8 Ways Millennial Women Define Success
Millennials see opportunity and build new empires. They transform leading companies and industries from the inside. Millennials imagine then achieve greatness.
Leading this pack of transformative innovators are women ages 20 to 37. With over $840 billion in annual spending power and nearly as much in student loan debt, this subset is the most highly educated generation in history and they are handling their business a whole lot differently than their parents' generation. Oh, and their definitions of success vary greatly too.
CEB conducted an online survey of 2,000 male and female Millennials then analyzed values using CEB Iconoculture's Values and Lifestyle survey. The results were fascinating when it came to detailing what shapes Millennial women and how they are redefining what we think of as happiness.
Yep, that's right. Despite being dubbed "The Me Me Me Generation," Gen Y women are actually more practical and hard working than once thought. Here's what the study discovered:
1. "We don’t want it all!"
Contrary to popular belief, Millennial women don’t think that they can have it all. In fact, they don’t want it all. Women born between 1978 and 1995 expect a “buffet,” a full array of choices that allow them to take what they want and leave what they don’t. It’s about specific options and combining them to create individualized solutions in life.
2. They don’t mind being the breadwinner.
Sixty-three percent of women say that "it doesn't matter who the primary income-earner is in a family." Bucking tradition, Millennial women — 42 percent of which have upper middle to high income — are far more comfortable bringing home the bacon as opposed to depending on partners or spouses.
3. Equality is paramount.
While only 71 percent of Millennial men feel that it is equally important for both sexes to have successful careers, the majority of Millennial women (77 percent) rank this as vital. ”It really doesn’t affect me what other people think of gender roles. I just do what works for me," said one respondent in last December's CEB Iconoculture Consumer Insights interview.
4. Child rearing — it takes two.
In addition to sharing the income responsibilities, 77 percent of women think that both partners should be equally engaged in rearing their children. Gone are the days of the woman's duties and the man’s duties, for women ages 20 to 37, 'sharing is caring.'
5. Enjoy life now and keep an eye on the future.
This generation has been through economic downturn and saw their parents lose jobs overnight, so shopping smart ranks high on their list of priorities. When shopping for health and beauty products as well as clothing, Millennial women say that things that save them money trump the quality. Yet, while they may pass up designer duds, quality is more important that cost when it comes to food and groceries.
6. Practicality prevails.
As is evidenced by the popularity brands like Warby Parker to UberX, common sense purchases don't have to break the bank. Instead, you'll find Millennials shrewdly deciding to remain living under their parent's roof or biking to work, not to save for the purchase of their dream home but to fund a Y.O.L.O-style vacation. 83 percent of Millennial women polled said personal needs are the priority, and one participant, Krizza added, "Happiness is being able to live your life the way you want it."
7. Family is first.
"I'm willing to make tradeoffs in my professional life. I'm willing to sacrifice making overtime and making more money to spend more time with my kids," said CEB interview subject Kelley. In fact, 81 percent agree that family time always comes first, even before climbing the corporate ladder. And even though Millennial women are having children later in life, 67 percent agree that having meals together as a family is a trop priority.
8. Personal fulfillment takes precedence over status.
"I have to have time for myself. If you can't work on yourself, you can't exactly be in a position to help others. That remains true for me since I am a mom. If I don’t have time for myself, I can't be very functional for my family," said Tina, one of the subjects interviewed during the CEB Iconoculture IdeaLab. 71 percent of Millennial women agree that it is important that a job be fulfilling and enjoyable, while 64 percent feel that personal hobbies and interests are essential for well-being.
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