With millennials today making up the largest generation in the U.S. workforce and responsible for 21% of all consumer discretionary spending, a new report on 2022’s Best & Worst States for Millennials offers insight.
To determine the most livable places for this generation, WalletHub compared the 50 states and the District of Columbia across 34 key metrics. The data set ranges from the share of millennials to average monthly earnings for millennials to the millennial unemployment rate, according to a news release.
For example, living and working as a Millennial in California (1=Best; 25=Avg.):
49th – % of Millennials Living with Parents
50th – Housing Cost for Millennials
5th – % of Millennials
5th – Average Monthly Earnings for Millennials
49th – Millennial Homeownership Rate
42nd – Millennial Unemployment Rate
23rd – % of Insured Millennials
3rd – % of Millennials with Depression
What are the most common mistakes millennials make when starting their career?
“One of the most common mistakes made when job hunting in the early stages of a career is not researching a company thoroughly before accepting a position. While it may seem that being selective about job offers is an unnecessary step when bills need to be paid, the employer’s choice will greatly impact an employee’s quality of life. Researching a company before and during the interview process is beneficial for multiple reasons including determining whether the company is reputable; assessing whether employees are well treated; determining whether the company’s mission, vision and values align with the job seeker’s values; deciding what questions to ask about the job and company during the interview process; and assessing the company’s reputation for job stability and opportunities for advancement,” said Linda Fisher Thornton, adjunct associate professor, University of Richmond.
“The younger millennials (and basically all young workers) tend to jump at opportunities without researching them. I would highly encourage anyone to research the organization, culture of that organization, values, and salary expectations. I have worked with many millennials who get a job offer, immediately accept it, then have second thoughts on the salary and location of the job. Understanding the relationship between salary, cost of living and location are important steps in the career process. In addition, making sure that the organization’s values and culture fit your own values and culture is important when researching job opportunities. As any generation gets older and more seasoned in their career path, individuals tend to look at their next steps. I think one of the most difficult challenges in this is negotiating the next steps within your organization or negotiating new job offers,” said Jenna Crabb, PH.D., LPC, NCC, director, career services, The University of New Mexico.
How have the COVID-19 pandemic and the work-from-home policies impacted the career development and job security of millennial workers?
“Job hunting used to be focused within a reasonable commute radius from a job seeker’s home base. Over time more and more jobs have become virtual, and the pandemic has opened additional global virtual work opportunities for job seekers of all ages and stages of life. Employers need to understand that their competition is now the global virtual job market, and that should factor into decisions about job flexibility and what to pay workers. Job seekers should be sure that any virtual (or local) job opportunities are legitimate and stable before accepting a new position, ” Thornton added.
“I think COVID changed how we all look at our work (all generations) – specifically around work-life balance. Millennials make up a large percentage of our workforce – so they were impacted…during this time. We learned what we could do remotely; we learned what we did not like to do remotely; for some, we realized the value of being physically in the workplace, while others realized the benefit of working from home. It caused many of us to reflect and learn about our preferences for how we work. With the pandemic, our millennials faced a 2nd financial crisis (the first being early in their careers in 2008). Depending on the industry – many were furloughed, lost jobs changed jobs, or started working remotely with their organizations. So, the strain around finances and job security is and was real. Values around work-life started and are continuing to change – related to what is most important to our millennial workers. This has caused many organizations to look at how they are doing work and meeting the needs of their clients, stakeholders, and their employees,” Crabb added.