Best from the Nest: Are Millennials Leaving the Nest – Finally? | DCR Workforce Blog

Best from the Nest: Are Millennials Leaving the Nest – Finally?

Blame it on a poor economy, but many Millennials never left home. Adults aged 18 to 33 are living with their parents often (in locations that allow it) by moving into the parents’ basement but not leaving home to set up house for themselves. The number of this generation who stay home during and after their education stands anywhere from 36% to 43% for this age group!

Tagged with the title of Millennials, they’re an evergreen topic for many a blog. Most of the topics discuss threadbare their attitude to work and their preference for technology, flexibility and other aspects of their workplace behavior. What few bring up is the way the millennials are being constrained to live with their parents even after completing their education and what’s more, after finding employment.

Challenges facing millennials

What few bring up is the way the Millennials are being constrained to live with their parents even after completing their education and what’s more, even after finding employment. The reasons for this situation are not solely financial, although it does play a part!

I’ll make an effort to list the various pressures being faced by them, without claiming that it’s exhaustive!

  • Slow economy
  • Burden of tuition costs and student loans
  • Studies at local universities and community colleges
  • Unaffordable housing and rents, utilities and other services
  • Stagnant wages
  • Insufficient earnings
  • High cost of living
  • Credit rating issues
  • Delayed marriages
  • Cultural variations based on ethnicity
  • Acceptance of multi-generational households
  • Lack of pension funds for the elders

Unique characteristics of millennials

Though pegged as hard-to-please, difficult-to-handle workers who make hasty independent decisions and needless mistakes, Millennials are also very high-performing professionals. They may be young, but they’ve suffered high amounts of stress and witnessed bleak financial realities across the globe from a very young age.

Many of them are saddled with heavy student loans as well as uncertain employment opportunities. Companies did not flock to the campuses to offer them placements. They were unable to find jobs after leaving college. They have seen the ruthless cost-cutting of corporations which left one or both of their parents without a job overnight.

Unique abilities Their ability to use technology leaves older adults positively envious. This gives them certain unique insights which their senior managers may fail to visualize. They can use data to derive analytical insights which can support decision-making.

In addition, they’re thoughtful, secular, generous and also very deeply aware of the need to avoid all actions which could damage the environment. They will not practice discrimination against people based on their racial, physical or sexual attributes nor will they stand by to watch it happen.

They may desire mentoring to develop themselves and hone their skills further. Many of them harbor entrepreneurial dreams and can work hard to develop themselves to achieve better career prospects. Often they take up freelance, part-time, contingent work so as to enjoy the flexibility offered by that type of work arrangement and use their spare time to take care of family, get better education or plan their own entrepreneurial ventures.

Unique choices Probably as a direct consequence of their life experiences, they do not believe in employer loyalty and commitment. They have no plans to work for a single company when they come fresh out of college with plans to retire at a higher position, in the same company.

Instead their plans include looking for the greener pasture or better opportunity the first chance they get. They’re more than willing to take a gap year and travel the world and finally meet all those friends who connected with them in online game rooms, IRC chat rooms, social media sites, emails and other such means. They’d jump at the chance to go teach English to kindergartners in Japan or move to India to teach flawless American accent to call center employees.

Future prospects Finally, there is a clear decline in the number of unemployed Millennials even as their median incomes went up. Underemployment of graduates from this age group has also seen a decline. The question to ask is: Where will they go when they leave their parental homes? Will they form their own households or live with other adults, in their peer group, in a kind of shared accommodation model? Will they continue to postpone marriage and reproduction as they await better times?

The interminable wait continues for the economy recover enough to encourage Millennials to form households of their own and live independently. When and if it does so, we can expect the economy to recover further as it will bring boom time to housing and fuel overall economic growth.

If you have a Millennial child, have they left the nest?


Disclaimer:
The content on this blog is for informational purposes only and cannot be construed as specific legal advice or as a substitute for competent legal advice. They reflect the opinions of DCR Workforce and may not reflect the opinions of any individual attorney. Do contact an attorney for advice specific to your issue or problem.
Lalita is a people/project manager with extensive experience in operations, HCM and training and development across industries like banking, education, business consulting, BPO and information technology. She believes in a dynamic approach to life and learning as change is the only constant.