Big gaps exist in quality of life for millennials

‘One-size-fits-all’ idea must end, Peter ter Weeme says.

Whether it is jokes about millennials’ love of avocado toast or sympathy for high student debt and housing costs, it can be all too easy to assume millennials are experiencing life the same way.

But there are significant differences we must recognize — differences between minority groups, income and education levels, ages and genders. If we want to truly understand the breadth of issues facing millennials, and there are a lot of them, we need to stop talking about millennials with a “one-size-fits-all” voice.

Elevate Millennials, the new millennial survey Elevator Strategy recently completed in partnership with Justason Market Intelligence, sheds new light on the lived experience of millennials living in Metro Vancouver.

This comprehensive survey asked them their thoughts on a variety of issues, including finances, employment, housing, cost of living, mental health and politics. Not surprisingly, the concerns and hopes vary among different groups, such as men and women, minorities, and various age groups, education levels, and income brackets.

The results demonstrated the wide spectrum of aspirations, concerns and realities for this key demographic, with millennial women having a distinct voice.

On the financial front, Elevate Millennials’ findings mirror the results of a recent Vancity Savings Credit Union survey: women have a lot more anxiety about personal finances. Our survey found 65 per cent of women are worried about their financial situation, versus 55 per cent of men. Vancity’s finding for a similar question showed more women than men lost sleep at night due to money worries (45 per cent versus 37 per cent).

Not surprisingly, because finances and employment are intertwined, our survey found women were more likely to have lower levels of full-time employment (56 per cent versus 68 per cent) and to earn less than

It is only by knowing and talking about these differences that we can create a society that allows all millennials to flourish.

enough to save and invest (77 per cent versus 64 per cent). This is despite the fact that millennial women’s education levels are on par with men’s.

Cost of living was also flagged as a top issue for millennial women in Vancouver, and questions about housing revealed women are more likely to rent a home rather than own one (29 per cent versus 39 per cent).

Perhaps unsurprisingly, millennials making over $100,000 were much more likely to own than those making under $50,000 (52 per cent versus 10 per cent).

Millennial women are also more likely to participate in many aspects of the sharing economy with more using the public library (63 per cent versus 55 per cent), Airbnb

(41 per cent to 35 per cent), and car sharing (27 per cent versus 24 per cent).

When it comes to health, they are more likely to have experienced mental health challenges (51 per cent versus 34 per cent), which perhaps causes them to prioritize public health care, especially as it related to mental health services (61 per cent versus 51 per cent).

In terms of community and politics, women are definitely engaged, with more women reporting that they voted in the last federal (67 per cent versus 56 per cent) and municipal elections (42 per cent versus 32 per cent).

Women are also more likely to put greater importance on volunteering (18 per cent versus nine per cent) as are millennials of South Asian descent (26 per cent). While it is hard to know the root causes of many of these differences, for millennial women, we can surmise that the gender wage gap, the financial and career impact of maternity leave, and the higher burden placed on women to care for both their children and aging parents all play a role.

Along with the important discussions we are having around #MeToo, gender, income disparity, and race, it is important to consider how and why the burdens millennials face are particularly taxing for some groups more than others. It is only by knowing and talking about these differences that we can create a society that allows all millennials to flourish.