Posted by: Adam McCann

Loved by marketers yet vilified by media, millennials are at once the most popular and unpopular generation alive. They’re soon to be the largest, too, giving them a huge influence on American culture and consumption. Today, these early-20-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — 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, which has significantly reduced 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 millennial experience is not the same everywhere. WalletHub compared the 50 states and the District of Columbia to determine where this generational has thrived and struggled. We examined each state and the District across 30 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 experts and a full description of 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-millennials.html" width="556" height="347" frameBorder="0" scrolling="no"></iframe> <div style="width:556px;font-size:12px;color:#888;">Source: <a href="https://ift.tt/2qiNMFK>  

Best States for Millennials

Overall Rank (1=Best)	State	Total Score	‘Affordability’ Rank	‘Education & Health’ Rank	‘Quality of Life’ Rank	‘Economic Health’ Rank	‘Civic Engagement’ Rank
1	District of Columbia	67.47	43	1	1	16	1
2	North Dakota	65.16	1	18	9	1	16
3	Minnesota	64.11	17	10	6	9	2
4	Massachusetts	62.55	39	2	3	5	27
5	Iowa	62.43	5	6	14	10	13
6	Wisconsin	60.28	27	12	5	13	7
7	Utah	59.36	32	16	11	8	3
8	Nebraska	59.28	18	21	13	6	11
9	Colorado	58.64	33	27	7	3	10
10	South Dakota	57.51	26	7	26	7	14
11	Washington	57.46	22	26	8	11	21
12	New Hampshire	56.04	46	11	21	2	12
13	Pennsylvania	53.79	24	15	15	36	18
14	Vermont	53.05	50	4	20	12	24
15	Connecticut	52.82	41	3	23	29	17
16	Ohio	52.72	12	19	17	37	25
17	Texas	52.35	2	47	10	15	43
18	Illinois	52.27	16	17	12	45	30
19	New York	52.10	31	9	4	40	47
20	Virginia	51.81	34	24	16	26	6
21	Missouri	51.14	6	42	18	25	22
22	California	49.97	48	23	2	30	34
23	Kansas	49.67	20	32	36	19	23
24	Wyoming	49.12	23	41	32	23	4
25	Indiana	49.07	9	33	28	28	32
26	Rhode Island	48.70	49	8	24	20	35
27	Michigan	48.30	15	22	29	43	26
28	Maine	47.75	44	20	34	24	5
29	Alaska	47.68	40	30	37	14	15
30	Maryland	47.39	47	13	38	22	19
31	Montana	46.94	38	28	35	17	28
32	New Jersey	46.71	42	14	22	31	40
33	Oregon	46.12	45	35	19	35	8
34	Delaware	46.02	30	25	42	18	36
35	North Carolina	45.74	25	34	33	39	20
36	Idaho	45.70	29	40	39	21	9
37	Tennessee	45.06	8	31	40	32	44
38	Hawaii	44.61	51	5	30	4	51
39	Arizona	43.53	28	38	27	38	37
40	Kentucky	43.35	11	29	45	44	29
41	Georgia	41.53	14	45	31	46	38
42	Florida	40.79	35	48	25	27	50
43	South Carolina	39.14	21	37	46	41	46
44	Arkansas	38.99	7	39	47	42	45
45	Oklahoma	38.91	13	49	44	33	39
46	Louisiana	36.94	3	51	43	47	42
47	Alabama	35.64	10	44	50	48	31
48	Nevada	35.59	37	50	41	34	48
49	Mississippi	34.55	4	46	49	50	33
50	West Virginia	31.72	19	36	51	51	49
51	New Mexico	31.12	36	43	48	49	41

 

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 generations?
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?

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• Charles H. Fay Professor of Human Resource Management at Rutgers University School of Management and Labor Relations
• Samara Reynolds Associate Director of Career Services at the University of Richmond
• Mary Roberts Director of the University Career Center at Georgia College
• Dan Gomez-Palacio Director of the Grossnickle Career Services Center at Columbia College Division of Student Affairs
• Ruth Canada Career and Academic Support Services Director at Lincoln University
• Renee Downey Hart Professor of Practice in the Department of Management and Leadership at Le Moyne College

Charles H. Fay Professor of Human Resource Management at Rutgers University School of Management and Labor Relations

Are millennials more or less financially savvy than other generations?

In truth, they are probably about the same as other generations were at that age -- savvy comes with age and experience. Not that any generation has much financial savvy in general, just look at typical family savings in this country and the emergency fund even older people have. There are some very smart millennials who focus on finance and I expect they will do as well as the MBAs of the 50s, 60s and 70s did.

How are the financial habits and behaviors of millennials different from older cohorts?

Millennials are less likely to buy goods and instead buy services/experiences. This makes it less likely that they will amass goods (housing, furniture, cars, etc.) than earlier generations did, and services have little to no residual value. I also sense a near-disdain for wealth, although it may just be the sense they have that achieving wealth is difficult.

Are millennials more or less likely to talk about money than other groups?

My experience is about the same, but instead of talking about an expensive car, they talk about some trip they have taken.

How can state and local authorities attract and retain high-skilled millennial workers?

In the Kennedy era, people were proud of working for the government and the impact they could make. Later, the public became disillusioned with public service and considered government workers losers who couldn't get a job in the private sector. I sense in millennials a renewed interest in public (and non-profit) service. I think states and local governments can attract and retain highly skilled workers if they put them in positions where they can see the outcomes of what they do and can impact outcomes for the public. Pay and benefits have to be OK, but this shouldn't be a problem, since local governments (controlling for occupation) pay more than the private sector and states pay only slightly less (again controlling for occupation), and state and local government benefits are much better than private sector benefits.

What are the most common mistakes millennials make when starting their career?

Not wanting to pay their dues. They seem to expect that they should be making major decisions for and contributions to the organization and feel short-changed in a minor, supporting role. I see very bright students who have little clue about how much they have to learn about the real world before they will be real contributors and worth the money they get.

Samara Reynolds Associate Director of Career Services at the University of Richmond

How can state and local authorities attract and retain high-skilled millennial workers?

Though it can be difficult to generalize, when it comes to recruitment and retention in the workplace, millennials tend to appreciate benefits and compensation beyond just pay. Valued options and opportunities include various forms of formal and informal recognition for work well done, including the ability to move up and contribute at a high level quickly (or at least understand a clear path and timeline for promotion).

Millennials often crave the ability to see the impact of their efforts, motivated by a desire to help, give back, and find meaning in their work. They also typically prize flexibility in schedule and space, such as having control over their schedules and the chance to work in the places and at the times of day they are most productive. Concrete feedback -- and not just the positive kind -- and quality interactions with supervisors and senior leaders in an organization or industry tend to go a long way with millennials.

Organizations that encourage and attempt new ideas and approaches, suggested by employees at all levels, are more likely to retain millennials and keep them energized. Lastly, transparency in decision-making and leadership are very important to this generation -- they will often go along with a policy or process if they understand “the why,” even if they don’t necessarily agree.

What are the most common mistakes millennials make when starting their career?

Millennials could be working with supervisors and colleagues that are Baby Boomers, GenX’ers, and/or fellow millennials -- and each group will have a different set of workplace expectations and values, in addition to individual personality, interests, experiences, and qualities. New hires can often be successful in their career by actively attempting to understand and honor the differences and preferences of those around them, instead of assuming everyone will share or adapt to their own perspectives.

Millennials can impress their colleagues by showing their entrepreneurial spirit and global-mindedness early on, utilizing those traits to present helpful and unique takes on problems as they arise.

Millennials are typically well-versed in worn-out generalizations that colleagues tend to have about their generation, and thus can combat those assumptions head-on by putting the phone away during meetings, proving their ability to learn from more seasoned colleagues and start from the ground up on their way to a leadership role, as well as taking initiative and handling constructive criticism with grace.

Millennials should lean into their natural tendencies towards service, teamwork and meaning-making and try to get to know people at work, both in their own department and throughout the organization -- join committees, go to office social gatherings, take people to lunch or coffee to learn about their role and experience.

Advice for millennials who want to avoid early career pitfalls is not dissimilar from suggestions for anyone new to their role or organization. They should spend the first few weeks listening, observing, trying to understand the people, processes, and norms that are in place. As part of this transition, they can ask thoughtful questions in a way that shows respect for “what has been,” and also a willingness to contribute in their own way in the future.

Mary Roberts Director of the University Career Center at Georgia College

How can state and local authorities attract and retain high-skilled millennial workers?

One of the best ways to attract and retain highly skilled millennial work would be through providing paid internship opportunities to college students in their local areas. These opportunities connect students to local industry early in their college career and provide employers with a pipeline of potential full-time hires. Internships can be a key way to show students that professional opportunities are available to them in a rural or less metropolitan area. Competitive pay makes a difference, as well. For instance, we would advise a local employer to pay their interns and new full-time hires as much or more than an employer in Atlanta, so that students see that the opportunities have equal value. Students often make generalizations about working and living outside of a metropolitan area, so offering competitive pay and benefits is one way to attract and retain them.

I would also include that state and local authorities who are involved in workforce development initiatives should encourage the organizations they work with to reach out to college career services departments, particularly in their local area. Small and large colleges and universities have career services departments committed to helping students prepare for and obtain internship and employment opportunities. By connecting with the colleges, businesses can market themselves to millennials.

Job searching is overwhelming and the millennial generation is used to information coming directly to them without taking as much effort as previous generations. Millennials are also drawn to brand-name companies, so that means that everyone else should take advantage of the opportunity to market to students through their colleges and make a direct connection with students. Millennials use technology but do so in order to stay connected, so direct connections with an employer either in-person or virtually will attract those students to opportunities they might not have heard about otherwise.

What are the most common mistakes millennials make when starting their career?

First, make sure you begin researching early-on what it takes to get into the career you want. Don’t assume you need a graduate degree or that a particular major is the only way to pursue that career. Most students will find that it takes more than their major to be competitive for jobs after graduation. While academics are important, don’t spend so much time on studies that you miss out on gaining transferable skills from campus leadership opportunities, part-time jobs, internships, study abroad, and volunteering.

I also see new graduates setting their expectations for their first job either too low or too high. So often, I see someone take the first job offer out of fear that another one won’t come their way. As a result, we will see some job seekers think it is OK to accept a job early on in their senior year but keep looking until they find the one they really want. Job seekers should ask the right questions about the job offer and be honest with themselves as they evaluate that offer against their expectations.

On the other hand, we also see new graduates setting unrealistic expectations for their first job. Your first job is just the beginning, but many millennials want to be settled in a career or land their dream job right away. They like structure and a plan, so it’s scary not to know what the future holds. It’s not impossible to land your dream job after graduation, but putting that kind of pressure on yourself can keep you from pursuing opportunities that could eventually lead you to your dream job. In my experience, many students will realize through their first job or internship that what they thought was their dream job is no longer what they really want to do.

College students of all majors need to complete internships. While these experiences can lead to full-time job offers, they more importantly help students discern and clarify career interests which helps them pursue their full-time job search with more confidence and clarity. If new hires have more clarity about their career goals based on experience, then they will make more informed decisions about their first jobs and may stay at them longer. If you are unsure of your career goals or need to take a gap year to prepare for graduate school, then be honest with yourself about what opportunities might best fit you. Too often I see individuals focused more on prestige than what opportunity really matches their interests or individual needs as they begin their career.

Dan Gomez-Palacio Director of the Grossnickle Career Services Center at Columbia College Division of Student Affairs

What are the most common mistakes millennials make when starting their career?

In my time as a Career Counselor, I’ve seen millennials making primarily two types of mistakes. First, not taking the time to explore before going to graduate school. Every year, we see a number of graduates go straight into graduate school, without a very strong sense of what they will do afterwards. After speaking with recent grads, it’s obvious they often want to put off the hard part of getting a job and paying back debt by jumping into grad school. While in some fields, this makes a lot of sense (medicine for one), in other fields it can turn against them. For instance, in Business, going straight for an MBA without getting much experience first can often mean they are applying for the same entry-level jobs that they would be after their undergraduate -- except now they are further in debt. Take the time to be sure that a graduate program is the last thing you need to unlock the career you aspire for -- don’t use it as a delay tactic for getting real-world experience.

A second common mistake is to ignore a wide range of more traditional employers. Many students are attracted to the more informal environments of small, exciting startups. While for many, these can be the perfect place, they can cause job seekers to look at alternative options. More and more employers are adjusting to the millennial expectation to attract talent and can be great places to start a career. Banking, for instance, has a very old-fashioned reputation, but many are working hard to provide flexible schedules, opportunity for advancements and can be less formal environments to attract job seekers. Additionally, banking is a very “portable” industry. Developing skills in this field means that you can go anywhere in the U.S. and likely find a position, since banks are ubiquitous. There are other industries like utilities, logistics, agricultural business and more that are often overlooked, but can provide exciting careers for new grads. We have encouraged students to search widely at different options and be willing to consider industries they may have ignored in the past.

Ruth Canada Career and Academic Support Services Director at Lincoln University

Are millennials more or less financially savvy than other generations?

Despite the easy access to financial information, in my opinion, millennials are less informed about basic financial information than previous generations.

How are the financial habits and behaviors of millennials different from older cohorts?

In my experience, millennials have only a vague concept of ways to save money for the proverbial rainy day, the large cost items such as a car or a home and for retirement purposes.

How can state and local authorities attract and retain high-skilled millennial workers?

This is an issue that is currently being discussed in my area, especially for careers in IT. Millennials want it all, and are often unwilling to want to start at the bottom. This group is not looking at a job as a full-time life choice, but as an adjunct to their life. They want it all and are of the belief that employers owe it to them.

What are the most common mistakes millennials make when starting their career?

As the Director of Career Services, I see that students are often more willing to investigate and research their next shoe purchase or music selection than they are to understand what it takes to be successful in their field. They also believe they can wait until their senior year in college to get serious about the job market, often refusing to get internships that could improve their job prospects. Once on the job, employers report that millennials are unrealistic about work assignments, unable to work well with multi-generations and lack quality communications skills.

Renee Downey Hart Professor of Practice in the Department of Management and Leadership at Le Moyne College

Are millennials more or less financially savvy than other generations? How can state and local authorities attract and retain high-skilled millennial workers?

Millennials comprise over 35% of the workforce -- the oldest in the generation are heading toward 40. It is time to recognize that many are now in leadership positions. It is time to start looking at Generation Z -- the next cohort whose attention spans are measured in seconds and whose technical savvy will save us all, as big data continues to overtake who we are.

Millennials want four things:

• Respect -- see paragraph one. It is time to stop presuming their iPhones are out for entertainment purposes. Respect all that they bring to the party, as these digital natives can teach us much about workflow and process. The new workforce is here. Embrace them. Think empowerment. Think a fluid, flexible workplace.
• Flexibility. This is challenging in governmental organizations, but there is movement in the workplace for task over time -- the 9-5 paradigm won’t survive in an era of virtual offices, zoom meetings and a global economy. For jobs that are able, the secret will be to find the right person and empower them, embracing the product that might have been completed on the subway as opposed to over a computer at 2:00 p.m.
• Learning. If you teach them, they will stay. Millennials know they are at the mercy of tomorrow’s technology, and companies willing to invest in their professional development will garner their loyalty.
• Connection. Millennials want those workplace connections -- those who feel part of a real team are much more likely to stay.

Methodology

In order to determine the most livable places for millennials, WalletHub 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 30 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 determined each state and the District’s weighted average across all metrics to calculate its total score and used the resulting scores to rank-order our sample. For the purpose of this study, “millennials” are defined as individuals who were born between 1981 and 1997.

Affordability – Total Points: 22.5

• Cost of Living: Full Weight (~3.46 Points)
• Average Starbucks Latte Price: Full Weight (~3.46 Points)
• Average Monthly Earnings for Millennials: Double Weight (~6.92 Points)
• Housing Cost for Millennials: Full Weight (~3.46 Points)Note: This is a composite metric of median home price divided by average earnings for millennials and average two-bedroom rent divided by average earnings for millennials.
• Millennial Homeownership Rate: Half Weight (~1.73 Points)
• Annual Cost of Childcare: Full Weight (~3.46 Points)Note: This metric measures the average annual cost of early childcare as a share of average earnings for millennials.

Education & Health – Total Points: 22.5

• Share of Millennials with at Least a High School Diploma: Full Weight (~2.25 Points)
• Share of Insured Millennials: Full Weight (~2.25 Points)
• Share of Millennials with Poor or Fair Health: Full Weight (~2.25 Points)
• Share of Millennials Diagnosed with Depression: Full Weight (~2.25 Points)
• Share of Overweight & Obese Millennials: Full Weight (~2.25 Points)
• Share of Inactive Millennials: Full Weight (~2.25 Points)Note: This metric refers to the share of millennials with no physical activity in the past month.
• Share of Millennials with No Doctor Visits in the Past Year Due to Cost: Full Weight (~2.25 Points)
• Share of Millennials with No Primary Doctor: Full Weight (~2.25 Points)
• Share of Millennials Who Had a Routine Checkup in the Past Year: Full Weight (~2.25 Points)
• Share of Millennials Who Visited a Dentist in the Past Year: Full Weight (~2.25 Points)

Quality of Life – Total Points: 22.5

• Share of Millennials: Full Weight (~6.43 Points)
• Share of Millennials Living with Their Parents: Half Weight (~3.21 Points)
• Singles-Friendliness: Full Weight (~6.43 Points)Note: Based on WalletHub’s Best & Worst States for Singles ranking.
• Family-Friendliness: Full Weight (~6.43 Points)Note: Based on WalletHub’s Best & Worst States to Raise a Family ranking

Economic Health – Total Points: 22.5

• Share of Millennial Newcomers: Half Weight (~1.50 Points)
• Millennial Population Growth: Full Weight (~3.00 Points)
• Average Earnings Growth for Millennials: Full Weight (~3.00 Points)
• Millennial Unemployment Rate: Full Weight (~3.00 Points)
• Underemployment Rate: Full Weight (~3.00 Points)
• Number of Entry Level Jobs per Number of Millennials: Full Weight (~3.00 Points)
• Median Student-Loan Debt: Full Weight (~3.00 Points)
• Share of Millennials Living Below Poverty Level: Full Weight (~3.00 Points)

Civic Engagement – Total Points: 10

• Millennial Voter Turnout Rate: Full Weight (~5.00 Points)Note: Based on 2016 election data.
• Millennial Volunteer Rate: Full Weight (~5.00 Points)

 

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Department of Housing and Urban Development, Council for Community and Economic Research, Centers for Disease Control and Prevention, United Health Foundation, TransUnion, Corporation for National and Community Service, Indeed, Child Care Aware of America and WalletHub research.

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