Millennials (Generation Y)

We explain what millennials or generation Y are, their characteristics and what important events they experienced. Also, what are the other generations.

What are millennials?

Millennials, or generation Y, are the set of people who were born between 1981 and 1996. This is a generation that went through its adolescence or youth around the year 2000 and its name refers to the change of millennium. This generation is also known as echo boomersfor being children of baby boomersand net generation, for having grown up under the influence of the internet.

Millennials are between generation X and generation Z, and for this reason they are identified with the letter Y. They currently represent about 25% of the world's population.

These are people who grew up in a world marked by the advancement of technology and the transition from the analog to the digital era. witnessed the rise of the internet, the appearance of mobile phones and social networks which influenced their way of communicating, working and relating.

Today, millennials are in their adulthood. It was much more difficult for this generation to achieve things such as buying a home or saving for retirement, due to changes in the global economy. Given this, millennials prioritize experiences over material goods and adopt lifestyles that value flexibility and balance between work and personal life.

The term millennial was created by authors William Strauss and Neil Howe, known for their theory of generations. in his books Generations: The History of America's Future, 1584 to 2069 (1991) and “The Fourth Turning: An American Prophecy” (1997) propose that each generation has a distinct archetype and that the interactions between these generations determine the course of American history.

• See also: Generation

Characteristics of millennials

The characteristics of millennials are general traits observed in social behavior and do not express the variety of personal experiences. These are generalizations that allow us to identify certain common elements that identify them as a group. Among them are:

• were born between 1981 and 1996. Currently they are young adults in their thirties and forties.
• Technological inhabitants. They grew during the expansion of the internet, social media and mobile technology. They integrate technology into many aspects of their daily lives.
• Work flexibility. They prefer work environments with greater freedom and flexible schedules. They appreciate the option of teleworking and the possibility of doing it from different locations. They seek to balance work with personal life.
• Environmental awareness. They care about the environment and sustainability. They prefer the consumption of brands that are responsible for their production and committed to ecological well-being.
• Social awareness. They respect diversity and inclusion. They are defenders of gender equality, LGBT+ rights and multiculturalism.
• High educational level. They achieved a higher academic level than previous generations, with extensive university attendance and advanced technical training. They value continuous learning and professional development.
• life experience. They value experiences more than material goods and dedicate part of their resources to traveling, improving their quality of life or enjoying cultural events.
• Economic challenges. Despite the financial crises of the 2000s, the decline in youth employment, and general instability, millennials developed work alternatives more suited to their life values, such as collaborative work, freelance work, and independent entrepreneurship.

The life stages of millennials

Throughout their lives, millennials went through different contexts that shaped their vision and way of acting in the world. In general, the different stages of his life were characterized by:

• Childhood. They were born in a period of technological and social transition. They grew up in an environment that saw the introduction of digital technology, the rise of global pop culture, the emergence of 8-bit video games, and the beginning of the expansion of the internet.
• Adolescence. They lived through the mobile phone revolution, the rise of social networks like Facebook and MySpace, and high-speed internet access. They integrated technology into their social activities and daily lives.
• Youth. They went through a context of global economic instability with the crises of 2008 and oriented their professional studies to less traditional fields than previous generations. Many chose careers linked to technology (such as engineering and computing), social sciences and art.
• Middle adulthood. Currently, millennials are consolidating their professional careers through different job alternatives. They seek flexibility and autonomy, and prefer remote work structures, freelancing, and autonomous business development.

Important historical events that generation Y experienced

Some of the most significant historical events in the formation of the millennial generation were:

• The arrival of the internet to the home and the cell phone to the pocket. Millennials were the first to chat on-lineparticipating in forums and using instant messaging (such as Messenger Hotmail). Soon after, cell phones and text messaging appeared.
• The 2000 effect. The arrival of a new century was a source of anguish and expectations for humanity. Millennials grappled with predictions of global financial catastrophe (which never happened).
• The attack on the Twin Towers on September 11, 2001. The series of international attacks carried out by the Islamic terrorism of the radical group al-Qaeda shook the world and began the so-called “war on terrorism” declared by then-US President George W. Bush.
• The invasion of Iraq (2003). Iraq was taken over militarily by a coalition led by the United States and that included countries such as the United Kingdom, Australia and Poland. This started a war (2003-2011) under the pretext that the dictator Saddam Hussein possessed weapons of mass destruction.
• The rise of China as a world power. In 2003, China abandoned its marginal position in global politics and joined the World Trade Organization. In 2010 it was already the second economic power and currently it is the main center of industrial production.
• The Latin American “pink tide” (2001-2013). With the arrival to power of Hugo Chávez in Venezuela, Néstor Kirchner in Argentina, Luiz Inácio Lula da Silva in Brazil, Evo Morales in Bolivia, Tabaré Vásquez in Uruguay, Michelle Bachelet in Chile and Rafael Correa in Ecuador, a decade of leftist governments in Latin America, which shared to a certain extent a nationalist, anti-globalization and anti-imperialist discourse.
• The financial crisis of 2008. A global economic crisis was unleashed, also known as the Great Recession, which began with the collapse of the real estate market in the United States and spread worldwide. The crisis severely affected the employment and financial stability of millennials, especially those who were entering the labor market.
• The COVID-19 pandemic. The spread of the coronavirus disease affected health, the economy and social dynamics worldwide. For millennials, this meant challenges in education and everyday life. In the area of ​​employment, it accelerated the incorporation of the use of technology, especially for remote work and online education.

Differences between millennials and centennials

Millennials (generation Y) and centennials (generation Z) share some characteristics that differentiate them from previous generations, especially in relation to the use of technology and social values. However, they have some notable differences:

Aspect	Millennials	Centennials
age group	Born between 1981 and 1996.	Born between 1997 and 2012.
Technology	Adapted to technology; They grew up with the transition to the internet and smartphones.	Digital natives; technology always present from birth.
Ideals	Professional and personal success, financial balance and security, social well-being.	Equal opportunities, climate change, human rights, and authenticity in personal and public life.
Concerns	Social issues that affect your adulthood: economic stability, employment, costs of living.	Ideal issues affecting the world at large: climate change, social inequality and human rights.
Activism	Combined use of traditional and digital methods; personal and physical participation in established movements.	Primarily digital activism; use of memes, videos and social media to mobilize support.
Social relations	Valuing interaction in person and online, importance of social networks and professional connections.	Predilection for fast and visual digital communication, strong presence on social networks and messaging platforms.

What are the other generations?

In addition to generation Y, the following generations of the 20th and early 21st centuries are usually distinguished:

• Silent generation. It is the generation preceding the baby boomerswhose individuals were born between 1928 and 1945. It currently covers 3.5% of the world population.
• baby boomers. So called due to the significant rise in birth rates that they experienced, they were born between 1946 and 1964. They currently represent 15% of the world's population.
• Generation. Also called “the lost generation” or “the dumb generation”, it is considered a “bridge” generation between the baby boomers and the millennials. It is a generation that witnessed the great changes of the 20th century and includes those born between 1965 and 1980. It currently represents 18.2% of the world population.
• Generation Z or centennials. Also called “postmillennial” or “centuritic”, it is the first generation of digital natives in history. It covers those born between approximately 1997 and 2012. It currently represents 23.7% of the world's population.
• Generation Alpha. It is the most recent of the generations to date and includes individuals born between 2012 and the present, making it the first generation entirely born in the 21st century. It currently represents 17.2% of the world's population.

References

• Kundanis, R. (2003). Generations and History. Children, Teens, Family and Mass Media. The Millennial Generation. LEA Publishers.
• Zelazko, A. (2024). Millennial. Encyclopedia Britannica. https://www.britannica.com/