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1. Generation Y:
Understanding the Rude & Impatient
Presented by:
Vince Scalise
Senior Vice President
College Loan Corporation
3. Quiz 2005
1955
1888
1977
4. “But what…is it good for?”
“This will change everything we know about computers.”
“What’s next? Computers in every home?”
“Dude, that’s small.” Quiz
5. Thomas Watson, Chairman of IBM
Bill Gates at his kindergarten graduation
Ken Olson, Chairman of DEC
Craig Conway, CEO PeopleSoft
Quiz
6. Each computer cost $10,000
Serves as a recipe database
Contains a built in cutting board
Came with an apron
All of the above Quiz
7. Quiz
8. “Today’s kids are on track to become a powerhouse generation; full of technology, good planners, community shapers, institution builders, and world leaders. Perhaps destined to dominate the twenty-first century like today’s fading and ennobled G.I. Generation dominated the twentieth. Millennials have a solid chance to become America’s next great generation."
- Anonymous America’s Next Great Generation
9. Definitions GI Generation “Greatest Generation”
Born between 1901 and 1924
Silent Generation
Born between 1925 and 1942
Baby Boomers
Born between 1943 and 1964
Generation X
Born between 1965 and 1981
Millennials – Generation Y – Echo Boom
Born between 1982 and today
They are the children of Baby Boomers
10. Millennials Numbers 60 million - largest group since the Baby Boomers (72 million)
3 times larger than Generation X
Teen population is growing at twice the rate of the rest of America
Made up 37% of U.S. population in 2005
11. Statistics Millennials are busy
What do they do with spare time?
Tutor, soccer, hockey, community service,SAT Preps, internships/work, etc.
Time in school increased 8.3 hours per week
Household chores increased 3.5 hours per week
Personal care (showering, dressing, hair care, etc.) up by three hours per week
Travel/visiting increased 2.5 hours per week
Non-custodial parents
12. “Lightspeed” Media Near instantaneous communication
73% of all U.S. teens go online each month
74% use instant messaging
28% own their own cell phone (under 12)
Just as important as telephones were for Baby Boomers
Is email becoming “too slow” for them?
13. Sample Text Messaging Abbreviations AAP
ATM
BRB
BTDT
CWYL
LOL
LYLAS
WIIFM
14. Sample Text Messaging Abbreviations AAP always a pleasure
ATM at the moment
BRB be right back
BTDT been there, done that
CWYL chat with you later
LOL laugh out loud
LYLAS love you like a sister
WIIFM what’s in it for me?
Source: www.webopedia.com
15. Finances The average teen has $94 per week of disposable income
Spending at a rate of approximately $172 billion per year
Saving at a rate of $39 billion per year
One in nine high school students has a credit card cosigned by a parent
In general, they are better savers than their parents
Interested in being fiscally literate
Work an average of 17 hours per week
One quarter of children under age six are living in poverty ($15,141)
One quarter of children under age six are living in poverty ($15,141)
16. Finances Where do they get their money?
Work
Parent(s)
Grandparents
Chores
Combined purchasing of high-priced items One quarter of children under age six are living in poverty ($15,141)
One quarter of children under age six are living in poverty ($15,141)
17. Consumer Behavior Marketing experts and sociologist are keenly interested in the values and tastes of the coming generation
View 500,000 commercials between the ages of three and 18
Teens are earning and spending more of their own money than any young generation before them
Annual incomes average $211 billion for 18- to 25- year-olds
“This is the most significant consumer group in America since the baby boomers.”
- John Flanagan, Blue Engine market research
19. Values Socially conscious
Have grown up with actual or perceived material success of their parents; want to extend this and give back
Value right to privacy
Value the right to express their own views
Diverse, but with commonalties, regardless of ethnicity, gender, sexual orientation or age grouping
Care about traditional values such as stability, friends and family
Desire successful family and work lives
20. Information Overload Sheltered
Well being of children dominates legislation
Not as much freedom
Education
Starts younger
More emphasis on test scores and preparedness
21. Values on Education Rely not only on formal education for learning, but technology, adapting to the web and on-the-job training
73 million Gen Y’ers are the focus of undergraduate and graduate education institutions
Today’s bachelor’s degree is equivalent to Gen X high school diploma
Academic degree planning indicates*:
Associate 5.5%
Bachelor’s 28.0%
Master’s 38.7%
Doctorate 13.5%
*Source: CIRP data 1998 (current data unavailable)
22. Values on Education Average time spent on homework per week*
1981: 44 Minutes
1997: 123 minutes
Number of seniors with advanced placement exams
1984: 80 /1000
1996: 239 / 1000
*Source: Inst. for Social Research: U. of Michigan (1999)
23. Probable Attitudes and Behaviors of Millennials Confident
Optimistic
Socially conscious
Self-aware
Taste for ironic humor
Savvy and informed
Special/Invincible
Sheltered
Seek/expect instant gratification
Committed Impatient
Disengaged
Disrespectful
Image driven
Blunt and expressive
Skeptical
Adaptable
Innovative
Efficient
Resilient
Tolerant
24. Basic Characteristics of Millennials Somewhat less interested in politics
First impact on national election in 2012
Have fewer role models in politics and sports; generally look to family members
Desire emotional fulfillment and personal balance
Ambitious, predicted to be “doers and achievers”
Have not experienced full impact of a major war or an economic depression
25. Why Is This Important to Know? We can’t assume that Millennials are like generations before them
Better knowledge of audience leads to more effective communication
26. Recommendations Written communications, consider having student authors for publications
Use email as a communication medium - Millennials are experienced with it and will respond quicker
Keep in mind that they will expect quick responses from you!
Consider instant messaging or chat services as an option for communication
Use more bulleted text and less paragraphs
Move to web-based Entrance and Exit Interviews; overall, Millennials will adapt and respond better Web pages: cut back on words. Use bullet points. Have IM hours posted and have work study students handle basic questions.Web pages: cut back on words. Use bullet points. Have IM hours posted and have work study students handle basic questions.
27. Recommendations Highlight the community service offerings for FWS programs
Emphasis on campus safety/security
Emphasize parental involvement and at the same time, help them transition away
Reinforce the importance of budgeting
Begin early - advising on financial planning for the time in school, repayment and for graduate school
28. Recommendations Use low-level, quick bits of information
Understand and respect their demands for quality service
Use individualized communication such as personalized letters and email messages
Use electronic communication whenever possible
Web-based programs
Electronic Award Letters
E-signature
Web-based loan counseling
Electronic financial aid workshops
29. Sources “Networks Turn from X to Y in Search for the Next Generation,” Seattle Post-Intelligencer, Barbara Vancheri
“Hip-Hop Rules the Generation Y Market,” PR Newswire
“Generation Y Has Interest in Being Fiscally Literate,” Richmond Times-Dispatch, Gene Marlowe
“Generation Y Survey,” Good Morning America, Nancy Snyderman and Jennifer Parks, Ph.D.
“Courting Generation Y,” Women’s Wear Daily
“Retail/Broadlines: Generation Y - the Future of Retailing,” The Investext Group, J.M. Feiner
“Generation Y Is On the Rise,” Dayton Daily News, Teresa Gubbins
“Keeping Up With Generation Y,” Marketing, Jane Bainbridge
“The American Teen-ager,” www.slate.com, David Plotz
“Generation Y Is About to Change Everything,” www.moneypage.com, Karon Spear
“The Next Big Population Bulge: Generation Y Shows Its Might,” www.recs.com, Melinda Beck
Millennials Rising – Neil Howe and William Strouse
Eric Chester & Generation Why
30. Quiz Answers How many songs can a 40GB iPod hold?
C. 10,000 songs, which is the same as 562 lbs of vinyl records, 87 lbs of CDs and 28 lbs of cassette tapes - and the iPod only weighs 6.2 ounces
31. Quiz Answers D. 1977, spoken by Ken Olson the Chairman and founder of Digital Equipment Corporation
32. “But what…is it good for?” Quiz Answers
33. Thomas Watson, Chairman of IBM said this in 1968
Quiz Answers
34. All of the above Quiz Answers
35. 6. Match the Virus with its correct Description Al Gore Virus
Dick Cheney Virus
Hillary Clinton Virus
Arnold Schwarzenegger Virus