m6 - FINANCIAL SERVICES Understanding the Millennial Generation by Sharon A DeVaney PhD Introduction Generations are defined by age period and cohort

m6 - FINANCIAL SERVICES Understanding the Millennial...

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FINANCIAL SERVICES JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | NOVEMBER 2015 11 Understanding the Millennial Generation by Sharon A. DeVaney, PhD Vol. 69, No. 6 | pp. 11-14 This issue of the Journal went to press in October 2015. Copyright © 2015, Society of Financial Service Professionals. All rights reserved. ABSTRACT The millennials, who are currently aged 23 to 35, are the youngest generation in the work- place. At 77 million, the millennial generation is one-and-one-half times as large as Gener- ation X and almost equal in size to the baby boomer generation. Hailed as digital natives, millennials are also described as creative, solution-focused, socially conscious, and team-oriented. The purpose of this column is to offer suggestions for successfully en- gaging millennials in the workplace. Introduction Generations are defined by age, period, and co- hort. Age is the age of an individual at which life events and transitions take place. Period is what hap- pens within an individual’s lifetime. A cohort is a group of individuals who have shared experiences and events in their formative years that could lead to sim- ilar attitudes and behaviors for the rest of their lives. Social scientists contend that there are four gener- ations in American society: the silent generation, the baby boomers, Generation X, and Generation Y—also known as the millennial generation (Meredith and Schewe, 1994; Strauss and Howe, 1991). The silent generation was born between 1930 and 1945. Early events in their lives were the Great Depression and World War II. The baby boomers were born between 1946 and 1964. Early events in the boomers’ lives were economic prosperity and the growth of the suburban middle class. Generation X was born between 1965 and 1979 or 1981. Early events for Generation X were the Vietnam War and the energy crisis. The millen- nials were born between 1980 and 2000. Early events in the millennials’ lives were globalism; the attacks on September 11, 2001; and the Internet Age (National Endowment for Financial Education, 2015). Demographics The millennials are between 23 and 35 years old. There are more than 77 million millennials (Taylor
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FINANCIAL SERVICES JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | NOVEMBER 2015 12 and Keeter, 2010). The millennial generation is larger than the 46 million who are in Generation X and the millennials are almost equal in size to the 76.4 million in the baby boomer generation. There are likely to be differences between younger and older millennials. The millennials who were born between 1986 and 1992 were entering the job market during or at the end of the recession which began in December 2007 and ended in June 2009, while millennials born since 1992 might still be obtaining their education and entering the job market (National Bureau of Economic Research). Millennials are more racially diverse than previ- ous generations; 47 percent are minority compared to 37 percent for Generation X, 26 percent for baby boomers, and 9 percent for the silent generation.
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  • Fall '14
  • DeborahPembleton
  • Generation Y, Strauss and Howe, Cultural generations, Burstein, Financial Service Professionals, JOURNAL OF FINANCIAL SERVICE

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