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The generation of the Millennium

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The publication of “Ha-Haaretz and The Marker” painted a collective portrait of the millennial generation, which in coming years will be dominant. The picture is replete with gloomy shades, but still attracts the eye.

Millennials differ from previous generations. And it is they who will determine the face of economy in the near future. What kind of people?
From 18 to 36. They are formed, can easily change jobs. They had to live during times of low interest rates, zero inflation and exorbitant housing prices. As a result, they are focused on the delights of the current day, a little lay in tomorrow, frankly don’t trust the financial system and significantly depend on the parents.

They like fashionable clothes, the iPhones, the latest models, coolest headphones, GoPro camera… a Smartphone is a natural extension of their hands. They take everything, especially yourself. I like to sit in cafes and restaurants, travel abroad at least once a year. Don’t forget to inform the whole world via social networks, where and with whom they have fun.

Savings is not for them. Yes, they are concerned for their welfare, for their future, but concerns all citizens. They do not build long-term plans, they have no strategy.

Some statistics:
• In the world there are around two billion.
• Approximately 85% live in developing countries.
• Increasing their share in the labour market. In the US they already make up the largest portion of the workforce, and in the next ten years will reach three quarters of the total number of employees.
• Annual consumption of Americans-the millennial generation – 1.3 trillion dollars. According to the calculations of investment Bank Merrill Lynch, for a decade this figure will grow to 8.3 trillion.
• Among 20-34-year-old over a quarter (25.4 per cent) live with their parents. In the previous generation, this figure was 20%.

Also referred to as generation Y. today because of this generations bloom new areas of the economy and die other, traditional.
“Ancestors” of the millennial generation are more conservative, less wasteful, longer working in the same place, trust in institutions, trust in financial institutions, committed to traditional views on democracy and the economy.

Their children all wrong, and not only because of inexperience. They are easy to pull out of wallet a credit card, and, conversely, hardly save any money that you can use right now. They formed a kind of culture of consumption of self-centredness..

Books from sociologists of oz and Tamar Almog “Generation Y in Israel”:
This is the first generation that has grown up in a society of abundance with a hedonistic concept, according to which man lives to enjoy, and enjoys, mainly through purchases and entertainment.

Shay Yaron, the head of funds in trust in an asset management company “Altshuller-Shahi”:
The lifestyle of this generation hinders its savings. All want to maintain the same standard of living that they see around. Workers in high-tech who have relatively more money, but less chance long-term bet, lay enough due to their culture of consumption. If Millennials don’t take care of yourself, they will be a very big problem with the pension.

But what to do, as soon as this generation not only faced real economic difficulties, but also can not really imagine them. Many put off growing up and starting a family before the end of three decades – and only then think about the savings. Carefree bachelor mess is not conducive to vision, it is all concentrated around the current moment. 59% of young people admit that they are self-absorbed. 49% consider themselves spender, against 30% in the generation X 20% baby boomers.

This approach is supported as the cost of the modern financial system, which did not hesitate to shift their problems on the shoulders of the population. As a result, young hard cut “sacred cows” with “field courts” on Facebook and lose trust in those institutions to do their deposits and savings.

Shay Yaron:
The world today is full of scepticism in many areas, including financial. It’s easy to envision a system failure, but if you think about it, how it feels to be left without savings, it becomes clear that we need to preserve.

Why put it off?

Some thirty years ago it was different. Then the income of the young in the West exceeded the average for the country. Now young people are content with very modest salaries, and often the level of its income is 20% below average.

However, this is not the limit. Sometimes even promotion and salary increase does not change the situation dramatically, and people for years teetering step away from moving to shared apartments, rented by several companions.
“The Guardian” shoveled amounts of information from various sources, including the archive data of the Luxembourg income (Luxembourg Income Study) and found a sharp drop in “economic performance” of young people in the rich countries.

In England the rate of net income Millennials “reached” triple the backlog of pensioners. In the USA, Italy, France, Spain, Germany and Canada, the real wages of young, in General, fell. And in some places this trend was noticeable even before 2008 officially marked the beginning of the global crisis.

If the preceding generation, including baby boomers, have become richer than their parents, Millennials, while supporting a high quality of life on the crest of the gadget-progress, but with great difficulty pave the way to financial independence. And because parents help them by funding my studies and the rent, providing the initial capital to buy an apartment, paying insurance and psychotherapy. Without parents, many young people would reduce their standard of living. In their environment and without less share of owners of cars and apartments that often contributes to lower costs.

However, for the benefit of a such a radical change? In fact, he testifies to the growing social inequality, under the yoke which carries only the lucky ones whose parents have sufficient reserves. In England, the young have understood that on their own apartment they can only dream of. In Australia, where the situation of young people is considered to be relatively good, it is still a little displaced from the housing market.

A separate concern is the student debt of Americans. From the Pew survey implies that 80% of young College graduates have at least one long-term loan. Overall, the millennial generation has taken to the needs of higher education of not less than 1.3 trillion dollars. Monthly payments will follow them for the foreseeable future and beyond.

But it goes beyond that. According to Pew, nearly a third of American Millennials have minus in your Bank account. Another survey on Facebook showed that nearly half of young people perceives the lack of debt as an economic success. Only a quarter of the deal in financial terms, and only 8% are well-versed.
It is quite possible that these qualities will make generation Y a constant prey, and corporations that are well versed in the psychology of ordinary people and, as the experience of recent years, are able to profit under any market conditions.

The deficit of hope

Politicians and high officials publicly regret the “lost generation”, who have had to live in the era of breaking trends and shifts in attitudes. However, further condolences and promises. Young was in double trap: economic hardships imposed on their transformed attitude to life, and this combination leaves a lot of work.

By the way, according to a survey consulting and accounting firm Pew, “ancestors” of the millennial generation also went through a change of beliefs. In 2012, only a third of American parents believed that children must be economically independent to 25 years. Twenty years ago, 80% of parents expected children independence in 22 years.

Against this background, the society looks to the future with pessimism: in various surveys, more than half of respondents predict that today’s children a lower standard of living compared with their parents. No wonder: today France, Italy, USA and other countries have been faced with a situation where people exchanged the second ten years, live much worse than those who are retiring. In memory of statisticians never like this.

Of course, in these circumstances, young people are not in a hurry to move out from your parents, start a family and have children. Women in the millennial generation to marry on average seven years later than in the eighties, and the firstborn gave birth at three and a half years later than in the seventies. The institution of family is crumbling, and the population is aging rapidly, sometimes showing a natural decline.

The implications are clear: the world of Millennials is not so, as the present one. The pace of change is increasing, and the future has stood out from the fog. In this future people have less values and hopes, but more self-esteem, less career ambition, but more consumer demands, less empathy, but more of an internal solitude among seven billion.

And then ripens generation Z, small, burdened by “the ancestors” and at the same time, radically breaking with family ties. In terms of the Latin alphabet, the last generation… But that’s a different story.

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