Generation Y:

1

• Generation Y
• Understanding the Rude Impatient
• Presented by
• Vince Scalise
• Senior Vice President
• College Loan Corporation

2
Quiz

• 1. How many songs can a 40GB iPod hold?
• Five CDs worth
• Three Celine Dion songs
• 10,000 songs
• Up to 500 three-minute songs

3
Quiz
2. In what year was the following said There
is no reason anyone would want a computer in
their home?

• 2005
• 1955
• 1888
• 1977

4
Quiz
3. What did an Engineer at IBM say in 1968 when
commenting on the microchip?

• But whatis it good for?
• This will change everything we know about
  computers.
• Whats next? Computers in every home?
• Dude, thats small.

5
Quiz
4. Who said I think there is a world market for
maybe five computers?

• Thomas Watson, Chairman of IBM
• Bill Gates at his kindergarten graduation
• Ken Olson, Chairman of DEC
• Craig Conway, CEO PeopleSoft

6
Quiz
5. Which of the following characteristics
describe the 1965 Honeywell computer marketed for
the wealthy and savvy housewife?

• Each computer cost 10,000
• Serves as a recipe database
• Contains a built in cutting board
• Came with an apron
• All of the above

7
Quiz
6. Match the virus with its correct description

• Files disappear, only to mysteriously reappear a
  year later in another directory
• Terminates some files, leaves - but will return
• Causes your computer to just keep counting and
  recounting
• Saves your data and puts it in an undisclosed
  location on your computer

• Al Gore Virus
• Dick Cheney Virus
• Hillary Clinton Virus
• Arnold Schwarzenegger Virus

8
Americas Next Great Generation

• Todays kids are on track to become a powerhouse
  generation full of technology, good planners,
  community shapers, institution builders, and
  world leaders. Perhaps destined to dominate the
  twenty-first century like todays fading and
  ennobled G.I. Generation dominated the twentieth.
  Millennials have a solid chance to become
  Americas next great generation."
• - Anonymous

9
Definitions

• GI Generation Greatest Generation
• Born between 1901 and 1924
• Silent Generation
• Born between 1925 and 1942
• Baby Boomers
• Born between 1943 and 1964
• Generation X
• Born between 1965 and 1981
• Millennials Generation Y Echo Boom
• Born between 1982 and today
• They are the children of Baby Boomers

10
Millennials Numbers

• 60 million - largest group since the Baby Boomers
  (72 million)
• 3 times larger than Generation X
• Teen population is growing at twice the rate of
  the rest of America
• Made up 37 of U.S. population in 2005

11
Statistics

• Millennials are busy
• What do they do with spare time?
• Tutor, soccer, hockey, community service,SAT
  Preps, internships/work, etc.
• Time in school increased 8.3 hours per week
• Household chores increased 3.5 hours per week
• Personal care (showering, dressing, hair care,
  etc.) up by three hours per week
• Travel/visiting increased 2.5 hours per week
• Non-custodial parents

12
Lightspeed Media

• Near instantaneous communication
• 73 of all U.S. teens go online each month
• 74 use instant messaging
• 28 own their own cell phone (under 12)
• Just as important as telephones were for Baby
  Boomers
• Is email becoming too slow for them?

13
Sample Text Messaging Abbreviations

• AAP
• ATM
• BRB
• BTDT
• CWYL
• LOL
• LYLAS
• WIIFM

14
Sample Text Messaging Abbreviations

• AAP always a pleasure
• ATM at the moment
• BRB be right back
• BTDT been there, done that
• CWYL chat with you later
• LOL laugh out loud
• LYLAS love you like a sister
• WIIFM whats in it for me?
• Source www.webopedia.com

15
Finances

• The average teen has 94 per week of disposable
  income
• Spending at a rate of approximately 172 billion
  per year
• Saving at a rate of 39 billion per year
• One in nine high school students has a credit
  card cosigned by a parent
• In general, they are better savers than their
  parents
• Interested in being fiscally literate
• Work an average of 17 hours per week

16
Finances

• Where do they get their money?
• Work
• Parent(s)
• Grandparents
• Chores
• Combined purchasing of high-priced items

17
Consumer Behavior

• Marketing experts and sociologist are keenly
  interested in the values and tastes of the coming
  generation
• View 500,000 commercials between the ages of
  three and 18
• Teens are earning and spending more of their own
  money than any young generation before them
• Annual incomes average 211 billion for 18- to
  25- year-olds
• This is the most significant consumer group in
  America since the baby boomers.
• - John Flanagan, Blue Engine market research

18
Computer Use
Millennials view computers as basic equipment,
like pencil and paper, not something to be
feared.
- Larry Mondry Executive VP, CompUSA
19
Values

• Socially conscious
• Have grown up with actual or perceived material
  success of their parents want to extend this and
  give back
• Value right to privacy
• Value the right to express their own views
• Diverse, but with commonalties, regardless of
  ethnicity, gender, sexual orientation or age
  grouping
• Care about traditional values such as stability,
  friends and family
• Desire successful family and work lives

20
Information Overload

• Sheltered
• Well being of children dominates legislation
• Not as much freedom
• Education
• Starts younger
• More emphasis on test scores and preparedness

21
Values on Education

• Rely not only on formal education for learning,
  but technology, adapting to the web and
  on-the-job training
• 73 million Gen Yers are the focus of
  undergraduate and graduate education institutions
• Todays bachelors degree is equivalent to Gen X
  high school diploma
• Academic degree planning indicates
• Associate 5.5
• Bachelors 28.0
• Masters 38.7
• Doctorate 13.5
• Source CIRP data 1998 (current data unavailable)

22
Values on Education

• Average time spent on homework per week
• 1981 44 Minutes
• 1997 123 minutes
• Number of seniors with advanced placement exams
• 1984 80 /1000
• 1996 239 / 1000
• Source Inst. for Social Research U. of
  Michigan (1999)

23
Probable Attitudes and Behaviors of Millennials

• Confident
• Optimistic
• Socially conscious
• Self-aware
• Taste for ironic humor
• Savvy and informed
• Special/Invincible
• Sheltered
• Seek/expect instant gratification
• Committed

• Impatient
• Disengaged
• Disrespectful
• Image driven
• Blunt and expressive
• Skeptical
• Adaptable
• Innovative
• Efficient
• Resilient
• Tolerant

24
Basic Characteristics of Millennials

• Somewhat less interested in politics
• First impact on national election in 2012
• Have fewer role models in politics and sports
  generally look to family members
• Desire emotional fulfillment and personal balance
• Ambitious, predicted to be doers and achievers
• Have not experienced full impact of a major war
  or an economic depression

25
Why Is This Important to Know?

• We cant assume that Millennials are like
  generations before them
• Better knowledge of audience leads to more
  effective communication

26
Recommendations

• Written communications, consider having student
  authors for publications
• Use email as a communication medium - Millennials
  are experienced with it and will respond quicker
• Keep in mind that they will expect quick
  responses from you!
• Consider instant messaging or chat services as an
  option for communication
• Use more bulleted text and less paragraphs
• Move to web-based Entrance and Exit Interviews
  overall, Millennials will adapt and respond better

27
Recommendations

• Highlight the community service offerings for FWS
  programs
• Emphasis on campus safety/security
• Emphasize parental involvement and at the same
  time, help them transition away
• Reinforce the importance of budgeting
• Begin early - advising on financial planning for
  the time in school, repayment and for graduate
  school

28
Recommendations

• Use low-level, quick bits of information
• Understand and respect their demands for quality
  service
• Use individualized communication such as
  personalized letters and email messages
• Use electronic communication whenever possible
• Web-based programs
• Electronic Award Letters
• E-signature
• Web-based loan counseling
• Electronic financial aid workshops

29
Sources

• Networks Turn from X to Y in Search for the Next
  Generation, Seattle Post-Intelligencer, Barbara
  Vancheri
• Hip-Hop Rules the Generation Y Market, PR
  Newswire
• Generation Y Has Interest in Being Fiscally
  Literate, Richmond Times-Dispatch, Gene Marlowe
• Generation Y Survey, Good Morning America,
  Nancy Snyderman and Jennifer Parks, Ph.D.
• Courting Generation Y, Womens Wear Daily
• Retail/Broadlines Generation Y - the Future of
  Retailing, The Investext Group, J.M. Feiner
• Generation Y Is On the Rise, Dayton Daily News,
  Teresa Gubbins
• Keeping Up With Generation Y, Marketing, Jane
  Bainbridge
• The American Teen-ager, www.slate.com, David
  Plotz
• Generation Y Is About to Change Everything,
  www.moneypage.com, Karon Spear
• The Next Big Population Bulge Generation Y
  Shows Its Might, www.recs.com, Melinda Beck
• Millennials Rising Neil Howe and William
  Strouse
• Eric Chester Generation Why

30
Quiz Answers

• How many songs can a 40GB iPod hold?
• C. 10,000 songs, which is the same as 562 lbs of
  vinyl records, 87 lbs of CDs and 28 lbs of
  cassette tapes - and the iPod only weighs 6.2
  ounces

31
Quiz Answers
2. In what year was the following said There
is no reason anyone would want a computer in
their home?

• D. 1977, spoken by Ken Olson the Chairman and
  founder of Digital Equipment Corporation

32
Quiz Answers
3. What did an Engineer at IBM say in 1968 when
commenting on the microchip?

• But whatis it good for?

33
Quiz Answers
4. Who said I think there is a world market for
maybe five computers?

• Thomas Watson, Chairman of IBM said this in 1968

34
Quiz Answers
5. Which of the following characteristics
describe the 1965 Honeywell computer marketed for
the wealthy and savvy housewife?

• All of the above

35
6. Match the Virus with its correct Description

• Files disappear, only to mysteriously reappear a
  year later in another directory.
• Terminates some files, leaves, but will be back.
• Causes your computer to just keep counting and
  re-counting.
• Saves your data and puts in an undisclosed
  location on your computer.

• Al Gore Virus
• Dick Cheney Virus
• Hillary Clinton Virus
• Arnold Schwarzenegger Virus

Answers a3, b4, c1, d2