A new Brookings Institution paper on the millennial generation found that 64 percent of millennials surveyed said they'd rather make $40,000 a year at a job they love than $100,000 a year at a job they think is boring.
The paper, written by Morley Winograd and Mike Hais, is the third in a series of Brookings' papers on 21st-century capitalism, and examines the culture and values of millennials. The paper is titled "How Millennials Could Upend Wall Street and Corporate America."
"By 2020, millennials will comprise more than one in three adult Americans. It is estimated that by 2025 they will make up as much as 75 percent of the workforce," the paper says. "Given their numbers, they will dominate the nation's workplaces and permeate its corporate culture."
Here are more findings from the paper:
- Millennials are interested in their daily work being a reflection of larger societal concerns.
- Millennials place higher worth on experiences than on acquisition of material things.
- They have a general lack of trust in the financial sector, which does not indicate good things for the current governing philosophy on Wall Street. The banking industry is the most likely to experience severe disruption in its business model in the future.
- In a recent Pew Research Center study, only 19 percent of millennials agreed with the statement that "most people can be trusted." By contrast, 40 percent of baby boomers agreed with that statement.
The Business Record recently hosted a video roundtable with people from the millennial generation to discuss the subject of generational differences. To see the video and read a corresponding article, click here.