Marketers have adopted different terms to categorize people born in different years. Starting from Baby boomers to Gen Alpha. The most popular and most talked-about generation is Generation Y or whom we lovingly call Millennials. Millennial refers to a generation of people born between the years 1985 to 1999. Despite being the marketer’s favorite and despite being the most educated generation the history has ever witnessed, they are also the poorest. Millennials today are around 20-35 years old. And these currently hold around 4-5% of the total wealth. But at the same age, Gen X and Boomers held 9% and 21% respectively. So much of a difference, isn’t it? Let’s analyze.
Millennial is the largest and most educated generation. This generation has seen the most number of college graduates than the previous generations. They did what the system told them to do. They studied hard, completed the latest course, and became the most literate generation. But unfortunately, they have also witnessed once in a lifetime crisis twice. Being exposed to two recessions, it anyway became hard for them to grow financially. Imagine the pressure the students might have had who applied for foreign studies, applied for their transcript certificate, fetched their GTU transcript, Anna University transcript, or any other university transcript, did their ECA, completed their masters abroad, and by the time they completed their education, they saw recession. They saw the maximum number of layoffs, maximum pay cuts and they weren’t even halfway across their life. The world was really unfair to them.
The cost of education for Millennials was 250% higher as compared to the cost of education with their previous generation. So even before graduating out the college, they have a debt that they needed to pay back. Moreover, the interest on these education loans was also sky-rocketed. So when they graduated, they have no other option but to grab the job with whatever salary they were being offered. An interesting statistic shows that millennials had to start a job with a 9% lower salary package which didn’t disappear for 10 years. Another report shows that 70% of the salary growth of an individual happens in the first 10 years. And therefore they weren’t able to save anything becoming the poorest generation ever.
The second economic crisis brought by the COVID-19 pandemic has not only affected millennials but Gen A too. It has not only disrupted employment but the educated as well. But the good news is this crisis is going to end soon. At least we can hope that. So for the students looking to study abroad and trying to get their transcript certificates, you can proceed ahead. Once the pandemic ends, the market will open with great opportunities. So find the best course, best college, apply for your GTU transcript, DU transcript, WES, MoI, study in whichever country you want, and come out strong. And let’s hope when you complete your education, you don’t have to face what the millennial faced. Cheers!