If you’re a Baby Boomer, prepare to be outnumbered! In fact, it’s too late. You are already in the minority.
Millennials are now the largest generation in the U.S. labor force, says the Pew Research Center based on analysis of U.S. Census Bureau data. Millennials are defined as those born 1981 to 1996, or those aged 22 to 37 in 2018.
56 million millennials are working or looking for work. They outnumber both Baby Boomers, who continue to retire, and Gen X individuals in the workplace.
By 2025, 75% of the American workforce will be made up of millennials, who are currently the single largest demographic group in the U.S.
How will that change how we work?
Millennials and their work attitudes have been studied extensively. According to research , millennials differ from Baby Boomer and Gen X in that they:
- place more emphasis on corporate social responsibility and defined values;
- are more concerned with the environment, sustainability, and quality of life issues;
- are more focused on acquiring experiences than things;
- are adept at collaboration and working in groups forged around shared interests.
The Takeaway: In the financial services industry where we work, millennials are responsible for a greater emphasis on sustainability and values-driven investing (if that’s of interest to you, ask us how to incorporate more of your values and sustainability concerns into your portfolio mix).