Why Generation Y are the ones to watch
Casting aside stereotypes of self-entitlement in the workplace, new independent research shows that Generation Y are taking a unique approach to their careers to create a better standard of living for themselves and society in general. That’s according to the Life Done Better Report brought to you by Latitude Financial Services in collaboration with research group CoreData and futurist, Chris Riddell.
This first edition of the Life Done Better Report brought to you by Latitude Financial Services investigates Gen Y’s innovative and effective approach to the role of career in their lifestyle. Established as those born in the 1980’s-1990’s and over 25 year olds, Generation Y have been typecast as individuals who shy away from hard work and commitment in their careers, and are prone to questioning authority, generally negative traits. From the research it is now possible to shed a substantially more positive light on the social group with Gen Y now being defined as the experience generation, the on demand generation and the revolution generation.
With the next wave of disruption for our modern world being our ability to embrace high speed change, we stand in the aftermath of the technology revolution. The status quo is that technology is now liquid, and it’s everywhere in every part of our lives with the next three years of our world set to shape and define the next 100 in a way we have never seen before in history.
The Life Done Better report reveals that generation Y are making this revolution work for themselves, and they’re making it work fast. They see a future that is built on having multiple income streams and they are the entrepreneurs of creating sensational experiences. They are reinventing our modern world and taking everything that was built and created over the last 20 years, and making it better and easier.
The Experience Generation
This "experience driven" generation is blurring the distinction between work, passion and life interests. No longer is work strictly compartmentalised as a necessary evil to generate income and essentially a distraction from other aspects of their lives.
Many have interesting side projects, make money from personal interests they have, try to get their own ideas off the ground and aspire to become entrepreneurs. As a result they are creating new industries and ways of working.
Generation Y is willing to back themselves. Unlike previous generations who have taken a more traditional approach to investments, they’re happy to finance their dreams, ideas and their future.
The data shows more than 1 in 3 Gen Y would take out a personal loan in order to kick-start their big idea. That’s a huge statistic which demonstrates the sheer number of entrepreneurs out there who have innovation in their DNA. They are passionate and enthusiastic about changing the world, and creating movements and communities far beyond their home patch.
They are leading the charge when it comes to ultra-blended lifestyles using technology to help them achieve this. They’re blending online and offline together – perfectly. They understand and more importantly expect experiences now to be incredible. Gen Y don’t see the need to separate digital and non-digital lifestyles. This now is particularly visible in the fluid ways they expect their lives to be linked financially and career-wise.
The financial revolution we have seen in the last two years, is indicative of what is to come.
One in three (33.0%) respondents claim to have 'side projects' from their main work that are currently generating income or may generate income in the future.
Queenslanders are the most likely to have ‘side projects’ (40.9%), while Victorians are the least likely to (26.4%).
While they are less defined by any one job Gen Y seek identity through pursuing their passions and trying new things - keeping true to their experience generation reputation.
The 'Revolution' Generation
The desire for control over their own career direction (78%) and hunger for autonomy (64%) indicates Gen Y are certainly a group who wish to impose their preferences on the workplace. When considered with the data that shows half of respondents aspire to create new industries or ways of doing things in their work, the long term effects on society are expected to be felt in an innovation sense.
Over the next three years, Generation Y are creating, defining and influencing the revolution that will shape the next 100 years of our modern world. They are taking everything that’s been tried in the past, and making it real, practical and useful.
Furthermore, a large number of respondents are comfortable juggling many roles:
66.3% feel unable to imagine having only one job or one career
62.4% prefer to not rely on just one source of income
More than two in five (44.6%) respondents view themselves as entrepreneurs
7 out of 10 are willing to take risks to pursue their passions
Generation Y realise that one career, one job is no longer viable. Careers are old school. Instead, the new normal is about being adaptable, flexible and above all ‘creative’ about their skills. Gen Y are comfortable, and feel most empowered when it comes to juggling multiple ‘jobs’ and the income possibilities that this creates.
They don’t have a sense of entitlement and think more glass half full when it comes to change, and creating opportunities for life.
Generation Y are happy to finance their dreams, ideas and future. They are the new breed of entrepreneurs and innovation is in their DNA. They are passionate and enthusiastic about changing the world, and creating movements and communities beyond the town they live in. It’s a brave new world.
The important part here to note is that Generation Y are backing themselves with their ideas, they’re financing their ambitions and as a result we are seeing a new wave of world changing businesses start-up seemingly overnight.
This is the generation that doesn’t see limitations of borders and time anymore, and they are well versed in juggling ideas, jobs and lifestyle choices. Gen Y understand that one career and one job doesn’t work anymore, literally. Continually adapting their skills to change careers and jobs at a moment’s notice are the new normal.
This is the Generation who are learning to learn, and creating our future.
About the "Life Done Better" report
For this research, proudly commissioned by Latitude Financial Services, a leading consumer finance organization with more than 2.5million customers in Australia and New Zealand and more than 2000 staff, Generation Y is defined as the generation born in the 1980s and early 1990s (over 25) , comprising primarily the children of the baby boomers and typically perceived as increasingly familiar with digital and electronic technology.
This independent research carried out by research company, CoreData, surveyed 1,000 people who fit the definition of Gen Y.