Millennials and the future.

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This week’s topic has been suggested by Shackman for the weekly Friday LBC blog posts.

Millennials are persons reaching young adulthood around the year 2000. Which means that they will be in their mid thirties now.

In India, this is the time when they are already married and have become parents unless that they have decided not to become for a number of reasons.

In the latter case, it is mostly due to pressure of careers of both husband and wife and / or fear of the future for the children. Fear arising out of the prohibitively high cost of education, pollution, commuting to school / college etc and also the uncertainties of a satisfying career at the end. It is also possible that they may decide not to have children so that they can be carefree and focus on enjoying life without the added responsibilities.

In the former case, that is for those who are already parents, the future is full of the same problems that caused the latter from having children. On the other hand, they are already in careers and hopefully well settled in their lives unless they are in transferable jobs like I was.

In India, society is going through very rapid changes and aspiration levels across the spectrum of income levels are very high. This is particularly so for the millennials who are neither in the beginning of their careers nor at the peak. One keeps hearing about job hopping, serial entrepreneurship etc which would indicate a churning. Quite how this would translate into creation of wealth and improved lifestyles is not very clear. Because of such aspiration, debt levels for millennials due to home loans, automobile loans, consumer durables bought on hire purchase etc generates stress and related illnesses.

The laid back lifestyles that my generation enjoyed is no longer possible and the future for the millennials till their retirement would seem to be full of stress again affecting health.

I would conclude that the future for them till their retirement will not be the same as it was for my generation.

25 thoughts on “Millennials and the future.”

  1. Nope – the future is not quite so bright for the millennials but they are better equipped to deal with the changes than we ever could be. They have grown up in a faster paced ever changing technological society and are unencumbered by civic duty, focused on themselves. They are the chosen ones for this brave new world.
    shackman recently posted..Milennials and the future

  2. The few millennials I know seem to be much more flexible than we were. Our nieces and nephews in their 30s are having their kids now so they must see some sort of future for them. BTW, they live in the USA, Australia, and England so it’s not just a USA mindset.

  3. i also agree that they will be or already are equipped to deal with the uncertainties. simply because the world … their world … is in constant flux as never before!
    or so it seems anyway. their choices are incredible.
    although i DO wonder about all these computer entrepreneurs who make their living on the computer doing whatever… if they’re not saving any money…
    they can look forward to no retirement and forever having to figure out where next month’s house or rent payment will come from … when they’re my age!
    i think it would be very hard. and tiring to say the least.
    tammy j recently posted..are we there yet?

  4. Having a few millennials working for me now, I consider it quite a mixed bag. Some of them are adapting extremely well, but those are the top 5% or so. They learn fast and quickly out perform many of their seniors. At the other end of the scale, the labor participation rate for youth is falling, so many youth will never make it into the work force. Statistics from the Saint Louis Federal Reserve are here:

    https://www.stlouisfed.org/publications/regional-economist/january-2015/youth-labor-force

    But they can always move in with their parents.
    Looney recently posted..Globalization vs “Globalization”

    1. Yours is a more mature economy. In India, urbanisation is still a work in progress and many millennials are in cities whereas there parents are still in the agricultural economy. The choice of moving in with the parents is therefore a non starter!

    1. As I responded to Looney, the option of moving in with parents is a non starter for many young people in India, because they are in urban India and their parents are still in rural parts. That is what technology has done!

  5. yep, there are pros and cons with the whole issue…as Still the Lucky Few surmises…I know many here in NZ who are still living at home – or have moved back in…

    the wages are better of course, more opportunities here and everywhere…but if you want to get a house – here the prices of a medium house with a garden have skyrocketed…

    more people moving to the cities where the best if not the only real jobs exist.

    leaving the city an option but maybe not for this particular generation.

  6. Millenials here in the UK are certainly facing a much tougher time than we fortunate baby boomers at the same age. Tuition fees, exorbitant rents, unaffordable permanent housing, miserable salaries etc. Under our current Conservative government, it doesn’t look as if things will get any better, and they could get a lot worse. I think huge numbers of millenials are getting financial help from their families. If it wasn’t for that they’d be in serious difficulties.
    nick recently posted..No shame

    1. Unfortunately, the millennials here in India can not to a large extent depend on their families for financial support. In fact, another factor I had not covered in my post is the expectation of the families back in rural India that the children extend financial support to them.

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