Millennials Are Thirty Now; Now What?
Millennials are defined as the cohort roughly between 1981 and 1996. That makes the oldest millennials around 42 and the youngest around 27. This year, another mini-cohort of millennials turn thirty and this milestone will have a sizable impact on the current generation and on future generations.
Thirty is an age that has historically come with a lot of baggage. For most people, it is an age that signifies that yes, you are the adult in the room. It signifies that yes, if you do not have your ‘ish’ together, now is the time. Many thirty-somethings are supposed to be settled into their careers. At this age, they are expected to have several years of career experience and robust educational experience to boot. For a lot of thirty-somethings, turning thirty means that it is either time to start a family or to think about starting a family. Thirty is the age where social media goes from travel and parties to engagements, proposals, weddings, and announcements of people buying their first home.
And for millennials, this is mostly holding up to be true, but in some cases, not so much. Millennials are the first generation to reach this critical milestone, having gone through a pandemic, a notable recession, stock market blips, and more.
Thirty is a complicated milestone for millennials. The average millennial is not (yet) a homeowner, and many have moved back home to save money or to take care of their parents and family. Additionally, many millennials are not partnered or coupled. Millennials have the lowest marriage rate compared to their older peers, and are getting married for the first time much later in life than previous generational cohorts. In fact, many millennials are creative about how and where they want to live. Millennials of all ages have embraced roommate living- if they are not already living back at home. Though a percentage of millennials live alone, many do not. Many millennials live with roommates of all ages, and some even live with roommates as part of a couple. Living with roommates is a great way to save money on rent. And many millennials do so as a way to build up their finances while also dealing with the ever-increasing financial pressures of our society. Being rent burden from landlords is hard especially when living in a big city where rent has increased tenfold and wages have stayed relatively stagnant.
While roommates may seem like more of a short-term solution, millennials are also creative with how they want to live long-term. Millennials are not owning homes the way other generations did and some are forgoing the typical starter home to buy a home later in life- if at all. Some, knowing that buying a traditional house is out of the question for them, have settled for living in mobile homes, refurbished homes, prefab homes, communal homes, tiny homes, and tree homes. Down payments are expensive, and millennials have to be savvy about the spaces that they inhabit, which is subtly causing the rise of mobile homes across the nation. Millennials are known for making due with what they are given- even though some still dream of being in a more stable situation.
Additionally, millennials, in general, are also more mobile. Travel is a lifestyle for many and an aspirational goal for most, even if they do not have the funds to do so. Popular destinations among the cohort are Italy, France, Costa Rica, Portugal, and Spain. With the rise of work-from-home and remote jobs, many millennials are using their mobility on the job as a way to embrace traveling, especially as they are still young and have time to develop their careers. But travel comes with a price, especially if you are relocating entirely. It means being away from family and community while also figuring out how to navigate a new community on your own terms, even if it is short-term. It is also a very costly endeavor. Some millennials aspire to travel, but despite what is being promoted on social media, only a small percentage have actually travel extensively.
Millennials are also a generation that may never retire, at least not in the traditional sense. With the internet creating more opportunity, there are many who will stay working in some capacity until old age. Retirement is increasingly becoming out of reach for Gen X and Baby Boomers, and this might hold up for when millennials reach retirement age. Some millennials will choose to retire, but I suspect that many won’t. Additionally, the millennial generation does not have the same retirement savings as other generations. A good chunk of millennials are living paycheck-to-paycheck and do not have enough money to save for a mortgage, much less for retirement. With the rise of the gig economy, we can already see the impact of that as older individuals take up gig jobs like Uber, Doordash, and Instacart to make ends meet or to have pocket change.
In general, the typical millennial is known to have multiple side hustles, including making content, being an influencer, consulting on the side, or going full-throttle on a passion project. Some use it as a way to jumpstart a new career, find fulfillment, or just have extra cash on hand. But many use side hustles to make ends meet and as a way to build a rainy-day fund. Financially, millennials are behind other generations. This generation is the most likely to have some debt, whether it is student loan debt, credit card debt, or personal loans. Debt has led to many milestones being out of reach or being delay and the current and projected outlook suggests much of the same.
Millennials are also more likely to job-hop than previous generations. Gone are the days of someone staying twenty or thirty years on the job just because of stability. Gone are the days of staying on a one-size-fits-all corporate ladder. Today’s career looks more like a jungle gym, with many stops, starts, and breaks along the way. In general, millennials are not going to stay at a job or stay loyal to a job just because they want to avoid ‘burning bridges’ or staying friendly with certain people in certain industries. This makes sense, as companies have shown recently that they are not that loyal to their employees and, in many cases, never were. But the sticker shock of all the layoffs has made many millennials wonder if it is worth it to be in a role for a long time. With how crass some of the layoffs have been, especially the ones where people were laid off through email or a Zoom phone call, millennials are questioning the 9–5 all together.
Millennials also still believe in college and getting advanced degrees. They are the most highly educated generation. Millennials still believe in higher education despite the amount of student loan debt that has been taken on. Many millennials advocate for free or reduced college education, and many agree that the cost of education is too high. Millennials still value the structure and networking opportunities that college and graduate school provide. Though some are advocating for trade schools, bootcamps, and other informal ways of education as well. And millennials love entrepreneurship. Individuals in this cohort are very likely to be entrepreneurs and founders. The average millennial likes to take chances and risks more than the previous generation, but sometimes it is because they have to.
Additionally, millennials tend to be very entertainment and tech driven. They grew up in the age of reality TV and streaming services. Many millennials are the first to try something new and are heavy adopters of new technology. Technology has been a way of life for many in this cohort since they were teens and younger. But being online all the time comes with a price. A good chunk of millennials report being lonely, and there might be a correlation between loneliness and social media usage. Social media has been a double-edged sword as it allows you to keep up with your family and friends, but it can also be a place of mistrust, disinformation, and a breeding ground for comparison.
Millennials are also tepidly getting more involved in and vocal about politics. Some millennials are running for office in their states and some are eyeing campaigns on a more national level. Millennials have campaigned for many different issues and have used social media to voice their approval and disapproval about how things are going. Many millennials are inspired by the future, but are also worried about it. The economy, climate change, healthcare, inflation, and job security remain top of mind for many in the cohort. As older generations age out, millennials will be stepping into more and more political positions and appointments, and it is yet to be seen how that will impact things at large.
Because of all the instability the generation had to endure, millennials have begun to refashion and redefine what success means. No longer is the only definition of success a white picket fence with two kids, a job, and a dog. There are many versions of being successful, and many millennials are opting out of the rat race to pursue personal fulfillment. Millennials are no longer being pressured into one way of success or to have success in a one-dimensional way. Millennials are also falling out of favor with ambition. Ambition has always been seen as a good thing, as you want to look towards what's next. But after suffering from burnout and disillusionment, millennials are forgoing ambition for a more simple definition of success: to be happy.
It is too soon to see where all this will take us. Thirty is the age where responsibility is thrust onto people, whether they expect it or not. Thirty is a milestone where deep reflection happens. It is where one has to reconcile what has been working and what has not. Changes have to be made, and concessions happen organically. It is also the age where leadership becomes a serious endeavor to consider, and what that looks like becomes paramount. In many ways, millennials could be great future leaders, but they may also have a hard time taking those next steps. Some millennials are still coming to terms with the fact that they are the adults in the room.
For those who were told to wait their turn, their turn is quickly coming up, and it is hard to grapple with what that means. Millennials have also been hardwired to trust and rely on authority, but with so many divisions and differing opinions, misinformation and disinformation, it is hard to know who really is a trustworthy authority- or outlet. Millennials will have to get more comfortable with leadership as other generations are expecting us to take up the mantel and lead us through this new era with significant tech changes and more. It is only the beginning of millennials coming into power, and it will be interesting to see what will happen, where it will lead us, and how this generation will shape all the ones that come after.