What Does Generation Y Say About Marriage?

Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.

Working at a financial institution, I would never initiate this question as it's impertinent to money. However, one study [Update: dead link removed] asked questions to Echo Boomers about marriage. Since I've written about low marriage rates and how this will affect the future economy (change the dynamics a bit, but nothing terrible), as a counter point to my prediction that marriage rates will remain low for Echo Boomers, this study presents a different perspective. Some excellent gems:

The five major groups and some demographic details about each group:

• 23% of Echo Boomers think that marriage is a partnership. This group tended to be educated and posses a high-income.

• 22% of Echo Boomers think that they are not ready for marriage. 70% of these Echo Boomers were males.

• 22% of Echo Boomers think that marriage is central to their life's plans. This group was made up of mostly highly-educated, white Echo Boomers.

• 19% of Echo Boomers think that marriage is a love story. Two-thirds of this group was made up female Echo Boomers.

• 14% of Echo Boomers think that they never want to partake in marriage. This group was made up of mostly low income Echo Boomers.

Other interesting information from the study:

• Female Echo Boomers didn't mind discussing marriage, while male Echo Boomers tended to be content with being "left out."

• Some male Echo Boomers considered marriage an "outdated" concept.

• 82% of Echo Boomers expect to be married for life.

• 75% of Echo Boomers stated that they would rather be alone for the rest of their life than marry the wrong person.

This study contradicts my prediction that marriage rates will be historically low for Echo Boomers by pointing out that only 14% of Echo Boomers never want to marry. The rest of the Echo Boomers it seems just aren't ready for it, or haven't found their partner/lover/central person. So anyone in the marriage/divorce industry, don't panic yet as it's possible that this study ends up being correct and not my prediction!

Reminder

As a general reminder, I often consider other views that disagree or contradict my own. In my view, I cannot form a view if I don't consider what other people, research or studies communicate about a topic.

As an example of this that I've shared with thought leaders, in my view this other study contradicts itself because it notes this response from Echo Boomers:

75% of Echo Boomers stated that they would rather be alone for the rest of their life than marry the wrong person.

Yet when speaking with older generations who married, close to half think that they married the wrong person at any given point. The response to this question can also change relative to the time - ask a couple independently if they married the person right after an amazing vacaction or right after a major financial dispute. The answer may change.

What I do see with this study is that Echo Boomers have many false beliefs about marriage and these false beliefs will prevent a larger portion than people expect from getting married. You can read related posts for my predictions on the Millennial marriage rate.

Other Generation Y and Marriage Posts:

Will Low Marriage Rates Sap the Housing Demand?

Will Marriage Become A Minority?

What Services Does Generation Y Like/Dislike?

Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.

Millennial Trends From A Study

Some fascinating selections [Update: dead link removed] about Echo Boomer's taste in products and services (especially with technology):

• 9 out of 10 Echo Boomers above 18 use the internet.

• 3 out of 4 Echo Boomers use social networking, like MySpace, Facebook, et cetera.

• 3 out of 5 have wireless access to the internet.

• Over 4 out of 5 keep their cell phones with them at all time.

• 40% have no landline.

• 2 out of 5 Echo Boomers have at least one tattoo.

• 25% of Echo Boomers have a non-lobe piercing.

• Echo Boomers value services and products that do not harm the environment.

• Echo Boomers value real estate that is close to their work and their social outlets.

• Echo Boomers are less willing to own cars than previous generations.

• Echo Boomers value stable investments such as cash, bonds and money markets.

Notice the Themes

Digital. Your business digital presence matters. I know this seems obvious, but I still meet business leaders with no digital presence. This may make sense for selling to Baby Boomers and Xers, but outside of very niche geographical businesses (local coffee), your digital presence will carry power with Echo Boomers.

Social. Whether it's living near friends, commuting with friends, or copying their friends, Echo Boomers value their friends because their perception of value is determined by others. Thus, if an Echo Boomer shares a story and that story doesn't get any Facebook likes, they feel bad about that story. They need others to validate their life and decisions, so this means that they need to live by others, constantly get feedback from others, and identify what others are doing, so they do it too (this helps explain why they love tattoos).

The recession is fresh in their mind. Their focus on stability originates from what they saw during the financial crisis. This event is still fresh in their mind and it drives a lot of their financial behavior from investing in perceived stability to keeping expenses low if they can.

"No Vehicles Please. We're Echo Boomers."

Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.

Do Echo Boomers Value Owning Their Own Car?

As Echo Boomers mature, some generational differences involving car ownership are beginning to emerge. While the article seems to imply that Echo Boomers avoid car ownership because of the environment, most of the avoidance comes from the costs of a car (important: what cars will Generation Y buy?). Another missed observation is Echo Boomers choice in where they live.

Keep in mind that only 10% of Echo Boomers hold more than $1,500 in their name, and anyone with a car can tell you stories about a time when their car needed repair. These repairs add up over time, and they reflect only the tip of the iceberg. A car owner also needs gasoline, regular oil changes, and decent insurance. With some of these prices rising, some Echo Boomers may find that using public transportation or living close to work provides them with more money.

Some other noteworthy trends:

1. Many Echo Boomers admit that if they could, they would drive less than they currently do [Update: dead link removed]. Notice the main reason: the high cost of owning a car, not the environment. The additional information about texting and posting to Facebook provides some humor that many car companies won't appreciate.

2. From the same article [Update: dead link removed], unlike former U.S. generations, Echo Boomers would like more transportation options. Based on the Echo Boomers I've spoken with, it seems that the Southern Millennials experience this problem with transportation options more than the Northern Millennials. Other transportation options such as public transportation, electric/fuel cell cars, natural gas vehicles, and even carpooling options may also be popular among Echo Boomers in the long run.

3. When it comes to environmental concerns [Update: dead link removed], Echo Boomers drive less due to environmental reasons than other U.S. generations. As they have more options with vehicles, this may play into their considerations if they buy a car - a fuel cell or electric vehicle will be preferred over a gas guzzler, plus $4 per gallon is still fresh in their mind.

4. The most popular choices and brands of cars right now with Echo Boomers center around price. Right now, price is the biggest factor in their choice and this will continue as long as they have light wallets.

One caution I frequently have said in discussions following this article and highlight: what Echo Boomers do now reflects their youth and growth. Neither them nor their younger peers (iGenZ) may act and do the same in the future. Echo Boomers may value ownership in the future. I expect iGenZ will value it more because the younger generation often reacts to an older generation.

Since writing this article, I've had people confused as to Echo Boomers wanting to buy a car later in their 30s. People mature. That's why.

Where Do Echo Boomers Live?

Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.

And Where Will They Live In the Future?

Within the age range of 18-28, 54% of Echo Boomers live in the suburbs (32% live in the "central city"). Considering that fewer than 11% of Echo Boomers are homeowners as of 2011 (see this article for details), I see a few possibilities about Echo Boomers and homeownership.

If transportation costs can stay low, the suburbs might continue to offer the preferred place for Echo Boomers to live. However, in order for transportation costs to stay low, alternative transportation options must surface. I doubt the price of oil will ever return to below $3 a gallon for a sustainable period of time (though, anything is possible), and thus other transportation options, such as electric vehicles or natural gas vehicles, must rise in popularity. If Echo Boomers don't spend time worrying about how much higher the price of oil will go, some of them may place down roots and start buying homes.

However, if oil continues to be the preferred method of transportation, I would expect few Echo Boomers within the next decade to plan buying a home. Why? Because Echo Boomers can't bet that their standard of living will improve in the future, so throwing money down a home could become a major liability. Remember that the pain of $4 a gallon is still fresh in their mind along with the recessionary effects that $4 per gallon created.

I'll add another trend I've noticed: From 2010 to 2011, fewer Echo Boomers have expressed interest in eventually buying a home. For instance, in 2010, about one third of Echo Boomers stated that they wanted to buy a home within the next five years. In 2011, only about 20% of Echo Boomers express interest in buying a home within the next five years. While the change may seem confusing, when we consider how much food and oil prices have changed within the last year - reducing Echo Boomers' purchasing power - we can see that Echo Boomers remain dubious about a positive financial future.

Nonetheless, with 54% of Echo Boomers currently in the suburbs, I'd expect that some of them will eventually settle down to buy homes.

Popular Real Estate Development Example - The Domain In Austin Texas

Other Housing Articles:

Do Echo Boomers Just Own or Rent?

No Houses Please. We're Echo Boomers.

Will Low Marriage Rates Sap the Future Housing Demand?

Do Echo Boomers Lack Religion?

Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.

Echo Boomers appear less religious than former generations, according to a study [Update: dead link removed] on religion and Echo Boomers. There are a couple of built-in assumptions in this study, such as a lack in religious views would be reflected in (1) no religious affiliation, (2) less church attendance, and (3) religion is not as important in life when compared to former U.S. generations.

Obviously, those three assumptions may not reflect religious views in an accurate manner, but it would seem, for now, that Echo Boomers are not as religious as former U.S. generations. Some data points:

• 25% of Echo Boomers are unaffiliated with any specific religion.

• 33% of 18-29 year olds attend a religious service at least weekly.

• 48% of 18-29 year olds pray daily.

• 45% of 18-29 year olds see religion as important.

• 64% of 18-29 year olds are absolutely certain there is a higher power.

• 55% of 18-29 year olds accept evolution as an "explanation for human life" (this is Pew's definition, not mine). This final view does not indicate a lack of religion among Echo Boomers as evolution and religion are not mutually exclusive.

Keep in mind, that when I refer to Echo Boomers, I am referring to those between 18-31, so this study from Pew does not cover all the Echo Boomers I am referencing in my study. It does show some patterns we should expect overall from Echo Boomers.

Historic Themes

The pattern of a religious society shifting to a non-religious society has happened throughout human history. When speaking with thought leaders, I note that I use trends like this to compare with what we've seen in history. For example, feudal Russia was extremely religious. However, when it collapsed and became the Soviet Union, it became very non-religious. In fact, Soviet citizens would have said early in the history of the Soviet Union that religion in Russia's past helped legitimize the feudal authority. Let's ignore the obvious irony of religion not being needed to legitimize Vladimir Lenin, Joseph Stalin, or the stagnant Soviet bureaucracy before its collapse.

But societies that shift from religious to non-religious can see other shifts in sociocultural phenomena that may not seem related initially. This is one reason that this is a useful data point to collect. In a similar manner, a secular shift could simply be a pendulum reaction (like the Baby Boomers during the hippie "love and peace" era) that passes at the generation ages. In this instance, the generation may swing to the opposite extreme as they age, which could bring other trends.