Posted by: Unknown

Loved by marketers, vilified by media, millennials are at once the most popular and unpopular generation alive. They’re the largest, too, giving them an outsized influence on American culture and consumerism. Today, these late-teens-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, deludedly invincible — are responsible for 21 percent of all consumer discretionary spending in the U.S.

And yet, despite their trillion-dollar purchasing power and higher educational attainment, millennials are economically worse off than their parents. Why? The financial crisis remains a big part of the reason. Millennials have come of age and entered the workforce in the shadow of the Great Recession, significantly reducing their job prospects and earning potential for decades to come. By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.

But the plight of millennials is not the same everywhere. WalletHub’s data team therefore compared the 50 states and the District of Columbia to determine where this generational cluster has thrived and withered. We examined each state and the District across 24 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate. Read on for the full ranking, commentary from a panel of researchers and our methodology.

1. Main Findings
2. Ask the Experts
3. Methodology

Main Findings

Embed on your website<iframe src="//d2e70e9yced57e.cloudfront.net/wallethub/embed/33371/geochart.html" width="556" height="347" frameBorder="0" scrolling="no"></iframe> <div style="width:556px;font-size:12px;color:#888;">Source: <a href="http://ift.tt/2o4ERsj;  

Overall Rank	State	Total Score	Effective	Annual	Difference	Annual	Adjusted
1	Alaska	5.69%	$3,066	-46.85%	$4,237	6
2	Delaware	6.02%	$3,246	-43.74%	$3,830	1
3	Montana	6.92%	$3,728	-35.37%	$3,561	3
4	Wyoming	7.45%	$4,015	-30.40%	$4,312	2
5	Nevada	7.72%	$4,161	-27.86%	$4,028	7

 

Ask the Experts

As today’s largest generation in the workforce, millennials’ financial habits have become a topic of interest to researchers and marketers alike. We therefore turned to a panel of experts for their insight on the following key questions:

1. Are millennials more or less financially savvy than other generations?
2. How are the financial habits and behaviors of millennials different from older cohorts?
3. Are millennials more or less likely to talk about money than other groups?
4. How can state and local authorities attract and retain highly skilled millennial workers?
5. What are the most common mistakes millennials make when starting their careers?

Methodology

In order to determine the most livable places for millennials, WalletHub’s analysts compared the 50 states and the District of Columbia across five key dimensions: 1) Affordability, 2) Education & Health, 3) Quality of Life, 4) Economic Health and 5) Civic Engagement.

We evaluated those dimensions using 24 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for millennials.

We then calculated the overall score for each state and the District based on its weighted average across all metrics and used the resulting scores to construct our final ranking.

For the purpose of this study, “millennials” are defined as individuals who were born between 1981 and 1997.

Affordability – Total Points: 22.5 Education & Health – Total Points: 22.5 Quality of Life – Total Points: 22.5 Economic Health – Total Points: 22.5 Civic Engagement – Total Points: 10

 

Source:

from Wallet HubWallet Hub


via Finance Xpress