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Millennials and the Opportunity Economy: Why we are richer than our parents in so many ways

The Guardian recently revealed yet more gloomy news for millennials, reporting that we may be the first generation to earn less than our predecessors. Britain’s youngest generation earned £8,000 less during their 20s than their parents and run the risk of being the first cohort of workers in decades to witness a fall rather than a rise in lifetime earnings.

It’s the latest report that will no doubt fuel the fire of an emerging inter-generational feud reminiscent of a Shakespearean tragedy. Theresa May touched on this conflict, referencing a “more prosperous older generation and a struggling younger generation,” as a state of affairs that is likely to worsen from the unwelcome economic aftershock of Brexit.

With a dreary outlook for home ownership and recent disillusion of younger generations over a Brexit the majority didn’t support, millennial rage is spreading. Social media is rife with protests that our generation has been stabbed in the back by the ‘Baby Boomers’, forced to bear the brunt of their poor choices.

But was the grass really greener on our parents’ side? Everything considered, our generation is benefitting from more opportunity than previous generations. Here’s why there has actually neverbeen a better time for millennials to work in certain jobs.Communications – in variety and as an industry, has significantly evolved over the years, becoming increasingly more digital, and is an exciting path to tread for those who have grown up alongside evolving technology. Due to its versatility and constant change, it’s especially well-suited to millennials: a generation who have grown up in a disruptive era of fast-paced social and digital developments and are accustomed to adjusting to this evolving landscape.

  •  Social networking – social networks have unquestionably changed the way we work and interact: with increased circulation of global news and ideas, millennials can benefit from an unprecedented creative and cultural enrichment whilst building up a comprehensive network of personal and professional contacts. We have a chance to make our own mark on an industry requiring a constant stream of fresh ideas, all while there are new technologies and networks to explore.
  • Start-ups – with just about every Higher Education course imaginable offered, as well as grants and accelerator programmes for new start-ups,we can really find our own niche at a young age. Anyone can start a business, whether a 16 year old or a 24 year old, demonstrating that millennials are taking the leap and capitalising on their passions.

Whilst our financial prospects don’t look favourable at present, let’s re-evaluate our definition of ‘rich’. As millennials, let’s celebrate the opportunity economy available to by embracing and profiting on our interests, using the communication platforms our parents never had to build our network.

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