I am sure everyone has heard of the expressions in our society of millennials and baby boomers but are you aware of the millennials generation age range and what it means to be one of the 75 million individuals that fall into this category?
Although not an exact time frame is officially established and set in stone, millennials are generally defined as the generation born in the years from 1980 to the early 2000’s falling between the ages of 18 through 35 ( factored in 2015) and will round out at approximately 75.3 million strong, more than the baby boomers.
Here is the breakdown….
1946 – 1964BabyBoomers
1965 – 1980 Generation X
1980 – 2004 Millennial
2005 – present – Homeland Generation
Being part of the largest generation since baby boomers, when it comes to planning for future events such as retirement, demonstrates a classy yet conservative age group.
A few facts you might find interesting comparing these two major generations include:
- The Millennial generation is the most diverse generation in the post-war period.
- More people today (than ever before) in the ages of 18 – 29 live with their parents
- With advances in computers and technology, high spirited twenty to thirty year olds have set and achieved higher expectations for creativity and innovation in their work lives, creating personal entrepreneurship opportunities especially when it comes to higher than normal tech savvy business start ups and high social networking.
- Although they have higher debt than their parents, many believe their opportunity and awareness of economic conditions, knowledge of investment opportunities and future growth could make them better off and savvy in the long run.
- Depending on the companies that they work for, they are more likely to have access to being flexible when it comes to where and when they work, but only about 45 percent have paid leave available to them and a major concern for lack of advancement is huge. This leaves many to consider how long term employment will work with their employer.
- This group has faced downsizing, extreme job loss, and not knowing what a decent company pension is.
- In regards to credit scores, 67 percent in this age bracket have a credit score below 680. Most of this is due to tremendous student loan debt and defaults bearing down on their parade, and leading to the impossibility, or a long road of maintaining a high score.
Anyone falling into the millennials generation age range should know the importance of and have knowledge of building wealth. Surprisingly 71% takes advantage of their employers 401k plan, yet many of these individuals contribute with little knowledge and do not have a clue to the first step of having a financial plan, a retirement plan and a long term goal.
Realistically having a solid financial plan and knowing you will have enough money for retirement should be on the minds of everyone no matter what generation, age or present income source. Don’t blame it on lack of knowledge or having little or no money right now, your main goal is having a plan and working it.
If you do not have a 401k available, or your funds lack the possibility of saving a percentage of your income, there are ways to make changes. To transform your financial outlook, take a few things into consideration such as:
Understanding that time is on your side
Finding ways to grow and protect your money
Your understanding of healthy money habits
Realizing that everyone is different and good at something
Find that “something” and really discover how to work towards a goal. If it takes a financial planner or doing it on your own, just get started
Millions of people in their twenties and thirties are figuring out how to achieve that rich and secure status. If you are lucky enough to fall into, or are close to the millennials generation age range, your future wealth, and your future lifestyle could be virtually amazing.
Being part of this “financially secure future” group takes commitment and the willingness to learn. Discover what others are doing, take a look at “Smart is the New Rich”.