Name: Millennials Mythbusters: The truth about a generation
Uploaded: 2015-06-26
Duration: 6 min 10 s
Description: Leigh Gallagher finds out the truth about the group with a quick round of fact and fiction with two millennials.

[ MUSIC ] All right. We've been talking about millennials all show. But one thing we haven't addressed are all of the stereotypes that surround this generation. So, now, we wanna try to set the record straight with a segment we're calling Millennial Mythbusters. And here to help me are two millennials, that's right, in the flesh. [ LAUGH ] [ LAUGH ] Fortune writer, reporter Dan Roberts, and Nadira Hira, an author and speaker who covers the millennial generation, are with us today. Thanks so much you, guys, are you ready? Woo, yeah. No. [ LAUGH ] [ LAUGH ] So here's how this is gonna work. I'm gonna read several statements to you, and you're gonna tell me if you think they're fact Or fiction? You've got your cards, does this sound straight forward? Totally. Even a millennial can do it. [ LAUGH ] Oh, ouch. Especially a millennial. All right, statement number one, millennials are frivolous spenders, fact or fiction? All right. Oh. [ LAUGH ] Why do you say that, Dira? Well it's true. [ LAUGH ] [ LAUGH ] [ LAUGH ] And Dan? Well, I think that they are actually more conscious of budgeting than you'd believe. Because the economy has been bad in the time that we've been coming up, and looking for jobs. You're right, I've actually got some stats here. The average millennial portfolio dedicates 52 % to cash, compared to 23 % For other investors. And we actually started saving before the other generations at comparable points. So like at 22 the average Millennial starts saving which is much earlier than Gen Xers or Boomers. But they, or you, are more likely to spend on something if it has a purpose. We hear a lot about purpose with Millennials. Food. Experience. Is a purpose for me. Experience underscored bold ital. You guys know your stuff. Okay, statement number two Millennials are more likely than Gen X to have assets of $ 2 million or more, fact or fiction? Ooh, which millenials? This is a broad range we're talking about. Show the card. Fiction, fiction. Both wrong, it's fact. I think we were playing the score there. We just [ LAUGH ] Well I don't have two million. Millennials make up a greater percentage of those with assets beyond two million than gen x, or even young baby boomers. So, interesting. Exciting. Number three, millennials don't like big corporations. Fact or fiction? We've got a disagreement. Dan, fiction, why? I happen to know that there's data that shows that millennials believe in big businesses more than people would expect. But if those businesses are engaging in the right practices, if they're eco friendly. If they're ethical, if they're equal rights. So if the reasoning is there, they'll support a big company. [ UNKNOWN ]? That's absolutely right. But I think it's much more that millennial are focused on issues rather than institutions, so in that way, big companies are not where our hearts are. Brands, though, if they represent life style and experience, like you're talking about, can be sort of life long friends and partners. It also says here there was a study by MSL Group, that says that they look to the corporate world to help solve global problems. And one of the reasons for that is that they've given up on government, so Yeah. Oh, yeah. I think we can all agree that's something that. It's the biggest institution of all. Yeah, exactly. Next, millennials prefer cities over suburbs, fact or fiction? Fact, all right. Well this happens to be an area I know a lot about. [ LAUGH ] Dan, why do you say that? Well I know that my friend Lee Gallagher has written. [ LAUGH ] A book about the end of suburbs. And supposedly these Millennials, whoever they are, are more excited to live in cities, because it's where everything's happening. They have that Classic American dream at the back of their minds, maybe more years down the road than it is now. Right, but as cities get more expensive, I will press you on that, they're unaffordable for millennials, so they want. Well They're unaffordable if you want the same kind of life our parents wanted. And I think what you see millennials doing is actually adjusting their expectations so that they can stay here, even if they have to put their kid in a Murphy bed [ LAUGH ] and jog a stroller to work. They're willing to do that, because it's so nice to have that city, urban feel. Okay. That's true. I would argue that you can get that feel in a suburb. In a kind of urban- burb as you mentioned. All right, next one. Millennials are self absorbed. Fact or fiction? Can I throw this card? [ LAUGH ] Away. That's not allowed. That's not part of the game. Millennials don't believe in rules, Lee. Just the millennials I know personally or all millennials? That's another Important decision. Fiction. Dan, why? Well, I think that they are self- absorbed, but no more so than any other group is nowadays with the internet and social media. I mean, from what I've read, we're not doing any more of the me, me, me stuff than everyone else who's on Facebook, Instagram, Twitter saying look at my baby, look at baby! Look at my job, look at my car! Look where I live! Nadera, fact, why? Well fact because I think that's just being a human being in the world today. So, Dan and I actually agree on that. Yes we're self absorbed, but so are you. And I will say that 57 % of millennials report doing volunteer work in the past year, more than any other generation. Okay. And three quarters of millennials made a financial gift to a nonprofit. So there you go. And then they've posted about it. Right. If you don't share it, it didn't happen. Yeah. How many likes did I get for my charitable donation? Okay, next. Millennials watch a lot of TV and they don't read magazines. Fact or fiction? I'm really torn on this. Okay, fact, fiction. Dan, why fact? Well, I'm just thinking of the drop in magazine sales and sort of all print media as a whole, and I know the millennials might be driving a lot of it. I hope it's not true. Right, okay. I'll tell you. Madeira? Well, I think actually millennials are into legacy media in a way that people don't realize, and I know I've seen studies that show A third of our consumption is actually in legacy medias, so it makes sense to me that maybe magazines in the traditional sense. They're not going to the Hudson News and picking it up that way. But that's still brand and prestige means something to them as does actual facts. If we were giving away awards, which we're not today but maybe in the future, Nadera would with this one. Because Millennials are actually stronger magazine readers than Boomers. We love them. And they spend less of their time watching TV than Boomers, so, sorry, Dan, Isara, you win this one. Good, hey. [ LAUGH ] It's good for my profession, so. Thanks to both of you for partaking in our first- ever fact- or- fiction debate. You did a great job. Thank you. And we'll see you back here next time. All right. [ LAUGH ] [ MUSIC ]

Leigh Gallagher finds out the truth about the group with a quick round of fact and fiction with two millennials.