Updated Tuesday, July 29, 2014 as of 2:43 AM ET
Blogs - Idea Exchange
What Will Millennials Be Like When They Are Old?
by: Zara Kessler
Tuesday, April 15, 2014
Print
Email
Reprints
Partner Insights

(Bloomberg) -- Last week, the Pew Research Center published an interactive essay by Paul Taylor, which contained an animated graphic portraying the U.S. age pyramid morphing into something of a rectangle by 2060.

“It’s uncharted territory” wrote Taylor of the territory he had just put into chart form. By 2060, the U.S. will have almost as many individuals above age 85 as below age 5. But here’s a more obvious takeaway: By 2060, the millennial generation -- defined by Pew as those born after 1980 -- will be toward the top of that rectangle, with the very oldest members approaching 80. Will they still be taking selfies?

It’s easy to forget that the millennial generation is indeed a generation. Though many of these folks -- or I should say us folks, as I'm a card-carrying millennial -- are rightly called “young people” today, we will in fact grow old. “Millennial” and “young person” will not always be synonymous. So it makes sense to try to distinguish, as much as possible, which characteristics of millennials are generational, owing to the peculiarities of time and place, and which are simply evidence of youth.

Indeed, some of our bad traits (and good looks) probably have more to do with our age than our generation. Likewise, our plaid shirts are ephemeral: We think they’re hip and trendy now, but in 30 years they’ll probably be stuffed in the back of our closets, behind our practical, professional attire, waiting for our children to unearth them amid mocking giggles. Our tattoos, whether the product of one debauched night or a considered decision to stick it to the Man by sticking it to ourselves, will remain with us even after our skin has wrinkles and our hair has turned silvery white. In a 2010 Pew report, 38 percent of adult millennials reported that they had at least one tattoo, with 18 percent of the inked having six or more. (No, Mom, not me.)

I started thinking (and writing) about this distinction last spring. In a Time cover story Joel Stein declared: "The incidence of narcissistic personality disorder is nearly three times as high for people in their 20s as for the generation that's now 65 or older, according to the National Institutes of Health; 58% more college students scored higher on a narcissism scale in 2009 than in 1982.” The Wire’s Elspeth Reeve replied to Stein's discussion of narcissism by highlighting another paper on NIH.gov and noting, "Basically, it's not that people born after 1980 are narcissists, it's that young people are narcissists, and they get over themselves as they get older.”

The New York Times ran a piece last month, "Millennials at Work: Young and Callow, Like Their Parents," that quoted Peter Cappelli, director of the human resources center at the University of Pennsylvania’s Wharton School. "There’s no evidence millennials are different" from baby boomers, he said. "They’re just younger.” Still, according to the article, many supervisors do perceive problems with millennial work habits, many millennials themselves agree with "some of these negative views" (yeah, well I have a negative view of our generational team spirit), and “academics who study this generation said its members did differ from Generation X and baby boomers” -- and that our quirks may endure throughout our working years.

Of course we differ. We were raised in a different social landscape than our parents, and many of us came of age in an especially brutal economy.

As Pew has suggested, we don’t always have sufficient data for robust inter-generational comparisons, and even if we did, it’s seemingly impossible to fully tease apart the various forces that drive differences between age groups at a given time. But some historical data can help us begin to recognize what’s unique to millennials.

In last month’s Pew report, “Millennials in Adulthood,” which concentrated on millennials ages 18 and over, we learned that "Despite their financial burdens, Millennials are the nation’s most stubborn economic optimists." But, "when Gen Xers were the age Millennials are now, they were equally upbeat about their own economic futures. Some of this optimism, therefore, may simply reflect the timeless confidence of youth." Indeed, if you compare employed millennials in 2014 (ages 18 to 33) with employed Gen Xers in 1994 (ages 18 to 29) you find a similar cheeriness about perceived future finances. Pew also points out that, "Gen Xers were coming of age in a much more favorable economic environment than today’s Millennials find themselves." Perhaps they were shrewdly optimistic, and we’re just delusional.

Comment
Be the first to comment on this post using the section below.
Post a Comment
You must be registered to post a comment.
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.
Lists
2014 Summer Reading List for Advisors

Current Issue

The July Issue is now online!


TWITTER
FACEBOOK
LINKEDIN

Industry Events

August 10, 2014 |

September 9, 2014 |

September 17, 2014 |

September 20, 2014 |

September 28, 2014 |

Already a subscriber? Log in here