Generation $

By Camille Mendoza
Print Education Associate
What defines a generation? The Baby Boomers thrived with the hippie movement, Generation X prepared the
world for the Internet Age of the 90s and 00s, and now millennials (born from 1980 - 2000) are in the spotlight. Increased education, easily accessible technology, and, unfortunately, the negative effects of the Great
Recession are some of the key factors that define millennials.

Millennials are known for having the whole world at their fingertips through the constant advances in technology. TIME contributor Joel Stein even went so far as to call them the "Me Me Me Generation." This has encased a value of instant gratification that has spilled over onto other aspects of millennials' lives, including
their economic well-being. The millennials were identified as the first generation ever to be economically
worse off than their parents. The modern economy has hindered millenials' search for high-skilled jobs, and
has resulted in the highest rate of youth unemployment recorded. Paul Taylor, the Vice President of the Pew
Research Institute, argued, We dont know how their story ends, but we know how the story of their economic lives have begun...Whether its income, whether its wealth, whether its poverty, whether its employment,
unemployment all the classic measures. And you correct for inflation and you make it an apples to apples
comparison, theyre doing less well [than their parents].
Even though this outlook may seem bleak, Telefonica's Global Millenium Survey found that they are more
optimistic than previous generations about the future. This clearly shows that millennials are detached from
reality and are unaware of their own economic problems. While this illusory optimism may have motivated
socio-political movements like the fight for gay rights, democracy, and feminism, it will eventually put a
damper on the millennial parade. It is up to millennials themselves in order to gather the necessary tools and
create the relevant institutions to deal with reality.
Sources:
http://articles.latimes.com/2013/jul/07/local/la-me-millennial-optimism-20130708