This Just In: Millennials Aren’t As Flaky As Everyone Thinks
But we could use some work on our financial literacy.
Get ready to rub this in the face of every condescending Back In My Day™-er that you know: The Pew Research Center released a study showing that contrary to popular belief, Millennials aren’t jumping from job to job any more than Generation X did, and in fact, college-educated Millennials tend to stick around longer than their older counterparts did when they were the same age. To wit: In January of last year, over 63% of individuals born between 1981 and 1998 had worked for their current employers for at least 13 months, while 60% (or 59.9%, to be exact) of Gen X-ers stuck around that long in 2000.
The study chalks this up to Millennials’ higher level of education, though employer switching across all demographics has been on the decline since the 1980s and remains somewhat mysterious. Here’s the kicker, though: this longer job tenure hasn’t translated into higher salaries or more job security for Millennials, and some research suggests they may be sticking it out because they haven’t come across greener pastures.
Since job tenure has only been studied since 1996, there’s no available comparison to Baby Boomers or older generations, but either way, next time your jerkhead uncle pipes up about how lazy, entitled and narcissistic you are, you can drop this truth bomb (or at least shift focus to your Gen X’er cousin).
A slightly less exhilarating revelation: As this Forbes article points out, a 2015 survey from PricewaterhouseCoopers revealed that only 24% of Millennials have “basic” financial knowledge (yeah, the org behind behind the massive Best Picture flub at the Oscar’s this year sorta just called you basic, but anyway,) and a mere 27% of us seek financial advice. To be fair, the piece points out that this may be due to our entrepreneurial aspirations and the fact that we simply view the structure of our professional lives differently: a 2015 Deloitte study showed that more than half of Millennials had started or planned to start a business that year.
Still, it’s a good reminder that we could stand to bone up quite a bit on our financial literacy. Get on that Ellevest, girl.