Millennials Group 3 Charles Nguyen Tung Nguyen Troy

Millennials Group 3 Charles Nguyen, Tung Nguyen, Troy Sadler, Asif Sayeed

● Overview - Asif ● Employment - Troy ● Unpaid Internship Aspects - Tung ● Housing issues and Future - Charles

Millennials - Overview ● ● ● 18 to 34 -year-olds - also known as Generation Y Largest, most diverse generation in America Roughly 74 million millennials, including 6. 3 million in Texas Millennials will have a profound effect on the economy Distinct characteristics may delay their full impact Tend to be highly educated but burdened by student loans

Overview (cont. ) Younger millennials entered the workforce during the recession Many Millennials are unemployed or underemployed Annual spending at $200 billion — U. S. Hispanic consumer market $1. 2 trillion The unemployment rate for Millennials is highest amongst other age groups 5 million millennials were out of work across the U. S. ● Including about 344, 000 in Texas ● More of an economic drag than a driver ● ● ●

Effects of issues on Millennials ● More than 10 percent of people ages 20 to 24 were unemployed ● 5. 5 percent unemployed ages 25 to 34 ● Millennials settling for lower paying jobs ● Household incomes for Millennials were lower than before the recession

Unpaid Interns!? ● Employers want unpaid interns instead of full time employees ● Many people accept the fact and want the experience on their resumes ● Many have begun to challenge the fairness and legality of unpaid internships ● Three reasons why Unpaid Internships are unfavorable 1. Unpaid interns experienced no advantage in the job market 2. Many are married and can’t afford to work for free 3. Most intern often hold down second jobs to pay the bills

Why unpaid internships? ● Gaining valuable experience/training ● Fulfilling college-required internship ● Some colleges prohibiting interns from getting paid ● Fear of breaking the status quo ● Blacklisted from their chosen careers

Legal Issues of unpaid internships ● Fair Pay Campaign and Outten and Golden LLP’s Unpaid Intern Lawsuit ● 20 Lawsuits have been filed against companies ● U. S. Department of Labor: ● Educational training program ● Lack of concrete law in public sector ● Nonprofits often can code their unpaid interns as “volunteers” ● Companies are changing their policies

Housing issues ● Millennials are the first generation to see housing prices fall Are afraid to buy ● Nationally, the number of first-time homebuyers have decreased ● 27% of homebuyers are first-time ● Millennials living with their parents ● Big Factors ● Not saving enough ● Low Ownership rates ●

Looking towards the future ● Despite some struggles, many millennials are optimistic ● ● ● 53% don’t think they earn enough Higher education Decline in marriages Giving back to the community Stronger Networks ● “Most connected generation in human history” ● Facebook, Twitter, and Linked. In

QUIZ 1. Anyone between ___ to ____ years old can be considered a Millennial 1. Nonprofits can often code their interns as _____ 1. One of the reasons ____ is really struggling is that their population is not only aging, but declining*** (from the article) 1. List 3 reasons why unpaid internships are unfavorable: 1. List 3 reasons why people are still going for unpaid internships.

Quiz Answers: 1. Anyone between 18 to 34 years old can be considered a Millennial 1. Nonprofits can often code their interns as “volunteers” 1. One of the reasons Japan is really struggling is that their population is not only aging, but declining*** 1. List 3 reasons why unpaid internships are unfavorable: ● Unpaid interns experienced no advantage in the job market ● Many are married and can’t afford to work for free ● Most interns often hold down second jobs to pay the bills 1. List 3 reasons why people are still going for unpaid internships. ● Experience ● College-required credit ● Fear of breaking the status quo