Understanding millenials’ diverse parenting styles and opportunities
As millennials increasingly transit into parenthood, they are highly driven by their desire to simply become ‘good parents’. Millennial parents are open minded, unique and simple, yet, they are highly complex beings and seek parenting answers and advice in their nonconventional ways.
Perhaps, not surprisingly, they rely more on social media for advice as they look to raise tech savvy digital natives. Quite significantly, they aspire to be more present in their children’s lives, more so than their parents did. Despite attempts to stereotype them, one of the most obvious characteristics of the generation is its diversity.
Before we round up what Millenials are like in general, the considerations below are what entrepreneurs need to look out for to sniff out new opportunities in education as Millenials take to parenting in the years to come:
- Parenting is a big aspiration for millenials.
- Millenials are moving from experimentation to transformation with digital tools to raise their digital native offspring
- Digital is increasingly a change initiative among millenials. They do so to achieve relentless results in order to accelerate their children’s development.
In brief, millennials are:
- Racially diverse. Cross borders migration and differences of birth rates amongst races of earlier generations resulted in Gen Y to be the most racially diverse even in a multi-ethnic and multi-cultural country like Malaysia.
- Economically diverse. Millennials are also economically diverse, divided almost equally into three categories – upper income, middle income, and lower income. Average monthly household income of Malaysian in 2014 increased to RM4,585 from RM3,626 in 2012, and is growing at the rate of 11.7 per cent annually.
- Diverse in education. Overall, Gen Y is the most educated cohort in history. More than one-third (34%) of Millennials have attained minimum university level educations (diploma or degree), compared to less than one-quarter of Gen Xers (25%) and boomers (24%). Yet this means that nearly two-thirds do not have tertiary education.
- Always on. Millennials have been shaped by and have shaped the digital age. Five of six (83%) say they sleep with their mobile phone next to their bed, compared to just 57% of all adults. Gen Y uses the Internet as a social tool, with 75% having a profile on a social networking site. And 80% of younger Millennial (i.e., 18 to 24-year- old) social media users connect with their ‘platforms’ several times a day.
- Smart, frugal shoppers. All Millennials were under the age of 26 during the Great Recession. The older Millennials were then relatively new to the workforce while the younger ones were mostly in their teens. In addition, many Gen Y consumers continue to have difficulty making ends meet. These economic forces have made Gen Y tend to be more frugal and price-driven than older generations. Most Millennials are savvy shoppers who do research (usually online) before making a purchase and enjoy finding sales, discounts, or online bargains that allow them to save money.
Last but not least, to learn more about the topic, you can read the original article here.
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