2011_0919_packet - Laserfiche WebLink

Home

Generation Y. There is no precise definition of generation Y, but generally it is made up of people in their late teens to eady3Os and accounts for some 83 million people. It is distinct in many ways from previous generations. Agrmwng number of studies report on this group as b becomes the dominant force in the economy. These studies, UL| panels, and personal experience reveal picture of generation that is not revolutionary, but that nevertheless will produce radical evolutionary changes. For instancel, there are now more women in colleges and universities than men for the first time in U.S. history,, and women are earning 60 percent of the master's degrees. Women are on the way to domi- nating the workforce. Stephanie Siejka of RCLCO speaks of VV|Nws—'Gen-Y wmmen with income and no kids (and typically no spouse or partner, for that mauerj.' Many more women in this genera- tion are living alone than are their male counterparts. This is the generation of the online social network and 'herding'—the ability to meet at a moment's notice ata social gathering place, such as hip local coffeehouses, bars, or other "third places.' They value community highly, and ideas, information (not always correct but often corrected by the widespread online neuworkL and opinions flash among them at speeds that Leave older generations unable to keep up. Reputations are made and Lost in weeks, and good reports can Lead to a sudden surge in business just as host as a bad report can kill once-promising enterprise. They move and think quickly and multitask easily, and are also committed toa healthyvvork&ife balance: they will work hard, but not at the expense of time with family and friends. They value diversity and do not see differences in race or ethnicity as barriers to be overcome; vvhsu older generations think of as barriers they do not even notice. Instead, they cluster around educational levels and cultural affinities, which are frequently cre- ated by a mix of traditions from other cultures. Consider this the generation of fusion. it 'is an unpredictable generation. They have been more immediately affected by the our- rentrecessionthanothergenecations.Bmughtupasthe'creditoordkids,'theynmwfind that after college and graduate school there are few jobs and large school loans to pay off. Yet generation Y remains an "aspirational generation," as one member put it, saying, "We want to live differently than our parents and believe we can have what we see on TV." This generation will be income constrained. The U.S. Census Bureau reports that during the Fast decade, incomes of those 25 to 34 years old have fallen 12 percent for men and 3 per- cent for women. This is unlikely to change in the coming decade and will result in most of generation Y living more modest lives than their parents with little money for housing. iv