Millennials have grown up when technology has made its greatest strides. Many millennials remember a time before cell phones became mainstream, but are the same people who couldn’t live without them today. Unlike their Gen X or Baby Boomer parents, this group has experienced a wave of technological change, globalization and economic disruption that will influence the years to come. Today, millennials are the largest group in America, consisting of 92 million people, followed by Baby Boomers and then Gen X. By definition, a millennial is an individual born between 1980 and 1999 and happens to face large student debt, meager wage growth, and underemployment.
Millennials are changing global economy through their:
- historic student loan debt
- lack of ownership
- use of the sharing economy
- embracing of the freelance economy
- social choices
As these trends continue, we may begin to see demand for big ticket items like houses and cars significantly tail off. Moreover, advances in modern medicine and the depletion of Social Security, have millennials believing retirement will be closer to 70 than 60. The impact this has down the road is impossible to predict, but so far millennials and the technological revolution have sent shockwaves through the global economy.
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