A Pew Research Center study shows that millennials have overtaken Generation Xers to become the largest generation in the US labor force.
It is a position that millennials have actually held in the US since 2016, outpacing Gen Xers and Baby Boomers with 56 million working, or looking for work, compared to 53 million and 41 million respectively. The Pew study shows that 35% of the US labor force are millennials.
The Pew Research Center is a nonpartisan American think tank based in Washington DC that provides information on social issues, public opinion, and demographic trends shaping the United States and the world.
The report shows that as Baby Boomers numbers recede so will their influence and their opinions about lifestyle, principally money, and how it’s earnt.
Disruptive technologies will continue to show that many of the conventions that have been held up as untouchable – designed to persist for all eternity – are social constructs that can be diminished, rewritten and completely extinguished, writes the Daily Hodl, citing US theorist, author, and more significantly, “futurist” R Buckminster Fuller, as a portent for the future of youth employment:
“We should do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest. The youth of today are absolutely right in recognizing this nonsense of earning a living. We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because according to Malthusian Darwinian theory he must justify his right to exist.”
It is clear that millennials are completely at the forefront of the crypto space, and without them it is hard to imagine that Bitcoin would have even got off the ground. “Over 82% of millennials say their investment decisions were influenced by the Great Recession when $14 trillion in wealth was lost,” writes Kari Paul of Market Watch, adding, “Millennials regard the stock market with skepticism. People between the ages of 18 and 39 are less likely to invest money in the stock market than are other generations, studies show.”
Fuller’s recommendations ring truer than ever in 2018, the inventor of the Geodesic Dome may have been right when he talked about “this nonsense of a living” as conventions are being broken daily by society’s younger, adventurous, and certainly more mobile members.
According to a survey by WeLance, the millennial digital nomads are mostly male (64%) and work in a range of professions from programmers (22%) to online marketers and designers (17%). About 9% visit ten different countries in a 12-month period, with 32% visiting five to ten countries and 29% visiting three to five countries.
Millennials are exploring their options in the face of commutes and 9-to-5 jobs, the drudgery which Fuller warned of. Despite recent records showing 85% of them say they’re happy with their lives, it remains to be seen if this group will heed his other proposition that “One in ten thousand of us can make a technological breakthrough capable of supporting all the rest”.
The breakthrough may have arrived.
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