Also known as  Generation Y , Millennials are a demographic group, or age group, that falls between Gen X and Gen Z. They are called Millennials because the oldest members of this generation became adults at the turn of the millennium.

Millennial Age Range: How Old Are Millennials?

By 2024, Millennials will include anyone between the ages of 28 and 43. It is estimated that  by 2029  this group will make up the majority of the labor force.

Millennial birth years and millennial cut-offs

Each generational group fits between a set of birth years, and researchers use historical, economic, and social factors (among others) to determine the cutoff. Here's where the millennial generation begins and ends in relation to the others:

• Baby Boomers  :  1946–1964
• Generation X  :  1965–1980
• Millennials  :  1981–1996.
• Generation Z:  1997–2012

Characteristics of Millennials

Millennials grew up during the advent of the Internet and personal computers. Many of them began their careers after the Great Recession of 2008, which has  affected their earning potential. They   also  have higher levels of student loan debt . Given this backdrop, here are some key characteristics of this demographic:

• They are tech savvy.  Millennials are comfortable using technology for both professional and personal purposes. Critics of their social media habits have named them ""Generation Me.""
• They are socially conscious  . Generally, Millennials   are known to be  empathetic, progressive, and values-driven . For example, 33%  say that addressing global climate change is one of their top personal concerns.
• They delay important life milestones.  Financial constraints and changing social norms are causing many millennials to delay important life milestones, such as marriage, home ownership, and starting a family.
• They value experiences.  78%  of millennials prefer to spend money on experiences such as travel, dining, and entertainment rather than material possessions.

Every generation faces oversimplifications and inaccurate stereotypes. It  is important to remember  that these generational characteristics are based on statistical trends rather than inherent traits.

Millennials vs. Gen Z

Millennials and Gen Z are often incorrectly lumped together, but the two generations do have some  similarities  , including:

• Comfort with technology
• Progressive political and social views on climate change, racial equality, and other topics
• Concerns about both your personal finances and income inequality
• Prioritizing mental health and work-life balance

However, Millennials   generally differ from Generation Zers in that:

• Idealistic and tend to “live in the present”
• Ready to blend your personal and professional life online
• Attracted to stability and routine as opposed to entrepreneurial endeavors
• Being collaborative at work, opting for group brainstorming instead of solo projects

What Millennials value in the workplace

 According to  a survey by Deloitte , 49% of millennials feel burnt out.   To better engage this group and increase retention , employers should:

• Encourage work-life balance.  Offer flexible schedules that allow working remotely and respect personal time.
• Gather and implement employee feedback.  Millennial survey respondents feel they can positively influence their company’s products and services, DEI, development and training, and workload management.
• Be socially responsible.  This generation believes businesses should take a leading role in addressing social issues such as inequality and environmental sustainability.
• Provide mental health support.  Regular manager check-ins, access to mental health apps and therapy, and scheduling meeting-free days can help.
• Provide growth opportunities.  Many millennials don't just want a paycheck—they strive for a greater purpose. Let them create meaningful projects, set up mentorship programs, and provide professional development resources.