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Millennials on Millennials…Overeducated: Real Life or Fantasy?

Written by: michelle.mcmurray@cushwake.com and kathleen.krilanovich@cushwake.com

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Myth: “Millennials are not the brightest crayons in the box.”

False. Actually, we’re pretty smart.

Throughout our lives, it was drilled into us that the only way that we could have a better life was to follow these three simple steps:

Steps to a Better Life via Kat and Michelle’s Families:

Get a degree  – CHECK!

Get a good job – CHECK!

Make a lot of money – ???

With the backing of baby boomer and GenExer parents, over 42 million of millennials (aged 25-34) have gone to college and entered the work force. Both of us joined the work force for the first time in 2012 during the post economic apocalypse. Like many millennials, while we were searching the job boards and going to interviews, we were told again and again that 1) we did not have enough experience and 2) it didn’t really matter what our degree was in. Michelle lucked out in finding a real estate job right after college. Kat started work in higher education but came to realize her passion was in real estate. It took a couple of years, but in the end we each found our niche.

The push for a degree has caused many millennials to take on debt that now they cannot pay back. As Kat’s college advisors told her, “Invest in yourself now, so you can have a better life later.” Currently, student debt in America is north of a trillion dollars. In fact during our time in school, both of us saw the college tuition price tag (classes, room & board, textbooks, and most importantly FOOD) increase year-over-year.

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Stay tuned for a future edition of the M.O.M Blog where we explore the cause and effect of student loan debt on millennial buying patterns.

Millennials: Where are they finding jobs in Florida?

Florida population is expected to grow 6.7% over the next five years, with over 50% being aged 65 or older. That is why Florida lags the country by almost 6.0% in millennial population with degrees. See below how the major markets stack up against each other:

millennials-chart

Why are Broward and Orlando on top?

Broward County attracts millennials because it is a place where you can have a work-life balance. You have access to the beach, arts, culture, and trendy restaurants. It’s also close to Miami and South Beach making Broward a great option for millennials looking for a mix of high-end night life and a quiet home life. Broward is also a magnet for tech companies such as Citrix Systems, Technisource, and Heico Corp., that target millennials.

As for Orlando it has a rockin’ downtown, that the city has heavily invested in, that is walkable and comes alive every night. Investments in sports (GO ORLANDO CITY!), arts, and entertainment have also sparked billion dollar developments surrounding the CBD. Plus, it is home to dream careers at companies such as Disney, Universal, NASA, Lockheed Martin…the list goes on and on.

Why does where millennials are working in Florida matter?

  • Slow down on home ownership – as millennials, we’re career driven and starting families later in life. Buying a home is not an option right now because it’s expensive, and we have college debt to pay off, making multi-family and apartment living a better option for us right now.
  • Urban Cores are shifting to 18-hour cities – downtown developments are back in business as millennials are attracted to easy access to work, supermarkets, amenities, social environments, and most importantly good food (this is why Kat lives in downtown Orlando).
  • Companies are moving – more companies are moving or relocating to where there are larger concentrations of educated workers (and millennials just so happen to be the most educated!), so Orlando and Broward have benefitted from that with the addition of ADP, Florida Blue, Deloitte, SATO, and Prolexic Technologies.
  • Talent War – though we are more educated and qualified, everyone else our age is, too. Having a bachelor’s degree has become a “check the box” requirement making finding a job that is worth our original investment in our education tough.
  • When competition gets tough, millennials leave – having 150 individuals applying for the same job, and nothing that makes you stand out, millennials are being forced elsewhere to find work. This can be seen in markets, such as Jacksonville and Tampa, where millennials are still in the minority, but are using these markets to find themselves opportunities.

Next Time on the M.O.M Blog…

Next time… we’ll discuss the millennial work force myth

“Millennials are more likely than others to jump ship if a job doesn’t fulfill their passions:”

“Millennials have no job loyalty.”

Actually, according to a Bureau of Labor Statistics report, baby boomers jumped from company to company in their twenties just as frequently as Millennials

 From the Writers (Please read in the style of Queen)

 Michelle: Is this the real life or is this just fantasy? Caught in a student debt landslide, no escape from realty. Open your eyes to the lack of well-paying jobs in order to pay off loans. I’m just a poor millennial, I need no sympathy. Cause the man says higher highs, no more low. Any way the cash flows really really matters to me.

 Kat: I see a little silhouetto of the man. Scaramouche, Scaramouche, just look at the debt growin’. Interest rates and premiums, very, very frightening.  I’m just a poor millennial, nobody loves me. She’s just a poor millennials, no cash flow for a future family. Spare me the debt of this economy. Easy come easy go, will you let my debt go?

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