Money Myths About Millennial Employees

It seems like everyone has something to say about the millennial generation. They’re often described as lazy, entitled and self absorbed. Additionally, everyone has an opinion about millennials and their money. If you’re an employer, you may start to believe what you hear about this generation. But some of the beliefs about millennial employees aren’t true. For example:

They’re Only Interested in Salaries, Not Benefits

Some employers believe millennials are only interested in how much they can earn, and that they couldn’t care less about benefits. But according to new research by Capstrat "millennials are paying closer attention to benefits like health insurance and retirement plans – more than you might expect."

It’s true that many millennials are finding it difficult to make ends meet. They’re graduating into a tough job market, so getting a job with long-term stability and a decent salary is a priority, but this generation also recognizes the benefits of quality healthcare and planning for the future, which is why they’re willing to forgo higher pay if it means affordable health insurance and other employee perks.

They’re Not Willing to Put in the Necessary Work to Get Ahead

Because millennials are unfairly coined the lazy, entitled generation, some employers wrongly believe that the majority of this generation hope to get ahead without doing their due diligence. But this couldn’t be further from the truth.

Yes, there’s always going to be employees who feel they don’t have to pay their dues, or who think they’re more qualified for a position than they actually are. But millennials as a whole don’t think more of themselves than necessary, and many are eager to start at the bottom and move up.

The main thing is finding a career that offers balance, and some are even prepared to walk away from high salaries for more fulfilling opportunities or the chance to give back. According to a Pew Research Center’s 2010 study, "about 57% of millennials had volunteered in the previous year – more than any other generation."

They Aren’t Thinking About Saving Money

There’s a belief that millennials spend frivolously and don’t save because they’re too busy getting the latest smartphones. But while this generation is tech savvy, they’re also deal conscience.

Many are optimistic about their financial future, which is evident in their taking early steps to plan for a better retirement. For that matter, many millennials are attracted to perks like a 401(k) with employer match. Millennials are aggressive with regard to their personal finances. They’re "more likely than their older counterparts to engage in online trading," and they’re more money conscious preferring renting over buying, and they’re more likely to use deal saving apps to score the best price on merchandise, according to a Nielsen study.

They Aren’t Ambitious

The Nielsen study reports that Millennials are the most educated generation. It might take them longer to secure employment and grow their income, but they’re optimistic. Furthermore, many who can’t find jobs invest in additional education to open the door to better opportunities, and others start their own companies. Roughly 8 million Millennials have their own business. 

If you listen to myths, you may develop an unfair opinion about this group. The truth is, millennials are young, educated and motivated – the ideal candidate for any position.

Photo Credit: Flickr