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A list of quotes and facts about Millennials relating to: 1) careless about their financial situation, despite it being tight 2) not enough time to spend with their friends because life gets in the way 3) wanting to care, be involved, be self-conscious in their lives and jobs but they dont do enough 4) The city is their home and they love it but it is also lonely and unfulfilling 5) they live in local neighborhoods but feel at home globally.
Hello! Thank you for your request for a list of insights and quotes regarding millennials and finance, their social lives, social and professional involvement, their cities, and their global presence. You will see a deep dive of my findings below.
METHODOLOGY
RESPONSE
1) Forty-five percent of millennials are not saving money for their eventual retirement, despite the fact that money set aside for Social Security Retirement is expected to run out by 2037.
2) More than 25 percent of all millennials had either missed a bill or been contacted by a creditor due to past-due bills. As a result, this generation has the lowest credit scores of any generation.
3) Despite the majority of millennials living in large cities where they are surrounded by other people, 86 percent of this generation "reported feeling lonely and depressed," and are four times more likely than those aged 70 and older to feel lonely. This can be particularly dangerous according to the results of several studies, which show that chronic loneliness can lead to an increased risk of dementia, and another which showed that "a lack of social connections can be as dangerous as smoking 15 cigarettes a day." Further, the sociologist Jon Callegher said "millennials are far more likely [than other generations] to say they're stressed, bored, depressed, exhausted, overwhelmed and even anxious."
4) 4) Perhaps partially due to the above-mentioned loneliness, many millennials would prefer to be living in the suburbs and will likely begin moving away from large cities over the next few years.
5) The millennial generation is much more likely than generations before them to identify and empathize with people from around the world. In fact, less than half of this generation identify themselves as "patriotic." This is compared to 64 percent of Generation X, 75 percent of Baby Boomers, and 81 percent of the Silent Generation who say that they are patriotic.
6) Millennials' lack of patriotism could be largely due to the fact that millennials are the most racially diverse generation in America's history, and a large number of them are immigrants. In addition, millennials have experienced a higher opportunity to travel with study abroad programs in both high-school and college, as well as family trips out of the country and online connections with people from all over the world.
7) "Why be crammed in a sweaty club or be limited to a handful of mindless nightlife activities when I could be doing a lot more at home for less money, with greater cultural value and without the hassle of trekking out?" This quote was taken from a 25 year old Londoner named Lucy, who was responding to questions regarding why she prefers not to go to night clubs and bars on her nights off. The Guardian article which cites this quote also provided several other quotes and explanations for why millennials prefer to avoid clubs and bars, including the high cost of going out, the fact that night clubs make conversation difficult or impossible and therefore feel "impersonal," high anxiety, health and safety concerns, and exhaustion after a long week at work.
8) Millennials travel more than any other generation. In fact, this generation travels an average of 4.7 times a year for business, and 4.2 times a year for pleasure. In addition, they spend a total of $200 billion each year on travel-related costs, and account for 22 percent of all travelers. These numbers are expected to grow as millennials continue to graduate from college, start their careers, and build families.
9) According to a survey published by the Financial Times, millennials should be saving approximately $1,146 each month towards a retirement fund due to the above-mentioned difficulties with Social Security. However, this generation is "prioritizing short-term spending over long-term saving." Partially, this is due to the rising student loan debt, which totals nearly $1.3 trillion as of 2017. However, a report in the Financial Times notes that millennials are simply more concerned with travel than they are with saving for retirement.
10) Co-living and co-working spaces are on the rise, largely due to the millennial generation. There are a number of professional organizations, such as Common, WeWork, CoWorks, and Workbar, which were founded on the idea of co-working. Due to the success of these organizations, many others are now founding co-living spaces. For example, Troy Evans opened the company CoWorks in Syracuse about a year ago. Due to the success of that company, particularly among millennials, he's turning the top two floors of the building into a co-living space which he envisions as being similar to a dorm. Similar spaces are opening all over the country, with buildings that will house apartments, offices, and shops.
SUMMARY
To summarize, the above report focuses on providing 10 facts, statistics, and quotes regarding millennials.
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