The first “Friendsgiving?”
“There are lies, damn lies and statistics,” Mark Twain famously said, and it was the last of these that struck me in an article published the other day on Philly.com. Headlined “Millennials Are Celebrating Thanksgiving in Their Own Way—Culturally and Commercially,” the piece detailed the many ways in which the boomers’ children are improving on the holiday. The data analytics company Dunnhumby, based in Cinncinnati and, it would seem, a real entity and not a product of Lewis Carroll’s fevered imagination, performed a new survey showing that millennials are “straying away from tradition while using emerging technologies to shop and plan for the holiday.” This, Dunnhumby says, is “a stark contrast from older Americans.”
What exactly are these profound differences? Twenty percent of millennials, according to Dunnhumby, are planning to purchase their turkey and trimmings via a food delivery app; in the survey, nobody my age (i.e., 55 or older) intended to do so. Who the hell would? Are you going to trust the young idiots who keep bagging your groceries with the canned goods atop the bread and lettuce to choose your Thanksgiving turkey? The apples for your pie? Your green beans? You have to know how to cook to care about how to buy food, and millennials can’t cook their way out of a paper bag. They only know how to eat out and then talk about it all the time. Read more »
Networking is all about building relationships and adding value. So as a millennial, what can you offer a more experienced “connector” so that you don’t feel that you have nothing to contribute? (Or you don’t feel like you’re just angling for a better job?)
I recommend you do as much networking as possible so that having conversations, looking for ways to help and connecting people becomes second nature. And here are seven tips for bridging the gap: Read more »
Photo by Bradley Maule
Mayor Michael Nutter is in that glorious final phase of his tenure where he’s calling things exactly as he sees them. With seven weeks left in office and very little to lose, he’s taking on everyone from mega-restaurateur Stephen Starr to elections chief Anthony Clark to the School Reform Commission.
One of his most intriguing targets has been millennials. Over the last few months, he’s been shouting from the rooftops that too few young people are running for elected office in Philadelphia. “Where are younger people?” he asked at Philly Mag’s ThinkFest last week. “Are they even thinking about running for office?”
He’s even gotten mean about it: “I’m increasingly concerned that many young people are just finding other avenues. And, you know, having 9 million followers on Twitter is not your level of political engagement.” Read more »
Source: JLL Research, U.S. Census Bureau.
Philadelphia’s millennial population is increasing fastest among the 10 largest U.S. cities, according financial and professional services firm JLL and data from the U.S. Census.
Between 2006 and 2014, Philly added 120,600 millennials, a surge of 41.2 percent. Today, millennials (ages 20-34 years old), make up 26.5 percent of the citywide population. Read more »
The younger they are, the more likely they’re looking for new jobs. (Anchiy/Shutterstock)
There’s a new generation of workers who recognize that working at one company for the duration of their careers is a thing of the past. We’re also seeing the millennial generation enter the workforce in increasing numbers. Many of these up-and-comers have a staunch “give it to me now or I’ll go get it somewhere else” mindset.
So for business owners and managers, how can we slow down the revolving door? I’ve learned that it’s unrealistic to think we can stop it, but we can do our best to keep team members engaged. Here are some tips that I’ve found helpful over the past 17 years. Read more »
A new study by GoBankingRates shows a very troubling trend for Americans: They’re not saving their money.
In fact, the study found that 62 percent have less than $1,000 in savings. Here’s how it breaks down: Read more »
This just in from the Department of Misconception Debunking: student loan debt in and of itself does not, we repeat, does not prevent young would-be homebuyers from purchasing a house. Of course, you try telling that to a money-strapped millennial frantically searching for a job that’ll help them pay off their loans quicker, let alone a house. Go on. We dare you.
Obviously, we’ve wholly accepted the idea that massive student loan debt is one of the major factors contributing to a still laggy housing market. But as we’ve just said, this is not necessarily the case. According to a new report from Zillow, it’s only certain kinds of student loan debt situations that hold people back from buying. In some cases, it really just delays the process. To be sure, the shades of grey are somewhat distinct, plus there are other life variables to consider. Here’s what Zillow Chief Economist Dr. Svenja Gudell says about it in a press release:
“Student debt isn’t the evil-doer it’s made out to be, at least not when it comes to homeownership. As long as students stay in school and get a degree, student debt doesn’t deter them from homeownership, although it is possible that student debt could delay homeownership. People in their 20s and 30s are renting longer because they’re delaying marriage, paying a lot in rent, and struggling to qualify for a mortgage when they finally find an affordable home. Add to that list that they are paying off student debt.”
And with that, we present to you what homeownership odds are like as a result of student debt…
Read more »
We told you on Friday about the shaky confidence people have in the house-buying market. You know, how homeowners are feeling good about the current market, but wary of the one to come; while renters are a little more optimistic. Well, today we’re zeroing in on a segment of the population likely to fall into the latter group: millennials.
As we mentioned in our last post, the number of young Philadelphia renters who’d said earlier this year that they would be down for buying a house within a year increased by 23 percent by the time July came around. It’s a timely coincidence, then, that we’ve gotten hold of a report by Coldwell Banker Hearthside, REALTORS that took a look at what millennials, “the largest group of recent home buyers nationally,” are looking for. Here’s what they found:
Read more »
Oh millennials… (Anchiy/Shutterstock)
Millennials (ages 18-34) now make up the largest group of workers in the United States with a cool 53.5 million people. But navigating their careers hasn’t been easy. Many began working in the worst recession in modern history and took lower paying jobs outside their areas of study. Plus, millennials suffered an unemployment rate that was 40 percent higher than the rate for other groups (7.5 percent vs. 5.3 percent.)
So Young Invincibles —a Washington, D.C.-based think tank — examined which jobs are best for millennials, attempting to determine which industries are paying the most competitive salaries and offering the most growth potential. (Click here to learn more about the organization’s methodology.) Read more »
Know any millennials still on the rent bandwagon and with little to no aspiration to buy a house any time soon? It would be surprising if you don’t. According to a new Zillow report, first-time homebuyers tend to rent for an average of six years before signing off on a mortgage and are likely to be older, single, and spending a larger portion of their income compared to first-timers in the 1970 and 80s.
Indeed, if you want to get number-specific, first-time homebuyers from the 1970s rented for an average of 2.6 years, almost three times less than they do now. Moreover, they bought homes for about 1.7 times their income, while their millennial counterparts go for houses that cost 2.6 times their annual income. Age-wise, the 1970s and 80s saw its first-timers at 29 and 30 years old; today, the average first-time homebuyer is 33.
So, what exactly is behind this postponement by today’s young grown-ups? Dr. Svenja Gudell, Zillow’s chief economist, attributes it to a general slowing down in life milestones: “Millennials are delaying all kinds of major life decisions, like getting married and having kids, so it makes sense that they would also delay buying a home,” she says.
Read more »