Here Come the Millennials!

The millennials are coming, and they’re armed with dollars!  The last cohort born in the 20th century has now surpassed the Baby Boomers as the largest generation.  A generation once defined as moochers living off their parents while sleeping in the family basement has now entered adulthood.  The millennials were labeled as lazy slackers, but this is hardly the case.

This generation is more socially aware and more tolerant of other cultures than previous ones. It is the most educated group to enter the work force and they have more women employed than previous generations.[1]

The millennials are now the largest cohort in the labor force with 56 million people. Gen X has 53 million workers while the boomers are still going strong at 41 million.[2] As they climb the corporate ladder they’re starting to get married.

These newly minted couples are entering their prime home buying years, a positive for our economy. As new homeowners, they’ll purchase appliances, furniture, and other gadgets.  Another boost to our economy will come when these young adults start to raise their families. In fact, there are now more than 17 million millennial moms, and over 1 million gave birth since 2016.[3]

The Baby Boomers transformed everything they touched from cars to stocks. Will millennials follow the same path? I believe they will and therefore I’m bullish on the world.

Millennials are a bit more free-spirited, more able to go into new places, to feel more assertive and fearless about trying new things. ~ Payal Kadakia

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  Our mission is to remove confusion, complexity, and worry from the financial planning and investment management process. For more information please visit www.parrottwealth.com.

May 6, 2018

 

 

[1] http://www.pewresearch.org/fact-tank/2018/03/16/how-millennials-compare-with-their-grandparents/, by Richard Fry, Ruth Igielnik, and Eileen Patten, 3/16/2018

[2] http://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/, by Richard Fry, 4/11/2018

[3] http://www.pewresearch.org/fact-tank/2018/05/04/more-than-a-million-millennials-are-becoming-moms-each-year/, by Gretchen Livingston, 5/4/2018

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