Millennials - dispelling the myths

It's no secret that Millennials get a bad rap. The stereotypical image of this group is that they are lazy, unmotivated, materialistic, demanding, and entitled in the workplace.

To find out the truth, we recently ran an online forum. We wanted to talk to some of our younger Cafestudy members, with the aim of discovering some insights and potentially dispelling some of the myths about this age group.

This is a group often criticised for their attitudes towards their careers and money. However we discovered that in many ways, attitudes of young people in Australia are greatly misunderstood. Here are some of the myths, and what we found…

Myth 1: Millennials are materialistic and don’t save money

In fact we discovered that the material things that older generations see as important aren't always important to Millennials. They place a higher importance on life experiences, and buying a house or a car is a serious commitment that could get in the way of them travelling or working overseas. Far from materialistic.

And when asked about their long term financial plans, it was clear that the financial goals and ambitions of the Millennials are not so different after all: they want to have a successful and stable career, and long for the financial security that this brings.

“I have never dreamed of expensive cars or an enormous house. I want to be comfortable, and focus on the things that matter.”

Myth 2: Millennials are lazy and entitled

Again we discovered little evidence of these unappealing traits in our forum. Far from feeling entitled, they know they need to work hard to achieve their financial and life goals, so going to university and working hard is a priority.

“To get my foot in the door, I work extended hours to try and save enough money to have a large enough deposit for a property”

So why the bad rap?

Perhaps it stems from the unique set of circumstances this age group finds themselves in. The most notable of these is the cost of housing, and in particular the high cost of buying a house. Whereas their parents' generation were able to buy houses in their 20s, today that is an unrealistic dream in the major cities, despite their strong desire to do so.

For some, this is motivating, and sets them on a course of saving and sacrificing to reach their goal. For others, it pushes this goal further into the future or even prompts them to forego the idea of home ownership altogether.

With the burden of home ownership looming large, the effect of this is seen in attitudes towards purchase decisions generally. With limited resources, they are discerning with how they spend their money.

For example, their decisions aren't as materialistic or superficial as they seem. That new phone? It has a dozen different apps to help their lives run more smoothly.

Perhaps it’s time to stop generalising about an entire generation. Our millennials aren't kids any more. They are working hard and building serious careers. They have their own priorities now and even though they might be different to older generations, they are also different to each other. And they are every bit as important and legitimate.