It is time for older millennials to take over as they have officially outgrown the world’s largest population — the baby boomers. With this comes the inevitable shift as this generation transforms the way we approach various facets of life. This is crucial as industries and sectors adjust to these changes to thrive in the ever-changing economic climate.
Views on marriage
Compared to their predecessors, a growing number of millennials are approaching marriage with caution; therefore, resulting in a significant decline in weddings in the past few years. As the ever-increasing cost of living continues to rise, this generation has chosen to remain single until later in life.
Moreover, witnessing a high percentage of divorce among their parents changed most millennial’s views on marriage. While this notion has decreased the number of divorces, it has also encouraged most millennials to develop specific requirements before finally deciding on tying the knot. This includes achieving substantial financial health, clearing out debts, saving more, cohabitation, and signing prenuptial agreements first.
Therefore, more millennials plan their weddings carefully with practicality in mind. And while millennials still take bits and pieces of what a traditional wedding ceremony is, they make sure they do it with their own sets of rules written all over. In addition, they make sure they get their money’s worth, whether that’s utilizing the innovation to document their big day, personalizing bridal gowns to complement their styles, or customizing wedding invitations and reception to reflect their personality as a couple.
Views on having a child
Similar to how this generation views marriage, having children definitely comes on much later in life. Thus, resulting in a growing concern regarding the decline in the birth rate among developed countries. In 2017, for example, the United States had recorded its lowest birth rate in 30 years.
And while COVID-19 may have contributed to accelerating this decline, experts see several factors causing this generation to reconsider having children. This includes the growing cost of raising a child, economic uncertainty, and the need to reach specific goals both personally and professionally. Indeed, priorities change with time, and millennials are not easily persuaded by traditional reasons for having a child anymore.
But although this may seem beneficial for most people in this age bracket, this can cause a ripple effect in the country’s workforce, healthcare system, pensions, and sustaining the economic climate in general. Moreover, if we aren’t careful, a continuous decline may strain government funds for the future and older generation.
However, we shouldn’t put the burden of procreating on young adults’ shoulders altogether. Now more than ever, it is crucial that we understand the cause of birth rate declines and develop solutions that would help both sides. Because people’s finances are a common denominator, experts may start looking into successful birthrate increase programs to improve their financial health. This includes reducing tax rates, better maternity leaves, and affordable health insurance.
Views on inclusion and diversity.
Defined as the most racially, ethnically, and culturally diverse generation, millennials see the world differently, resulting in opposing views and opinions with their older counterparts. For example, millennials perceive diversity as a blending of various perceptions, cultures, and unique viewpoints, whereas previous generations define it in categories including demography, race, and representations.
Moreover, inclusion has gained a whole new meaning in today’s society. For one, inclusivity at work leans more on having a healthy environment with a solid support system giving voice to several issues and beliefs. As millennials continue to dominate the workforce, both start-ups and established companies begin to reevaluate their values and rethink how they present themselves to retain and gain clients.
For one, open communication is highly encouraged among peers and workplaces to foster better collaboration and output. Additionally, work stability isn’t enough anymore to keep millennials in the workforce. This is also true for brands looking into maintaining their millennial consumers.
The younger generation is changing the market, and there is no stopping it. Therefore, businesses need to build cultural identity and make a stand that aligns with the social issues of today. For example, having a regular paycheck seem tasteless if the goods and services they purchase have no purpose or value.
This may range from environmental change, politics, gender inclusion, race equity, mental health, and other social issues of today. Times are changing, and the world is evolving. It is crucial to understand that all aspects are highly dependent on each other. Thus, as the new generation takes over, change is inevitable for society and the economy to survive.