Millennials | Meaning and Definition

Who are millennials?

Millennial is a term used to identify and describe individuals born between 1985 and 1995. They are also known as generation Y and are called millennials since they grew up into adults as the Millenium approached. That means anyone who is between the ages of 26 and 40 in 2022 is of the millennial group. Pop culture is often seen as fixated on portraying them as social media-obsessed and self-centered folks, and thus, they were given another label, “Generation Me”.

On the flip side, certain evidence hints at their altruistic side instead of what the social media habits reveal since they display a real concern over the issues of environment, sustainability, and openness to change.

How are Millennials distinct from previous generations?

Since Millennials were born and raised during the time when the internet and personal computers were arriving, there is a stereotype of them being more familiar with technology as opposed to Generation X (born from 1965 to 1980) and baby boomers (born during 1946-1964). Other points of contrast entail wealth and finances. A majority of Generation Y kicked off their professional careers post the Great Recession of 2008, which directly influenced their earning potential. This financial disadvantage is featured in the data that shows that millennials tend to own more debt. Millennials have different priorities than baby boomers and Generation X folks. For Millennials, traveling the world is more significant than purchasing a home, and impacting society positively is their first concern rather than starting a family. It is said that Millennials tend to snub conventional markers of prosperity, such as having children or buying a house, because they aren’t affordable for them.