MILLENNIALS How will we appeal to this group to enroll their children and help sustain our schools through fund-raising? Millennials: Our New Parent Market The oldest are 35 years old. They make up ~31% of the population. They will likely make up of the income-earning population by 2025. As of Oct. 2015, ~22 million millennials were parents, with 9,000 babies born to this generation every day. What We Know About Millennials Economic Realities Saddled with Student Debt
Feeling Lasting Effects of Sluggish Economy Nearly three in 10 young people who define themselves as just starting out cited paying off student loans as their biggest financial challenge. Students chose to take on [student debt] because they expected to find a job that paid it off; instead, they found themselves stranded in the worst economy in 80 years. The Debt Dilemma, Heartland Monitor Poll XXV, Allstate/National Journal Derek Thompson, The Unluckiest
Generation: What Will Become of the Millennials? The Atlantic What We Know About Millennials Economic Realities Delaying Home Ownership Delaying/Opting out of Having Families Although the labor market has rebounded, 1834 year-olds are less likely to be living independently of their parents or establishing their own households today than they were in the depths of the recession. Being a parent is still very important for most young people, but many just dont see how they can manage
it, so they are planning lives without children. Richard Fry, More Millennials Living With Family Despite Improved Job Market, Pew Research Center, 2015 Stewart D. Friedman, Baby Bust: New Choices for Men and Women in Work and Family What We Know About Millennials Economic Realities Learning (the Hard Way) the Value of Saving and Financial Planning Millennial parents appear particularly determined to help their children avoid significant student loan debt, adopting smart savings habits at a higher rate than their older counterparts to
accomplish this goal. College Savings Indicator Study, Fidelity Investments, 2015 Reliant on Parents 62% of grandparents have provided financial support for grandchildren; the average amount given in past five years was more than $8,000. Education expenses represented 29% of that financial support. Grandparents Investing in Grandchildren, MetLife, 2012 Millennials and Fund-Raising What We Know About Millennials Giving Habits What We Know About Millennials Giving Habits
Despite coming into the workforce at an uncertain time, the sheer number of individuals belonging to the millennial generation and their willingness to contribute money and time makes engaging them in philanthropy a high priority. Generation G: The Millennials and How They are Changing the Art of Giving, Charities Aid Foundation of America What We Know About Millennials Giving Habits Millennials engage with causes to help other people, not institutions. Millennials support issues rather than organizations. Millennials prefer to perform smaller actions before fully committing to a cause. Millennials are influenced by the decisions and behaviors of their peers. Millennials treat all their assets (time, money, network, etc.) as having equal value. Millennials need to experience an organizations work without having to be on site. Millennial Impact Report, Achieve/The Case Foundation, 2014 What We Know About
Millennials Giving Habits Give to Have an Impact Volunteering is a Way of Life Millennials are consistent in their desire to see how dollars translate into people helped. They want their contributions, no matter the type or amount, to help achieve tangible results for a cause. Millennials have grown up in a world where community service is often integrated into schools and where the number of nonprofits has exploded over the past 35 years.
Millennial Impact Report, Achieve/The Case Foundation, 2014 Ryan Scott, Millennials Rule at Giving Back, Forbes.com What We Know About Millennials Giving Habits Online & Mobile Millennials made 47% of their charitable contributions through websites in 2012 and 2013. Millennials are more open to making gifts through a charitable app (62% vs Boomers (20%) and Xers, (47%)). Generation G: Millennials and How They are Changing the Art of Giving, Charities Aid Foundation of America
Spend Impulsively, on Their Own Terms Let millennials participate in your cause but dont get in their way and restrict their capacity to do good. Randy Hawthorne, Understanding What Motivates Millennials to Give to Your NPO, Nonprofit Hub What We Know About Millennials Giving Habits Motivated by Competition/Incentives Desire to Use Social Clout name recognition, prizes, days off, etc. in exchange for a donation would motivate 52% of
[millennial] employees and 48% of managers, compared to 32% of nonmillennial. [Millennials] have the ability to influence hundreds if not thousands of their peers for your causeif theyre passionate about it. Millennial Impact Report, Achieve/The Case Foundation, 2015 Randy Hawthorne, Understanding What Motivates Millennials to Give to Your NPO, Nonprofit Hub What We Know About Millennials Giving Habits Global Worldview Millennials tend to be more multicultural than Boomers and Xers, more
socially accepting, and more global in their view of human civilization. Generation G: Millennials and How They are Changing the Art of Giving, Charities Aid Foundation of America Putting the Trends into Action: Do your fund-raising efforts Inspire and tell stories? Include ongoing and transparent communication about the impact of gifts/time?
Offer flexibility on how and when donors can give? Make use of Millennials social clout? Offer many different volunteer opportunities? Offer up-to-date, online, mobileready information? Offer incentives and competition?
Set your school and what students learn in a global context? Engage grandparents? Millennials as Parents What We Are Learning About Millennials as Parents The real story of the Millennial generation is that over the next 20 years they are going to transform the family household. Our research suggests they are far more pragmatic and down-to-earth than conventional wisdom gives them credit for and that they will combine this pragmatism with an optimism and idealism that is anything but self-centered. Jeff Fromm and David Gutting, Millennials As Parents: Five Myths and One Simple Truth, Forbes.com
What We Are Learning About Millennials as Parents How They Think About Family 60% think it is important their childs name is unique. (compared to 44% of GenXers, 35% of Baby Boomers) 50% have bought their children gender-neutral toys. (compared to 34% of GenXers, 34% of Baby Boomers) 42% think it is extremely important for a couple to be married before they have children. (compared to 49% of GenXers, 51% of Baby Boomers) Katy Steinmetz, Help! My Parents Are Millennials, Time magazine What We Are Learning About Millennials as Parents Value Parenthood over Marriage Feel the Pressure to Be Perfect Parents Millennial parents also put less value on marriages, many choosing to cohabit with their partners instead.
[According to a BabyCenter.com annual report on modern moms], nearly 80% of millennial moms said its important to be the perfect mom, compared with about 70% of moms in Generation X; 64% of moms across age groups said they believe parenting is more competitive today than it used to be. Katy Steinmetz, Help! My Parents Are Millennials, Time magazine What We Are Learning About Millennials as Parents Share Parenting Responsibilities According to a study conducted by Families and Work Institute, compared with men in 1977, these days [32 percent fewer] believe that men and women should subscribe to the traditional parenting roles. In the last 10 years the number of stay-at-home dads has tripled. Maude Standish, Huffington Post Blog, The Millennial Man Child Grows Up Roles and responsibilities are no longer gender-based. In the
Edelman Modern Family study we refer to this as the Universal Parent, its an era of gender surrender. Its far from mom in the kitchen and dad hard at work. Its about who is best at the task, or who has the more lucrative job and the time to get it all done. Missy Maher, The Universal Parent, Edelman What We Are Learning About Millennials as Parents Find Information & Support Online Run Democratic Households Whether they have questions about screen time, co-sleeping, all-natural remedies for diaper rash or any other issue, millennials are twice as likely as boomers to say they look to Google most often for instruction.
the parents still hover, but theyre following and responding to their kids more than directing and scheduling them. Katy Steinmetz, Help! My Parents Are Millennials, Time magazine What We Are Learning About Millennials as Parents Have Become Practical in Spending Millennial parents are pragmatic when compared to before they had children, they buy significantly more based on price than they do on quality. Resist Helicopter Parenting Boomers, who are often cited as the inventors of the helicopter parent phenomenon, may have provoked something of a backlash,
now that their millennial children are parents. For example, 61% of these young parents agree, kids need more unstructured playtime. Jeff Fromm, Millennials as New Parents, MillennialMarketing.com What We Are Learning About Millennials as Parents Value Happiness and College Are More Likely to Be in Favor of School Choice Ranked in order of importance, 82% want their child to know that they dont need possessions to make them happy, 77% want their child to graduate college, and 56% want their child to excel at sports.
Millennials are the most likely (75%) among all the generational groups to support school choice. Jeff Fromm, Millennials as New Parents, MillennialMarketing.com School Choice Survey, American Federation of Children and Beck Research, 2016 What We Are Learning About Millennials as Parents Are More Diverse Forty-three percent of millennials are nonwhite, says Eileen Patten, a research analyst at the Pew Research Center ... When we look at older generations boomers and silents less than three in 10 were nonwhite. Selena Simmons-Duffin, Why You Should Start Taking Millennials Seriously, National Public Radio, Morning Edition, Oct. 6, 2014 Putting the Trends into Action: Do your enrollment efforts
Inspire by demonstrating how you live your mission? Make each family feel its child is unique? Provide up-to-date online, mobile-ready information? Demonstrate your schools impact on happiness and citizenship as well as academics?
Make use of social networks of potential and current families? Not assume a traditional family make up? Direct communication to mothers and fathers (and children)? Demonstrate how your school values diversity?
Consider prospective students possible stress about debt load/ offer financial education? Offer ways for prospective parents to volunteer or share their experiences? Consider your market competition including new types of schools? Offer transparency about the application process?
Resources The Debt Dilemma, Heartland Monitor Poll XXV, Allstate/National Journal Derek Thompson, The Unluckiest Generation: What Will Become of the Millennials? The Atlantic Richard Fry, More Millennials Living With Family Despite I mproved Job Market,
Pew Research Center, 2015 Stewart D. Friedman, Baby Bust College Savings Indicator Study, Fidelity Investments Grandparents Investing in Grandchildren, MetLife, 2012 Charities Aid Foundation of America, Generation G: The Millennials and How They are Changing the Art of Giving Millennial Impact Report, Achieve/The Case Foundation, 2014 Ryan Scott, Millennials Rule at Giving Back, Forbes.com Randy Hawthorne,
Jeff Fromm and David Gutting, Millennials As Parents: Five Myths and One Simple Truth, Forbes.com Katy Steinmetz, Help! My Parents Are Millennials, Time magazine Maude Standish, Huffington Post Blog, The Millennial Man Child Grows Up Missy Maher, The Universal Parent, Edelman Jeff Fromm, Millennials as New Parents, MillennialMarketing.com School Choice Survey, American Federation of Children and Beck Research, 2016 Selena Simmons-Duffin, Why You Should Start Taking Millennials Serio usly, National Public Radio, Morning Edition, Oct. 6, 2014 Please note: Links only work in slideshow mode.
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