WEBVTT - Episode 4: The Millennials Go Rogue

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<v Speaker 1>Well, I don't know about the one night stand thing.

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<v Speaker 1>I have not seen anything about that in the economic literature.

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<v Speaker 1>Welcome back to the Bloomberg Benchmark podcast. I'm your host,

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<v Speaker 1>Tory Stillwell and economics reporter in DC for Bloomberg News,

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<v Speaker 1>and I'm joined by my co host Akiko in San Francisco.

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<v Speaker 1>Hey Hockey, Hey Toorn. It's just you and me. This week,

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<v Speaker 1>Dan's visiting his parents. Is that right in Australia? Yeah?

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<v Speaker 1>Do you think he's gonna bring us back a koala?

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<v Speaker 1>I hope so. Koalas are great, platypus is platypie, whatever

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<v Speaker 1>they're calling are great. So hopefully we'll get some sort

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<v Speaker 1>of like treats, like when dad brings back a gift

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<v Speaker 1>from UM. This is the first time you're tuning in.

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<v Speaker 1>Benchmark is the world most captivating podcast about the global

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<v Speaker 1>economy and how all of its twists and turns affect you.

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<v Speaker 1>This week, we're going to be talking about the economics

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<v Speaker 1>of millennials. Tour. You and I are the perfect people

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<v Speaker 1>to be talking about this, since both you and I

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<v Speaker 1>are actual millennials ourselves. I'm twenty eight and a half

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<v Speaker 1>and tore you just turned twenty one that's not true.

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<v Speaker 1>I'm but yeah, I think this should be really fun

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<v Speaker 1>since we have a lot a lot to talk about,

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<v Speaker 1>a lot of ground to cover. What's start with the

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<v Speaker 1>definitions first? What actually is a millennial? What's the age range? Here?

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<v Speaker 1>Different people define it different ways. Generations are kind of

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<v Speaker 1>a weird construct, but they are useful in kind of

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<v Speaker 1>categorizing different groups of Americans. So what I like to

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<v Speaker 1>use is Pew Research Center's definition, and they define it

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<v Speaker 1>as people born after nineteen eighty and for general purposes,

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<v Speaker 1>they look at age range eighteen to thirty four. So

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<v Speaker 1>if you're born after, you probably not a millennial, although

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<v Speaker 1>that's still up from the debate. What are they called

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<v Speaker 1>people who are younger? I think they're calling them Generation

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<v Speaker 1>z um, but who knows, that could totally change. So

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<v Speaker 1>we've officially run out of the alphabet. Yeah, dance, not

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<v Speaker 1>a millennial, right, he's got to be older than it's

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<v Speaker 1>definitely not a millennial. Well, this week the Millennials go

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<v Speaker 1>Rogue On the Bloomberg Venture podcast, Tori, you and I

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<v Speaker 1>brainstormed a bunch of myths about millennials, where you are,

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<v Speaker 1>incidentally Bloomberg's premier expert on this topic. You're an expert

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<v Speaker 1>on demographics in general, so you can navigate us through

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<v Speaker 1>the actual numbers and tell us if each statement is

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<v Speaker 1>actually a real thing or if it's gross misconception. That's right,

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<v Speaker 1>And I'm probably not an expert, but I definitely love demographics,

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<v Speaker 1>so it should be a lot of fun awesome. Let's

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<v Speaker 1>get to it. So millennial myths Number one. Millennials were

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<v Speaker 1>the hardest hit generation in the recession. For false, I

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<v Speaker 1>would say mostly true. It's sort of a for debate

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<v Speaker 1>just because the generation right before the Millennials, generation X,

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<v Speaker 1>was also super hardenedly hit. But let's talk about what

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<v Speaker 1>happened to millennials first. A lot of them were either

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<v Speaker 1>just graduated from college or were in college um when

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<v Speaker 1>the recession hit, so they probably definitely actually had a

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<v Speaker 1>really hard time finding jobs. They may have been taking

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<v Speaker 1>jobs that were below them in terms of education level.

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<v Speaker 1>You know, you hear about the person who has a

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<v Speaker 1>degree in marketing or whatever it was, and they took

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<v Speaker 1>a job making coffee at Starbucks because that's how they

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<v Speaker 1>could find. That comes with an income hit for many

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<v Speaker 1>many years afterwards. So they did get that. The generation

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<v Speaker 1>right above them, generation X, they had homes, they had

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<v Speaker 1>um money in stocks, definitely to a greater extent than

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<v Speaker 1>millennials did. Millenials was so pretty young at that point,

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<v Speaker 1>so they got hit pretty hard too. It's kind of

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<v Speaker 1>a point to us. Well, I can fly at a

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<v Speaker 1>to this because you know, I graduated from college in

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<v Speaker 1>two thousand nine, so that means I was looking for

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<v Speaker 1>a job in my senior year, which started in the

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<v Speaker 1>fall of two thousand eight when everything was collapsing. Yeah,

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<v Speaker 1>I was a nightmare. I was looking enough to get

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<v Speaker 1>this internship with Bloomberg and our took your office. But

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<v Speaker 1>that was really my only lead, and if I didn't

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<v Speaker 1>get it, I don't know what I would have done. Um.

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<v Speaker 1>Tons of my friends didn't have jobs right out of college,

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<v Speaker 1>and they did things here and there until they eventually

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<v Speaker 1>found a job when the economy got better, or you know,

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<v Speaker 1>they ended up going into grad school. So you know,

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<v Speaker 1>that makes a lot of sense to me. Yeah, it's crazy.

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<v Speaker 1>I wasn't graduating twelves and things I've gotten slightly better,

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<v Speaker 1>but people still having a hard time finding something that

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<v Speaker 1>they wanted to do, you know, yeah, definitely, all right, Well,

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<v Speaker 1>I guess that connects to our secondness, um, millennials are

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<v Speaker 1>forever doomed as a result. Hopefully not speaking as a millennial,

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<v Speaker 1>but like we just said, there comes with an income

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<v Speaker 1>hit when you take a job that's at a lower

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<v Speaker 1>salary active at the beginning of your career. You know,

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<v Speaker 1>those first few years of your career are the most

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<v Speaker 1>important in terms of making headway in your income. If

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<v Speaker 1>you take a job that's five thousand or ten thousand

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<v Speaker 1>dollars below what you could have gotten in optimal circumstances,

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<v Speaker 1>that effect can last and it's gonna take you a

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<v Speaker 1>long time to catch up with that. So at least

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<v Speaker 1>with their income, they're going to be hurt by that

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<v Speaker 1>for a few years. Right, So you're saying, like, even

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<v Speaker 1>though I got a job straight out of college and

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<v Speaker 1>continued to be employed since then, it's been six years

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<v Speaker 1>for me since I graduated, I may have started with

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<v Speaker 1>a lower salary than I otherwise would have had I

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<v Speaker 1>graduated into a better economy, And so today I could

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<v Speaker 1>be earning Even today, I could be earning less than

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<v Speaker 1>I would have had the economy been better when I

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<v Speaker 1>graduated from college. Precisely, that's exactly the point. Yeah, well,

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<v Speaker 1>that's the saying, UM, I hope my managers are listening

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<v Speaker 1>to this. Let's move on to the next one. Millennials

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<v Speaker 1>are the most over educated generation in the history of

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<v Speaker 1>the US. So I don't know about over educated, but

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<v Speaker 1>millennials are definitely very, very highly educated, more educated than

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<v Speaker 1>you know, Americans ever have been. So as the numbers

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<v Speaker 1>here in, seven percent of people who are twenty five

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<v Speaker 1>to thirty four had some kind of post secondary degree.

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<v Speaker 1>So this is you know, a two year degree, a

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<v Speaker 1>four year degree, or maybe a graduate degree. So almost

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<v Speaker 1>half of the population of these young people had this

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<v Speaker 1>kind of degree after high school. But that's pretty impressive. Um.

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<v Speaker 1>This number was at about thirty percent back in the

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<v Speaker 1>early nine nineties. So just over the past gosh, fifteen years,

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<v Speaker 1>this number has is in um a lot. Do you

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<v Speaker 1>think it has anything to do with the recession? Like

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<v Speaker 1>I said, so, a lot of my friends to re

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<v Speaker 1>graduated if they couldn't find a job. Instead of just

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<v Speaker 1>waiting around and not doing anything, a lot of them

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<v Speaker 1>decided to go back to school. You know, they got

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<v Speaker 1>additional degrees, like they went into master's programs or maybe

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<v Speaker 1>PhD programs, and and a lot of people did this.

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<v Speaker 1>So you definitely see a big bump after the recession

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<v Speaker 1>in terms of the ratio of people who have post

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<v Speaker 1>secondary degrees. Interesting, moving on to the next one, Millennials

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<v Speaker 1>are incapable of the laying gratification and they are not

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<v Speaker 1>saving for retirement. This is probably my favorite thing to

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<v Speaker 1>talk about. I love thinking about retirement. Don't know what

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<v Speaker 1>that means, even though it's at least forty years exactly

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<v Speaker 1>exactly already planning it out in my head. But I

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<v Speaker 1>think that this is a really interesting topic just because

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<v Speaker 1>retire it and and social security is a huge topic

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<v Speaker 1>for everyone in the US, um you know, presidential candidates

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<v Speaker 1>are bringing it up, and in my personal experience, I

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<v Speaker 1>found that millennials have kind of strong opinions about this.

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<v Speaker 1>So let's let's break it up. Part about saving for retirement,

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<v Speaker 1>you probably need to have a job to do that.

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<v Speaker 1>And what we know is that the job market for

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<v Speaker 1>millennials has gotten much better. You know, if we look

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<v Speaker 1>at the unemployment rate for people who are twenty five

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<v Speaker 1>to thirty four years old, you know, so out of college,

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<v Speaker 1>have been in the labor market for a couple of

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<v Speaker 1>years now, hopefully it's at five point three percent. So

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<v Speaker 1>that's a little bit higher than the overall level, which

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<v Speaker 1>is five point one percent, but still pretty good. So

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<v Speaker 1>they have jobs. And what we're finding is that the

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<v Speaker 1>ones who have access to jobs where their employers offer

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<v Speaker 1>for oh one K plans, they are taking those, so

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<v Speaker 1>they're actually contributing into their for one case exactly exactly.

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<v Speaker 1>So there's this there's a study last year from the

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<v Speaker 1>Transamerica Center for Retirement Studies. They actually found that seventy

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<v Speaker 1>one percent of millennials who were offered for a one

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<v Speaker 1>case or similar plans took part and contributed a median

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<v Speaker 1>eight percent of their salaries. And it sounds it sounds,

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<v Speaker 1>it sounded like a lot to me. It was really

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<v Speaker 1>surprising to me. But a lot of it has to

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<v Speaker 1>do with for one case no longer being you have

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<v Speaker 1>to opt into it. People are being automatically enrolled these days, right,

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<v Speaker 1>so they are actually saving for retirement, and it might

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<v Speaker 1>be because they just don't think social Security will be

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<v Speaker 1>there for them at all. You know, half of millennials

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<v Speaker 1>don't think that there will be any money for them

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<v Speaker 1>in the Social Security system by the time they were

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<v Speaker 1>ready to retire. That number is coming from Pew gosh,

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<v Speaker 1>that's that's really pessimistic. I don't know. I mean, I

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<v Speaker 1>think I think social security will be around by the

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<v Speaker 1>time we retire, even if it's kind of in a

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<v Speaker 1>different form than it is today. Yeah, you're in this

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<v Speaker 1>second bucket that it's it's about say that the system

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<v Speaker 1>will only be able to provide them with benefits at

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<v Speaker 1>reduced levels, and then six percent think that they're going

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<v Speaker 1>to get the level enjoyed by current retirees, which I

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<v Speaker 1>think is extremely optimistic. Well, okay, so it is a

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<v Speaker 1>growth misconception to think that millennials are just blowing all

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<v Speaker 1>their money on the next fancy Nike sneakers or something

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<v Speaker 1>they actually are saving for retirement. Let's get on to

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<v Speaker 1>the next myth. Millennials are not in the stock market. Um,

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<v Speaker 1>they've shout away from the stock market, and whatever mean

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<v Speaker 1>receivings they have, they've kept it in cash. Well, I

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<v Speaker 1>think this connects to what we were just talking about

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<v Speaker 1>really well, because if if they are participating in these

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<v Speaker 1>four oh one k plans, the chances are they have

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<v Speaker 1>some equity in there. Hopefully it's not all bonds, so

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<v Speaker 1>they probably are in the stock market in some sort

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<v Speaker 1>of way. Do. We do have evidence. There are several

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<v Speaker 1>studies that show that millennials say their risk of overse

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<v Speaker 1>and if they don't want to be in the stock market,

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<v Speaker 1>but if they're participating in four one k plans, and

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<v Speaker 1>they probably are. So if we're looking at like, you know,

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<v Speaker 1>directly manage stocks, probably to a lesser extent. Yeah, so

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<v Speaker 1>it's better to just kind of keep it out of

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<v Speaker 1>their own control if possible. Exactly. I'm okay with that,

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<v Speaker 1>leave it to the pros. Okay, let's get onto the

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<v Speaker 1>next one. Um. Millennials shy away from credit, they don't

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<v Speaker 1>take on loans. Yes, so definitely after immediately after the recession,

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<v Speaker 1>there was a ton of evidence that should this. You know,

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<v Speaker 1>they were plastic shy. I remember even a story trying

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<v Speaker 1>to figure out what would happen with millennials credit reports

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<v Speaker 1>because they didn't have a lot of it. They didn't

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<v Speaker 1>have credit cards. There's just no way. But there there

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<v Speaker 1>has been evidence that they are gradually taking on more

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<v Speaker 1>they're gradually using credit cards or taking on more debt,

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<v Speaker 1>but they're not being super irresponsible about it. You know,

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<v Speaker 1>We've seen research that shows that they have student loans

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<v Speaker 1>and they're not if they have a ton of student debt,

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<v Speaker 1>they're probably not out buying a house and acquiring housing debt.

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<v Speaker 1>I think what's interesting about the millennials is they definitely

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<v Speaker 1>have different kinds of debt than probably our predecessors did.

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<v Speaker 1>They have student loans alba wazoo. But they're not being

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<v Speaker 1>completely grossly irresponsible in general with credit card debt, and

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<v Speaker 1>they're probably not hopping into the housing market before they

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<v Speaker 1>should be. Huh So, in some ways, millennials are more

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<v Speaker 1>responsible than their predecessors, I would say, In some ways, yeah,

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<v Speaker 1>I take that old people. Well, let's get on to

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<v Speaker 1>the next one. Millennials don't want to buy their own

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<v Speaker 1>homes and they will only rent them, right. I think

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<v Speaker 1>this is really this has huge implications for the housing market,

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<v Speaker 1>which is a pretty big pillar of the economy. You know,

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<v Speaker 1>if we have people that never want to own homes,

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<v Speaker 1>then they're probably not gonna spend a ton of money

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<v Speaker 1>outfitting those homes with all the things that you would need,

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<v Speaker 1>you know, buying washers and dryers and stoves and like

0:13:10.400 --> 0:13:12.360
<v Speaker 1>all the furniture that you would need to fill a

0:13:12.400 --> 0:13:15.600
<v Speaker 1>house versus my tiny eight hundred and fifty square foot

0:13:15.679 --> 0:13:19.080
<v Speaker 1>apartment in d C. But what we've seen in the

0:13:19.160 --> 0:13:22.480
<v Speaker 1>surveys is that millenials do want to own a home.

0:13:22.960 --> 0:13:25.719
<v Speaker 1>You know, I've seen estimates ranging from like sixty to

0:13:25.840 --> 0:13:29.040
<v Speaker 1>eighty percent saying that they would like to at at

0:13:29.120 --> 0:13:31.880
<v Speaker 1>some point own a home. And you know, they definitely

0:13:31.920 --> 0:13:34.840
<v Speaker 1>have been behind the curve in terms of doing that

0:13:35.000 --> 0:13:40.240
<v Speaker 1>putting those those desires into action compared to other generations.

0:13:40.600 --> 0:13:42.640
<v Speaker 1>But also, like we said, they were hit pretty hard

0:13:42.640 --> 0:13:44.240
<v Speaker 1>by the recession. They don't have a lot of just

0:13:44.400 --> 0:13:48.200
<v Speaker 1>extra money laying around, uh for a down payment. So

0:13:48.280 --> 0:13:52.040
<v Speaker 1>the thinking goes that as the labor market improves, as

0:13:52.280 --> 0:13:54.079
<v Speaker 1>they get more you know, we get more of them

0:13:54.080 --> 0:13:57.240
<v Speaker 1>in jobs, they get higher incomes, etcetera, they'll be able

0:13:57.240 --> 0:13:59.800
<v Speaker 1>to save about money for that down payment and to

0:14:00.000 --> 0:14:03.000
<v Speaker 1>you buy a home. And we are seeing the household

0:14:03.080 --> 0:14:06.439
<v Speaker 1>formation numbers slowly start to creep up, and that has

0:14:06.760 --> 0:14:10.040
<v Speaker 1>great implications for the housing market. Do you think I'll

0:14:10.080 --> 0:14:14.439
<v Speaker 1>ever be able to buy a home here in San Francisco? UM,

0:14:14.800 --> 0:14:17.120
<v Speaker 1>I don't know the answer to that might depress you.

0:14:18.640 --> 0:14:20.280
<v Speaker 1>I might need to move about to the East day

0:14:20.360 --> 0:14:25.000
<v Speaker 1>or something. This is a good one. So we are

0:14:25.240 --> 0:14:29.960
<v Speaker 1>the Tinder generation and millennials only have one night stands

0:14:30.240 --> 0:14:34.320
<v Speaker 1>and are consequently delaying marriage and babies, and all they

0:14:34.320 --> 0:14:37.320
<v Speaker 1>care about is hooking up, and the economy is never

0:14:37.360 --> 0:14:41.200
<v Speaker 1>going to benefit from the fruits of having a family. Well,

0:14:41.360 --> 0:14:43.680
<v Speaker 1>I don't know about the one night stand thing. I

0:14:43.760 --> 0:14:51.480
<v Speaker 1>have not seen anything about that in the economic literature. Uh,

0:14:51.760 --> 0:14:56.360
<v Speaker 1>millennials are certainly delaying um when they're getting married and

0:14:56.440 --> 0:14:59.960
<v Speaker 1>when they have their first child. That age has been

0:15:00.320 --> 0:15:03.000
<v Speaker 1>creeping up more and more and more. And you know,

0:15:03.240 --> 0:15:05.320
<v Speaker 1>the longer you wait to have your first child, the

0:15:05.520 --> 0:15:08.560
<v Speaker 1>fewer children you're likely to have too, So that means

0:15:08.560 --> 0:15:11.240
<v Speaker 1>eventually a lower birth rate. You know, when you have

0:15:11.280 --> 0:15:15.720
<v Speaker 1>fewer children, you end up spending. Your children are really expensive,

0:15:15.880 --> 0:15:19.320
<v Speaker 1>so like that means like less spending. Uh. It also

0:15:19.440 --> 0:15:24.200
<v Speaker 1>means that over time, the demographic composition of the country shifts,

0:15:24.200 --> 0:15:29.120
<v Speaker 1>so there are fewer working age people to support retirees,

0:15:29.160 --> 0:15:31.840
<v Speaker 1>which for you and I, we are eventually going to

0:15:31.960 --> 0:15:37.239
<v Speaker 1>retire and we eventually will really depend on our grandchildren

0:15:37.280 --> 0:15:42.680
<v Speaker 1>to support us. So this definitely does have economic consequences. Yeah,

0:15:42.720 --> 0:15:46.040
<v Speaker 1>so I see. The mean age of mothers having their

0:15:46.080 --> 0:15:50.479
<v Speaker 1>first child was twenty five point eight years in twelve

0:15:51.000 --> 0:15:54.640
<v Speaker 1>and that's up from twenty one point four years in

0:15:54.800 --> 0:15:57.400
<v Speaker 1>nineteen seventies. So, like you said, it's been a wide,

0:15:57.720 --> 0:16:02.200
<v Speaker 1>slow climb up, but it's definitely there. And the interesting

0:16:02.240 --> 0:16:04.560
<v Speaker 1>thing is, you know whether this is going to reverse

0:16:04.600 --> 0:16:06.560
<v Speaker 1>at all, because I know a lot of demographers that

0:16:06.600 --> 0:16:10.120
<v Speaker 1>I talked to chalked some of this up to the recession.

0:16:10.200 --> 0:16:12.200
<v Speaker 1>And you know, your people are going to be less

0:16:12.240 --> 0:16:15.040
<v Speaker 1>likely to have children if they don't think that they

0:16:15.080 --> 0:16:18.400
<v Speaker 1>can pay for them. You know, there's some speculation that

0:16:18.920 --> 0:16:23.880
<v Speaker 1>as the economy recovers, so too will fertility, and the

0:16:23.920 --> 0:16:26.440
<v Speaker 1>fertility rate actually does increase for the first time since

0:16:26.440 --> 0:16:30.080
<v Speaker 1>two thousand and seven, so maybe there is some credibility

0:16:30.120 --> 0:16:32.320
<v Speaker 1>to that, but we'll have to wait to see if

0:16:32.720 --> 0:16:35.200
<v Speaker 1>more years bear that out. All right, this is a

0:16:35.200 --> 0:16:39.000
<v Speaker 1>good one. Millennials are slackers in the office and they

0:16:39.240 --> 0:16:41.680
<v Speaker 1>just can't commit to a single job, so they end

0:16:41.760 --> 0:16:44.880
<v Speaker 1>up job popping. I think it's interesting because it's a myth,

0:16:44.920 --> 0:16:46.720
<v Speaker 1>and I think a lot of people know friends who

0:16:46.800 --> 0:16:49.640
<v Speaker 1>who job hop. A lot, you know, only stay a

0:16:49.720 --> 0:16:51.800
<v Speaker 1>year or two. I personally know people like that, But

0:16:51.800 --> 0:16:55.720
<v Speaker 1>it's not super been born out in the data. Is

0:16:55.760 --> 0:16:59.960
<v Speaker 1>the only thing you know, across the US tenure ten years,

0:17:00.040 --> 0:17:02.440
<v Speaker 1>so you know, the number of years that you're spending

0:17:02.440 --> 0:17:06.120
<v Speaker 1>at a at a place has been tacking up slowly, slowly, slowly,

0:17:06.280 --> 0:17:09.520
<v Speaker 1>just by small increments as well, and that may have

0:17:09.680 --> 0:17:14.240
<v Speaker 1>something to do with the aging of the population. But

0:17:14.440 --> 0:17:16.720
<v Speaker 1>even when you break it out at age groups and

0:17:16.840 --> 0:17:19.879
<v Speaker 1>you look to to the age range that includes millennials,

0:17:20.320 --> 0:17:23.040
<v Speaker 1>they're not Their tenure isn't shrinking by a ton, it's

0:17:23.080 --> 0:17:27.040
<v Speaker 1>it's basically flat. So there seems to be something a

0:17:27.119 --> 0:17:30.880
<v Speaker 1>foot because I guess maybe all these anecdotes you here

0:17:30.920 --> 0:17:33.920
<v Speaker 1>in the media and among friends and stuff can't aren't

0:17:33.920 --> 0:17:36.520
<v Speaker 1>necessarily wrong, but it just hasn't started to show up

0:17:36.520 --> 0:17:38.040
<v Speaker 1>in the data yet. I don't know. I think the

0:17:38.119 --> 0:17:40.280
<v Speaker 1>jury is still out on that one. Well, tour, you

0:17:40.359 --> 0:17:44.240
<v Speaker 1>and I have been with Bloomberg the whole time since

0:17:44.320 --> 0:17:47.080
<v Speaker 1>we've graduated from college, so you know, it's been six

0:17:47.160 --> 0:17:49.919
<v Speaker 1>years for me, how long has it been for you?

0:17:50.600 --> 0:17:54.199
<v Speaker 1>Three years? Three years, three years for you? And I

0:17:54.200 --> 0:17:57.240
<v Speaker 1>think I know one other person who's had the same

0:17:57.320 --> 0:18:01.240
<v Speaker 1>job since we graduated in my class, but everyone else

0:18:01.280 --> 0:18:04.280
<v Speaker 1>has switch jobs a lot. But that could more be

0:18:04.400 --> 0:18:07.919
<v Speaker 1>about the specific local economy. I'm in in San Francisco,

0:18:08.160 --> 0:18:10.960
<v Speaker 1>Like the job market is just so hot for technical

0:18:11.000 --> 0:18:14.399
<v Speaker 1>talent that it might just mean that, you know, people

0:18:14.440 --> 0:18:19.199
<v Speaker 1>are switching for newer, better opportunities more often. Yeah, and

0:18:19.240 --> 0:18:22.280
<v Speaker 1>we definitely. I mean, you can't argue that there's more.

0:18:22.600 --> 0:18:25.840
<v Speaker 1>There's a greater ability to switch jobs more often if

0:18:25.840 --> 0:18:29.359
<v Speaker 1>you want, you know, with LinkedIn and all other sorts

0:18:29.400 --> 0:18:33.080
<v Speaker 1>of job search platforms. Indeed, is another one that comes

0:18:33.080 --> 0:18:35.880
<v Speaker 1>to mind. So if people want a job hop more,

0:18:36.200 --> 0:18:39.600
<v Speaker 1>it's they're definitely able to. Well, I guess I've been

0:18:39.640 --> 0:18:46.320
<v Speaker 1>happy with Bloomberg. So fun last one here, Millennials are amazing.

0:18:46.880 --> 0:18:49.919
<v Speaker 1>You know, it's really funny because I don't think millennials

0:18:49.920 --> 0:18:53.800
<v Speaker 1>themselves think that they're amazing. I read really we really.

0:18:53.840 --> 0:18:56.440
<v Speaker 1>I thought we were supposed to be like the ME generation.

0:18:57.240 --> 0:19:01.160
<v Speaker 1>I read a really depressing report p that came out

0:19:01.280 --> 0:19:06.320
<v Speaker 1>this month, and millennials, it finds, are far more likely

0:19:06.440 --> 0:19:12.000
<v Speaker 1>than older generations to say that the terms self absorbed, wasteful,

0:19:12.280 --> 0:19:16.760
<v Speaker 1>and greedy apply to people in their h cohort um.

0:19:17.040 --> 0:19:25.600
<v Speaker 1>They're like the self exactly. They so fifty say that

0:19:25.680 --> 0:19:30.720
<v Speaker 1>the term self absorbed describes their generation, compared with among

0:19:30.960 --> 0:19:35.760
<v Speaker 1>Gen xers of boomers. Wow, well here's a hypothesis. Maybe

0:19:35.760 --> 0:19:39.040
<v Speaker 1>they're just more self aware, I mean, and that's not

0:19:39.080 --> 0:19:42.200
<v Speaker 1>a bad thing. They p has also found that millennials

0:19:42.240 --> 0:19:46.360
<v Speaker 1>are more accepting of homosexuality, interracial marriage, and hold more

0:19:46.400 --> 0:19:51.199
<v Speaker 1>positive views of immigrants. So they're very multifaceted. Um, but

0:19:51.320 --> 0:19:54.800
<v Speaker 1>I think self living is not an inaccurate way to

0:19:54.880 --> 0:19:59.000
<v Speaker 1>describe them. And that's it for us today. Thanks again

0:19:59.080 --> 0:20:01.680
<v Speaker 1>for listening to blue Burg Benchmark. We will be back

0:20:02.119 --> 0:20:04.800
<v Speaker 1>next week and until then you can find us on

0:20:04.880 --> 0:20:08.200
<v Speaker 1>the Bloomberg terminal and on Bloomberg dot com. We are

0:20:08.240 --> 0:20:10.800
<v Speaker 1>also on iTunes and while you're there, but please take

0:20:10.840 --> 0:20:13.399
<v Speaker 1>a minute to rapeishifts and more listeners can find it

0:20:14.240 --> 0:20:16.200
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0:20:16.440 --> 0:20:20.840
<v Speaker 1>Our Twitter candles are at aki et seven and at

0:20:20.840 --> 0:20:23.679
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0:20:23.760 --> 0:20:26.560
<v Speaker 1>would love to hear your feedback. Thanks again and we'll

0:20:26.600 --> 0:20:37.639
<v Speaker 1>see you next week