By Haddon Libby
The stock market got off to its worst two-week start to a New Year in HISTORY. Does this indicate the start of another stock market crash on par with 1929 or 2008?
The short answer is ‘no’. If you want to understand more, feel free to email me at hlibby@winslowdrake.com. I have an investment advisory firm that helps individuals and businesses in managing their investments. I’m happy to share our knowledge with you – but you have to reach out! Our phone number is 213.596.8399 if you prefer to call.
Our team includes a Ph.D in economics who managed $10 billion for the Federal Home Loan Bank as well as the hedge funds of one of the wealthiest people in California and another person who was on the Board of Directors to industry oversight agency, FINRA and its predecessor, the National Association of Securities Dealers. We are really good at what we do and I’d love to share our knowledge with you, a friend or family member.
With that advertorial out of the way, let’s focus on something other than the stock market or politics.
Millennials.
The Millennial Generation is people born between 1980 and 1999. They represent 25% of the US population with 43% identifying as non-white with 25% speaking a language other than English at home. With Baby Boomers (1946-1964) retiring, Millennials are the generation increasingly shaping culture and views. In two years, Millennials will eclipse Boomers in spending power at $3.4 trillion annually. Within seven years, they will become the vast majority of people in the workforce.
Millennials are the best educated generation in US history with 72% having graduated high school and 58% graduating from a four-year college. Eighty-five percent own smartphones. They are also the most progressive generation in terms of social and cultural values and believe many of our problems are because of over-reliance on “market forces” and self-regulation by corporations.
Eighty-one percent of Millennials have donated time or money to a charity. Sixty-one percent are concerned about the state of the world and intend on making the improvement of society as one of their life goals.
Millennials different way of looking at the world is evident in their views of marriage. Forty-four percent feel that marriage is an obsolete idea (Boomers 35%) while a most believe in same-sex unions. Gender roles have changed as well with a growing percentage of men being the stay-at-home parent.
Their main source of news comes from television (65%) and the Internet (59%) with only 24% reading newspapers and 18% listening to the radio.
Most say that their parents shaped their views on society and politics with nearly all stating that faith leaders had no impact on their views.
Millennials score highly on IQ tests as well as personality traits such as self-esteem, assertiveness and extroversion. This also means that they are more prone to being viewed as self-absorbed, narcissistic and entitled.
Given challenges that have plagued the job market since the economic crash of 2008, Millennials have been forced to become entrepreneurial. As an example, in 2011 Millennials started 160,000 business a month. Fifty-four percent of this generation have either started their own business or intend on starting one. Generally speaking, they do not see the need to have a physical location for their business given their use of technology.
Businesses that want to market to this generation better understand social media. More traditional advertising approaches like radio, newspapers and television do not work well on this group. Millennials form their buying preferences via word-of-mouth from peers, friends and social media via the Internet. They prefer to support brands that have a cause (other than profits).
While Millennials may be viewed as narcissistic and self-absorbed, their intent on making the world a better and fairer place is a lofty goal that all generations should embrace.
