A new understanding of Millennials: Generational differences reexamined

Dig into the numbers to investigate similarities and differences in economic behavior across the generations in the United States.

Millennials and higher education

The proportion of Millennials choosing Science, Technology, Engineering, and Math (STEM) majors has not increased over prior generations, in spite of years of rhetoric about the importance of STEM.

 

Source: National Center for Education Statistics, Digest of Education Statistics

 

Millenials and student loans

Millennials are more burdened with student loan debt than prior generations.

 

Source: National Center for Education Statistics, Digest of Education Statistics

 

Millennials, housing, and home ownership

The Great Recession of 2007 has made it more challenging for some Millennials to purchase a home.

 

Source: Survey of Consumer Finances

 

Millennials and debt

Millennials over time have shown less willingness to take on debt than their predecessors.

 

Source: Survey of Consumer Finance

 

Millennials and vehicle ownership

Millennial rates of vehicle ownership resemble those of prior generations. Vehicle ownership dipped during the Great Recession but has been climbing since 2010.

 

Source: Survey of Consumer Finance

 

Millenials and workplace turnover

Conventional wisdom says Millennials hop from job to job, but the data show otherwise: Millennial turnover rates are at or below rates for other generations, and are largely driven by age and the business cycle.

 

Source: US Census Bureau Quarterly Workforce Indicators

 

Millenials and workplace pride

Younger workers’ loyalty towards their employers appears unchanged since 2002, challenging the conventional wisdom that Millennials are less engaged.

 

Source: NORC General Social Survey, 1972-2014