The Millennial generation is one like no other. Compared to Baby Boomers and Generation X’ers, they often appear to have an overdeveloped sense of entitlement and less motivation to do what their parents did. Many of them are content to continue to live with their parents even after returning home from college. This may lead you to ask: “What motivates Millennials?”
You may find the answers to the above question surprising. For example, while Millennials may appear less resilient, they want their parents to be open and honest with them about the challenges of the “real world“ as they have a true desire to succeed within it. They want their parents to share their experiences with them. They are one of the more inquisitive generations, however because of technology, they are also the first generation that doesn’t seek out the nearest authority figure when they have a question. This method of problem-solving can sometimes be interpreted as defiance. Further, they have a highly-developed sense of social justice. While previous generations wanted to know “what“ and “how,“ millennials also want to know “why.“
If you are the parent of a Millennial consider sharing your story with them. Talk to them about your mistakes and what you learned. Introduce expectations and consequences but if at all possible, avoid ultimatums. Hold them accountable but, avoid generational comparisons. And as much as possible, give them as many tools as you can to help them thrive, because believe it or not, they really want to.
Of course, we recommend teaching them about money and finance. We encourage you to direct them to our Eagle West Group website where under “Financial Resources“ and then “Financial Education System.” There, they will find a number of online tutorials that will teach them the basics of finance.
Since Millennials are or about to be members of the workforce, we offer the following article: https://www.theglobeandmail.com/report-on-business/careers/leadership-lab/five-tips-for-motivating-millennials/article16436761/. As always, Eagle West Group remains committed to serving you and your family in as many ways as we are able.
Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Elevate and Eagle West are not affiliated with Cambridge.
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