Millennials Taking Longer to Live on Their Own, Says New Report

Happy Friday one and all! As we head into the weekend, there’s a new report we simply have to share. (Yes, we really do get excited about such announcements!)

Millennial Branding partnered with PayScale for their second annual study on the state of generations at work, namely Gen Y, Gen X and Baby Boomers. Their main finding? It’s taking Millennials longer to live on their own than previous generations.

Outlining changing demographics across generations, overall Boomers are delaying retirement, the percentage of Gen Y employees managing people declined by 15 percent in a year, and Millennials are starting their professional lives later.

Per the release, PayScale’s lead economist Katie Bardaro dished, “Similar to other studies, our research reinforces that the sluggish and uncertain economy has made a significant impact on the perspectives and experiences of not only Generation Y, but also Generation X and Baby Boomers.”

She added, “It is also important to note the complexities that each generation possesses based upon so many economic, cultural, and sociological conditions and issues.”

Regarding other highlights, the data pretty much underscores what we suspected: Millennials are more likely to move back home with their ‘rents due to financial challenges at 28 percent. This is in comparison to Gen Xers at 11 percent or even Baby Boomers at five percent.

Gen X folks have tapped into being more likely to have the option to work from home than other generations and Gen Y employees are more likely to work at small firms than Gen X and Baby Boomers. In addition, Gen Y workers reported the lowest level of job satisfaction and job meaning but they also reported the lowest level of job stress. Hmmm.