Millennials Value More Than An Epic #Selfie

When MasterCard asked me to join a Panel at the 2014 Card Forum and Expo #CFE14 and share what Millennials value and explain what makes this generation different, I said…”YES YES YES.” It’s exciting that MasterCard is acknowledging that Millennials do beat to a different drum and that this generation is not as terrible as it is made out to be. It is impossible to blanket this generation, all 80 million of us, under the same three stereotypes: Lazy, Entitled, and Narcissistic. Well, I beg to differ. This Digital Native generation is changing the way the world does business, by the year 2020 we will make up 75% of the workplace, and by 2017 Millennials will have more spending power than any other generation. It is time for generations before to give us a chance, engage with us, and work with us-not against us.

What makes Millennials different?

Digital Natives: Millennials are at the leading edge of the social phenomenon. They have taken the lead on the new platforms in the digital era—the Internet, mobile technology, and social media—to build personalized networks of friends, colleagues and networking groups. Millennials are increasingly connecting to the internet wirelessly (81%), and nearly three in four of those who go online use social networking sites.

Most Racially Diverse: Millennials are the most racially diverse generation in American history, a trend driven by the large wave of Hispanic and Asian immigrants who have been coming to the U.S. for the past half century, and whose U.S.-born children are now aging into adulthood.

Very Liberal: Pew Research Center surveys show that half of Millennials (50%) now describe themselves as political independents and about three-in-ten (29%) say they are not affiliated with any religion. These are near the highest levels of political and religious disaffiliation recorded for any generation in the quarter-century that the Pew Research Center has been polling on these topics. Most Millennials have liberal views on many political and social issues, ranging from a belief in an activist government to support for same-sex marriage and marijuana legalization.

Economic Hardship: Millennials are also the first in the modern era to have higher levels of student loan debt, poverty and unemployment, and lower levels of wealth and personal income than generations before (Gen Xers and Boomers) had at the same stage of their life cycles. We are the most educated and underemployed generation – 284,000 American college graduates work in minimum-wage jobs while the unemployment rate is about 16%.

What do Millennials Value?

Family: According to Lifeway Research, 61% of Millennials place family as the top priority on their list.

Meaningful Work: More than half of Millennials say that it is a priority to do work that has a positive impact. Millennials prefer to collaborate and work together instead of an isolated competitive work environment. Work time flexibility and a balance between work and personal life is important to this generation.

Opportunities to Collaborate/ Having their Opinions Heard: Millennials share opinions about brands because they feel other consumers value those opinions, and 64% of Millennials feel that companies should offer more ways to share their opinions online in the future.

Freedom of Choice: The keys to building brand loyalty among Millennials are a willingness to change based on consumer opinion, open dialogue through social channels, and becoming more consumer focused versus brand focused brand.

Saving for the future: This generation is the Most financially conservative since the great depression: The average Millennial today graduates with almost $30,000 worth of student loans. Nearly two-thirds of millennials make less than $50,000 a year in household income and realize the time to start saving is as soon as you financially can.