MONEY

Could 25-Year-Old Rory McIlroy Be Golf’s Long-Awaited Savior?

Rory McIlroy of Northern Ireland holds up the Claret Jug trophy
Rory McIlroy of Northern Ireland holds up the Claret Jug trophy after winning the British Open Golf championship at the Royal Liverpool golf club, Hoylake, England, Sunday July 20, 2014. Scott Heppell—AP

He was the consensus choice as golf's "next big thing" even before winning the British Open over the weekend.

As a sport and a business, golf is stuck in a proverbial sand trap, probably the deepest and most difficult one ever encountered by the industry. Player numbers are on the decline, especially among young people, and golf course closings in the U.S. are trumping golf course openings by a stunning ratio of nearly 10 to 1.

There is some hope, however, that golf will experience a renaissance, even among kids who are now too accustomed to instant gratification and too distracted by smartphones and social media to bother venturing outside to play baseball or go for a hike, let alone try their hands at the time-consuming, frustrating “old person’s sport” of golf. And one of the big reasons for this optimism is that today’s most exciting players also happen to be kids, and none more exciting than Rory McIlroy, the 25-year-old winner of the 2014 British Open.

OK, so a 25-year-old isn’t exactly a child. But he’s a kid compared with the prototypical gray-haired, 50-something golfer out on the links. And his success couldn’t come at a better time. McIlroy is part of a much-needed youth movement in golf, notes Jim Frank, a contributing editor to Links Magazine who has covered the sport for three decades. Joined by emerging superstars Rickie Fowler, who is also 25 and is known for cool clothes and shaggy Bieber-like hair, and incredibly talented young female golfers like Lexi Thompson (19) and Lydia Ko (all of 17), McIlroy is seen as a fresh injection of energy, excitement, and—dare we say it?—perhaps even hipness into the sport.

“He supposedly took the first selfie of a British Open winner,” said Frank. Hey, that’s gotta count for something.

Perhaps the biggest contribution of McIlroy and the rest of the youth movement—besides their unwrinkled, photogenic faces and a generally cooler appearance compared with the usual grandpas on the links—is that they’re changing the perception of how to play golf and when one tends to peak in the sport. “In the past, the assumption was that you didn’t really hit your stride until your 30s, after you’ve worked out the kinks in your game,” said Frank. “Today’s young players are really powerful, they wrench their backs and really hit the ball hard. And they’ve been playing so long that by the time they’re in the late teens and early 20s, they can dominate.” (They can also get injured; just look at how Tiger Woods’s body has fared in recent years.)

Nonetheless, the excitement, power, and youth that McIlroy and his peers bring to the game has to be good for golf, right? Sure, to some extent. But Frank believes it will take more than one charismatic, curly-haired Irishman to turn the tide.

“Are 14-year-olds sitting in front of a TV on a Sunday morning at 10 o’clock watching Rory McIlroy?” Frank said. The answer, of course, is no. While some parts of the golf world are trying to make changes to become more appealing to younger players and families, Frank believes that some retrenchment is still needed, and that the sport will always remain a niche activity, and one that always skews older.

When people in the business talk about rejuvenating the sport, they sometimes ask, “What’s the snowboarding of golf?” said Frank. “Snowboarding brought young people back to the mountains, and it helped save skiing.” Unfortunately, because a sizeable faction of the golf world has no interest in changing the game or doing much of anything to appeal to younger people, “there may not be an equivalent of snowboarding. But that’s the way we have to think of it.”

The big irony, Frank said, is that right now, when golf seems to be struggling so mightily in its attempts to attract new players to the game, there has never been a better time to play. “The equipment has never been better, and there’s great value for what you can buy fairly cheaply,” said Frank. “You can get on almost any golf course in the world, or join almost any club if you want. There are no lines, and there aren’t people behind you telling you to play faster.”

MONEY First-Time Dad

What Millennials Want That Their Boomer Parents Hate

Luke Tepper
Luke looks around for the inflation that has yet to come Taylor Tepper

It is nine letters long, (not legal weed), and causes investors' blood to boil.

Inflation. We really want some inflation. Now, if possible.

Macroeconomic forces are not top of my mind all the time. A couple of weekends ago, for instance, my wife and I played poker and drank beer on our friend’s rooftop patio. Our son Luke, clad in his new miniature gondolier outfit, crawled between our legs as one person after another told us how cute he was. That night Luke held onto one of my fingers while I gave him his midnight feeding. Later my wife and I slipped into his room for a few moments to watch him sleep.

I can tell you that at no point during our perfect summer day did the word inflation pop into our heads. We went to sleep thinking just how lucky we were to have such a beautiful son, rather than dwelling on the fact that we face an inflationary climate that is hostile to the economics of our new family.

We aren’t strangers to what economists call “headwinds.” Mrs. Tepper and I graduated from the same really expensive private college in 2008, just as the nation was mired in the worst recession in 80 years. We attended college (and later graduate school) as state governments across the country drastically cut higher education spending, which meant higher costs, which meant that we incurred a combined six-figures student loan marker. And entering the job market in the teeth of negative economic growth means we’ll be playing catch-up for years and years.

Given all that we (and Americans, generally) have endured since 2008, it might seem strange that I would ask for higher inflation. When the prices of goods rise quickly, the Federal Reserve is apt to raise interest rates. Higher interest rates make it more expensive to purchase a house, or borrow for anything. Don’t I want to own a house? What’s wrong with me?

For a little bit of context, let’s back up and look at where inflation has been over the past six years. If you look at the core price index for personal consumption expenditures (or core PCE), inflation is rising at an annual rate of 1.5%. In fact ever since Lehman Brothers declared bankruptcy it has barely budged over 2%.

inflation...

Even if you look at a broader inflation metric, like the consumer price index, prices have risen at 2.1% or lower for almost two years.

What does this mean?

For one thing, wage growth has stagnated at around 2% since we left school, and job growth, while picking up lately, has been relatively slow. Weak job creation and small pay increases means that people have less money to spend, which means fewer jobs and the cycle goes round and round.

So more economic growth (spurred on by more borrowing and spending) would help alleviate low wage growth, and help us ramp up our weekly paychecks. But it would also do something else. It would help us pay down our student loan debts.

Super low inflation is bad for people who have debt. Right now Americans owe more than $1.1 trillion in student loan debt. That means people our age are receiving raises that aren’t that high and have to confront a record level of debt before their careers really get going. With so much of our take-home pay earmarked for debt service, no wonder housing isn’t a priority, or affordable, for millennials (or the Teppers).

Of course, this kind of talk scares our parents (and rich people), who own bonds and other assets designed to preserve wealth instead of create it. Having already endured years of low interest rates, they really don’t want their bond portfolio to be hit by an inflation jump.

To which I say, tough. Many boomers entered the job market as the economy was expanding and college was affordable. Their children did not.

Luke has this one toy that he loves. It’s a sort-of picture book for infants consisting of a crinkly material, and he loves nothing more than smashing the thing between his hands and feet. In 17 years, he’ll want a car—and then four years of college.

I realize that the costs of these things will rise—prices always rise. It would just be nice if our salaries rose enough to pay for them.

Taylor Tepper is a reporter at Money. His column on being a new dad, a millennial, and (pretty) broke appears weekly. More First-Time Dad:

 

MONEY Savings

Millennials Are Hoarding Cash Because They’re Smarter Than Their Parents

Cash under mattress
Zachary Scott—Getty Images

Sure, young adults could get higher returns by investing in stocks, but many have good reasons to stay safe in cash right now.

Another day another study about the short-comings of Millennials as investors. This time around, Bankrate.com weighs in—data from their latest Financial Security Index show that 39% of 18-29 year-olds choose cash as their preferred way to invest money they won’t touch for least 10 years. That’s three times the percentage that would choose stocks.

“These findings are troubling because Millennials need the returns of stocks to meet their retirement goals,” says Bankrate.com chief financial analyst Greg McBride. “They need to rethink the level of risk they need to take.”

Bankrate.com is not the only group trying to push Millennials out of cash and into stocks. Previous surveys have scolded young adults for “stashing cash under the mattress,” being as “financially conservative as the generation born during the Great Depression,” and more being “less trustful of others”—in particular financial institutions and Wall Street. (You can find these surveys here, here and here.)

These criticisms are way overblown. It’s simply not true that Millennials are uniquely averse to equities—many are investing in stocks, despite their responses to polls. As for cash holdings, keeping a portion of your portfolio liquid is simply common sense, though you can overdo it.

Here’s what’s really going on:

  1. Millennials are not much more risk averse than older generations. In the wake of the financial crisis, investors of all ages have been keeping more of their portfolios in cash—some 40% of assets on average, according to State Street’s research. Baby Boomers held the highest cash levels (43%), followed by Millennials (40%) and Gen X-ers (38%). That’s not a wide spread.
  2. Many Millennials do keep significant stakes in equities. This is especially true of those who hold jobs and have access to 401(k) plans. That’s because they save some 10% of pay on average in their 401(k)s, which is typically funneled into a target-date retirement fund. For someone in their 20s, the average target-date fund invests the bulk of its assets in stocks. Thanks to their early head start in investing, these young adults are an “emerging generation of super savers,” according to Catherine Collinson, president of the Transamerica Center for Retirement Studies.
  3. Young adults who lack jobs or 401(k)s need to keep more in cash. Most young people don’t have much in the way of financial cushion. The latest Survey of Consumer Finances found that the average household headed by someone age 35 or younger held only $5,500 in financial assets. That’s less than two months pay for someone earning $40,000 annually, barely enough for a rainy day fund, let alone a long-term investing portfolio. Besides, that cash may be earmarked for other short-term needs, such as student loan repayments (a top priority for many), rent, or more education to qualify for a better-paying job.

There’s no question that young adults will eventually have to funnel more money into stocks to meet their long-term right goals, so in that sense the surveys are right. But many are doing better than their parents did at their age—the typical Millennial starts saving at age 22 vs 35 for boomers. And if many young adults hold more in cash right now because they’re unsure about their job security or ability to pay the bills, there are worse moves to make. After all, it was overconfidence in the markets that led older generations into the financial crisis in the first place.

MONEY Millennials

10 Things Millennials Won’t Spend Money On

Young businessman with groceries and bicycle
Valentine—Getty Images/Fuse

By 2017, millennials will have more buying power than any other generation. But so far, they're not spending like their parents did.

Millennials are often maligned for their lack of financial literacy, but there is one money skill the younger generation has in spades: saving. After growing up during the Great Recession, millennials want to keep every cent they can. (If you don’t believe us, just check out this Reddit Frugal thread inspired by our recent post on millennial retirement super-saving.)

This generation may be way ahead of where their parents were at the same age when it comes to preparing for retirement, but the frugality doesn’t end there. Kids these days also aren’t making the same buying decisions our parents made. Here are 10 things that a disproportionate number of today’s young adults won’t shell out for.

1. Pay TV
The average American still consumes 71% of his or her media on television, but for people age 14-24, it’s only 46%—with the lion’s share being consumed on phone, tablet, or PC. Many young people aren’t getting a TV at all. Nielsen found that most “Zero-TV” households tended toward the younger set, with adults under 35 making up 44% of all television teetotalers.

Millennials aren’t the only ones tuning out the tube. In 2013, Nielsen reported aggregate TV watching time shrank for the first time in four years.

2. Investments
By all accounts, young people should be investing in equities. Those just entering the work force have plenty of time before retirement to ride out market blips, and experts recommend younger investors place 75% to 90% of their portfolio in stocks or stock funds.

Unfortunately, after growing up in the Great Recession, millennials would rather put their money in a sock drawer than on Wall Street. When Wells Fargo surveyed roughly 1,500 adults between 22 and 32 years of age, 52% stated they were “not very” or “not at all” confident in the stock market as a place to invest for retirement.

Of those surveyed, only 32% said they had the majority of their savings in stocks or mutual funds. (Too be fair, an equal number admitted to having no clue what they were invested in, so hopefully their trust fund advisors are making good decisions.)

3. Mass-Market Beer
Bud. Coors. Miller. When parents want a drink, they reach for the classics. Maybe a Heineken for a little extra adventure. Millennials? Not so much. When Generation Now (thank god that moniker didn’t catch on) wants to get boozy, the data says we prefer indie brews.

According to one recent study, 43% of millennials say craft beer tastes better than mainstream beers, while only 32% of baby boomers said the same. And 50% of millennials have consumed craft brew, versus 35% of the overall population. Even Pete Coors, CEO of guess-which-brand, blames pesky kids for his beer’s declining sales.

4. Cars
Back when the Beach Boys wrote Little Deuce Coupe in 1963, there was a whole genre called “Car Songs.” Nowadays you’d be hard pressed to find someone under 35 who knows what a “competition clutch with the four on the floor” even means.

The sad fact is that American car culture is dying a slow death. Yahoo Finance reports the percentage of 16-to-24-year-olds with a driver’s license has plummeted since 1997 and is now below 70% for the first time since Little Deuce Coupe’s release. According to the Atlantic, “In 2010, adults between the ages of 21 and 34 bought just 27 percent of all new vehicles sold in America, down from the peak of 38 percent in 1985.”

5. Homes
It’s not that millennials don’t want to own homes—nine in ten young people do—it’s that they can’t afford them. Harvard’s Joint Center for Housing Studies found that homeownership rate among adults younger than 35 fell by 12 percent between 2006 and 2011, and 2 million more were living with Mom and Dad.

It’s going to be a while before young people start purchasing homes again. The economic downturn set this generation’s finances back years, and reforms like the Dodd-Frank Act have made it even more difficult for the newly employed to get credit. Now that unemployment is decreasing, working millennials are still renting before they buy.

6. Bulk Warehouse Club Goods
This one initially sounds weird, but remember: millennials don’t own cars or homes. So a Costco membership doesn’t make much sense. It’s not easy to bring home a year’s supply of Nesquik and paper towels without a ride, and even if you take a bus, there’s no room to stash hoards of kitchen supplies in a studio apartment.

Responding to tepid millennial demand, the big box giant is trying to win over youngsters by partnering with Google to deliver certain items right to your home. However, even Costco doesn’t seem all that excited about its new strategy.

“Don’t expect us to go to everybody’s doorstep,” Richard Galanti, Costco’s chief financial officer, told Bloomberg Businessweek. “Delivering small quantities of stuff to homes is not free. Ultimately, somebody’s got to pay for it.”

7. Weddings
Getting hitched early in life used to be something of a rite of passage into adulthood. A full 65% of the Silent Generation married at age 18 to 32. Since then, though, Americans have been waiting longer and longer to tie the knot. Pew Research found 48% of boomers were married while in that age range, compared to 35% in Gen X. Millennials are bringing up the rear at just 26%.

Just like with homes, it’s not that today’s youth just hates wedding dresses—far from it. Sixty-nine percent of millennials told Pew they would like to marry, but many are waiting until they’re more financially stable before doing so.

8. Children
It’s hard to spend money on children if you don’t have any.

After weddings, you probably saw this one coming, but millennials’ procreation abstention isn’t only because they’re not married. Many just aren’t planning on having kids. In a 2012 study, fewer than half of millennials (42%) said they planned to have children. That’s down from 78% 20 years ago.

Stop me if you heard this one: it’s not that millennials don’t want children (or homes, or weddings, or ponies), it’s that this whole recession thing has really scared them off any big financial or life commitments. Most young people in the above study hoped to have kids one day, but didn’t think their economic stars would align to make it happen.

9. Health insurance
According the Kaiser Family Foundation, adults ages 18 to 34 made up 40% of the uninsured population in the pre-Obamacare world. Why don’t young people get health coverage? Because they’re probably not going to get sick. This demographic is so healthy that those in the health insurance game refer to them as “invincibles.”

Since the Affordable Care Act, more millennials are gradually buying insurance. Twenty-eight percent of Obamacare’s 8 million new enrollees were 18-34 year-olds. That’s well short of the 40% the Congressional Budget Office wanted in order to subsidize older Americans’ plans, but better than the paltry number of millennials who signed up before Zach Galifianakis got involved.

10. Anything you tell them to buy
When buying a product, older Americans tend to trust the advice of people they know. Sixty-six percent of boomers said the recommendations of friends and family members influences their purchasing decisions more than a stranger’s online review.

Most millennials, on the other hand, don’t want their parent’s or peer’s help. Fifty-one percent of young adults say they prefer product reviews from people they don’t know.

Related: 10 Things Americans Have Suddenly Stopped Buying

MONEY 401(k)s

Millennials (With Jobs) Are Super Saving Their Way to Retirement

Laptop with cord in shape of piggy bank
Atomic Imagery—Getty Images

Young adults are outpacing Baby Boomers and Gen X when it comes to getting a head start on their 401(k)s.

You may have heard that Millennials are taking saving more seriously than Gen X-ers and Baby Boomers did at their age. But their financial prospects look much worse, given student loan debts, high unemployment, and shaky entitlement programs.

No question, Millennials face steep challenges. But it turns out, twenty-something savers who managed to land jobs (some 74% of this age group) are doing even better than you might have thought—and they’ve built a huge head start toward retirement security.

Those are the findings of a just-released study by Transamerica Center for Retirement Studies, which surveyed more than 1,000 Millennials in the work force. “Millennials have seen what happened to their parents, many of whom lost their jobs and savings in the financial crisis—and they are taking steps to avoid a similar outcome,” says Catherine Collinson, president of the Transamerica center. “We’re seeing an emerging generation of retirement super savers.”

Millennials have also benefitted from the widespread adoption of 401(k) auto enrollment, automatic contribution hikes, and target date funds, Collinson says. Some 71% of Millennials who are offered a 401(k) end up joining their plan. By being enrolled into 401(k)s as soon as they start their jobs (unless they opt out), many Millennials are being nudged onto the retirement savings path sooner than previous generations.

How much sooner? Some 70% of Millennials started saving for retirement at an unprecedented young age, just 22, the survey found. By contrast, the average Boomer began saving at age 35, while Gen Xers got started at 27.

Transamerica’s findings show that Millennials are contributing an average 8% of salary to their 401(k) plans; adding an employee match, they’re stashing a solid 10% of income into their accounts. Those findings echo earlier surveys of young adults, which have found that Millennials are saving more.

Those contribution rates are especially impressive, given that Gen X savers are putting in just 7% of pay before the match on average. Boomers are saving at a higher rate, 10% before the match, but they also have higher pay on average and are facing a looming retirement date. Some 27% of Millennials also said they raised the amount they contributed in the past 12 months vs. just 7% who decreased it.

Thanks to this early savings start, Millennials have amassed an average $32,000 in their 401(k) accounts, according to Transamerica. And unlike older generations they are relying heavily on professional advice to invest their money—some 62% use a managed account or target date fund, vs just 47% of Boomers and 56% of Gen X-ers.

Of course, most young adults have plenty of shorter-term financial worries. Some 27% say their top priority is covering basic living experiences, and 27% say they want to pay off debt. Only 16% listed saving for retirement as a top concern. Complicating matters, three in 10 expect to provide support for their aging parents or other family members.

Even so, Millennials are optimistic about their retirement prospects. A whopping 60% expect to retire at age 65 or sooner. That’s a stark contrast to the majority of Baby Boomers (65%) and Gen X (54%), who plan to work past retirement or never retire. But Millennials share the expectations of older generations in other ways—half plan to work the job in retirement, either full time or part time. When it comes to staying busy in retirement, there’s not much of a generation gap.

MONEY

Young Adults Mistrust the Advisers Who Want Their Trillions

Millennial investor with stock research reports
Cultura—Alamy

Wealth management firms fight to overcome Millennials' wariness of the stock market and the financial advice industry.

Wealth management firms are trying to get millennials excited about investing and hope to win their trust — and the sizeable wealth they are expected to control in the future.

Those now 21 to 31 years old will control $9 trillion in assets by 2018, and that will continue to grow, Deloitte estimated. Millennials also stand to inherit some $36 trillion by 2061, according to Boston College’s Center on Wealth and Philanthropy.

“We have a huge generational shift in wealth coming up,” Tom Nally, TD Ameritrade Institutional’s president, told Reuters recently. “We want to make sure our advisers are ready to serve next-generation investors.”

But it could be a tough sell: Millennials tend to leave their parents’ advisers when they inherit money, and they are leery of stocks. They “are the most conservative generation since the Great Depression,” reported a January UBS Wealth Management study, which found millennials keeping 52 percent of their savings in cash, compared to 23 percent for other generations.

To be sure, millennials are trying to save for homes, pay down student loans and pay the bills that come along with young adult lifestyles. But millennials tend to be distrustful of the traditional financial planning industry, even when they have money to invest.

“They don’t want to hear a sales pitch,” said Michael Liersch, head of behavioral finance at Merrill Lynch, the brokerage unit of Bank of America. Roughly 40 percent of millennials disagreed with the statement “advisers have your best interests in mind,” according to a Wells Fargo & Co survey.

GIVING MILLENNIALS WHAT THEY WANT

To appeal to younger clients, regional brokerage Raymond James Financial is training more new college graduates to be brokers. It will “exponentially” expand its current level of 100 participants over the next three to four years, Tash Elwyn, president of Raymond James’ private client group, said in an interview.

Morgan Stanley runs investment educational programs aimed at clients’ children who may someday need help managing inheritances. It also beefed up its social-impact investing to appeal to conscientious millennials, said Doug Ketterer, head of strategy and client management for Morgan Stanley Wealth Management.

Online broker TD Ameritrade runs TD Ameritrade U, an online program that teaches college students investing strategies and how to use the brokerage’s thinkorswim trading platform. It also offers clients recommendations from LikeFolio, a youth-friendly startup that generates sample portfolios based on what’s popular on Facebook and Twitter.

“(These platforms) pique interest and expose millennials to investing,” said Nicole Sherrod, managing director of active trading at TD Ameritrade. “It goes back to the ‘invest in what you know’ concept.”

That concept may be the one that wins over millennials like Kenny Quick, a 25-year-old Tampa, Florida, advertising executive, who bolsters his workplace retirement plan by skipping the advice and buying shares of companies he knows through deep discounter Scotttrade, Inc.

“I hold stock in Chipotle,” Quick said. “I feel like I eat there all the time, so investing in them felt like the next step.”

TIME career

Study: Most Millennials Would Dump a Friend to Get Ahead at Work

LinkedIn Website
LinkedIn Corp. logos are arranged for a photograph. Bloomberg—Bloomberg/Getty Images

Watch out for any "Me Generation" coworkers

On top of accusations that millennials are narcissistic and lazy, the generation now has a new criticism to address: They’re more likely to ditch work friends for the sake of a promotion, according to a recent LinkedIn survey.

The world’s largest online networking platform surveyed 11,500 full-time professionals from 14 countries about their work relationships. The results revealed a significant generational gap. While half of millennials (defined as professionals between the ages of 18 and 24) report that their work relationships make them feel motivated, 45% of professionals between 55 and 65 (or “baby boomers”) responded that such friendships had no effect on workplace performance.

But those warm and fuzzy feelings don’t necessarily translate into coworker loyalty. When asked whether they would sacrifice a work friendship for a promotion, 68% of millennials said they would while 62% of boomers said they would never even consider it.

“It’s a positive difference as far as I’m concerned,” Nicole Williams, a LinkedIn Career Expert, told TIME. “Ultimately, [millennials] feel that these friendships will either survive or there will be new friendships…I think there is a sense of competitiveness and that you need to be competitive in order to survive.”

Williams also said that the results could be affected by millennials’ expectation that they will work for several companies across their careers. “If you thought you’d be sticking around for 20 years, I think you’d be more conscious in terms of your relationships,” she says.

Boomers are also more likely to have started families of their own, while Williams suggests that millennials—fresh out of college and in a new environment—search for that closeness in their office relationships. “You’ve got boomers who have kids, who have husbands, parents they’re taking care of. They’re not as interested in the more social aspects of work,” Williams says. “For millennials, their professional relationships are kind of an extension of their family in a lot of ways.”

The idea of a “work spouse” comes to mind, a coworker possibly of the opposite sex with whom you share a platonic but extensive friendship because of a shared understanding in the work you do. Williams credits this very concept to the millennial generation. “Even the word ‘work spouse’ didn’t exist ten years ago, and I’m certain that the boomer generation wouldn’t conceive of their professional relationships being comparable to their partner, marriage relationships,” she said. “But you hear it all the time within this millennial generation.”

Still, knowing that many millennials would gladly ditch their work hubby for a shot at the corner office may leave a bad taste in some people’s mouths. Williams’ explanation for this trend is concise: “[Millennials] are using these friendships to advance themselves professionally,” she says.

Those after-work happy hours are looking less chummy.

TIME Culture

Millennials Are Proud of #Murica Despite Awareness of Its Flaws, MTV Says

MTV study challenges typical notions of young Americans

Search #murica on Instagram and you’ll get an eclectic mix of overtly patriotic content and photos parodying some less flattering perceptions of the United States. So an image of fingernails painted in red, white, and blue may exist right on top of a snarky note about a gas station where you can buy cigarettes, beer and fireworks all at once.

The contradictory way young people use this hashtag offers insight into the way millennials, a term typically used to describe people born in the 1980s, 90s, and early 2000s, think about America, according to new research conducted by MTV.

Of the 2,000 young people (ages 16-24) that MTV reached out to, 86% said they feel “proud to be American,” a fact that the “Millenials & #Merica” study notes contradicts Pew’s “Millennials in Adulthood” study earlier this year, which reported self-proclaimed patriotism to be at 49%. At the same time, MTV found that millennials are conscious of and concerned about the country’s problems.

This dichotomy can in part be attributed to the availability of differing perspectives in the media and online, Vice President of MTV Insights Alison Hillhouse told TIME.

For older generations, “any information was filtered through the nightly news, filtered through newspapers,” she said. “Millennials are so much more exposed to how other people think about the country on a daily basis.”

Nearly 90% of millennials ascribed equality and fairness as values they considered to be “American.” However, 80% said that sometimes the government acts in a way that makes it difficult to feel patriotic, and more than 50% said that the country has let them down personally.

Hillhouse said that the research, which collected data through focus groups, conversation, and other online methods, will help guide MTV programming as well as many of the company’s social initiatives.

This is based on a press release with key findings; the full study has not been released by MTV.

MONEY buying a home

7 Ways to Get Your Kid Out of Your Basement

College students slacking off and living in parents' basement
Adam Crowley—Getty Images

If your child is one of the 14% of millennials who have moved back in with their parents, here are some tips to nudge him (or her) out the door.

For most of us, leaving the nest was a rite of passage. We went to college, and then proudly headed out into the world to make our own way, while our parents turned our old room into another guest bedroom.

However, for a significant percentage of young adults, that rite of passage is now all about returning to the roost rather than flying solo. According to Gallup research, 14% of millennials (24-to-34-year-olds) have moved back in with their parents. The homeownership rate for those under age 35 was 36.2% in the first quarter of 2014, down from a historical high of 43.1% at the end of 2005, according to Census data. According to numerous economic reports on millennials, this is attributed to a weak job market, high cost of living, significant college debt, and other factors.

These kids, as well as any adult children who have decided to move back in with mom and pop are lovingly referred to as “boomerang kids.” Clearly the analogy is obvious.

For Mom and Dad, who would love to have the ‘kids across the hall’ become the ‘kids across town,’ here are seven pointers you might want to consider:

Start Charging Rent

Cut off the free ride. Yes, it sounds harsh, but you may be doing both you and your kid a favor. Managing money and a monthly budget is something that is not learned in school, and it is certainly not learned hanging out in your parent’s converted attic for free. Give your boomerang kids a real estate reality check. If the free ride comes to a screeching halt and they are paying rent, they will probably want to do it in their own apartment, closer to (or with) their friends, near downtown or a closer drive to their office. Charge rent and enforce it. Once they start getting that first-of-the-month monetary wake up call, it might shock their system enough to have them consider alternative arrangements. If they’re going to have a landlord no matter what, they’re likely to consider a new, more independent situation.

Collect Monthly Payments

Here’s another way to give them a foot out the door – but still a leg up. Start charging them monthly payments now. Let them know that they will have to come up with the monthly equivalent to local rents each month for the next six months. At the end of the six months, you will give them back all the money when they move out. That does three things: You teach them budgeting skills, you incentivize them to move, and you give them a financial helping hand on move-out day.

Be A Strict Landlord

No parties, no loud music, no guests after 10:00 pm. Keep the house rules strict. At some point, your kid is going to want to have a little independence, and some fun too. Living with a strict landlord may just be the incentive he or she needs to find a place of their own.

Set A Deadline…and Stick To It

If you can sense that your boomerang kid is riding out his or her free meal ticket under your roof as long as they can, help them visualize when that ride will end. Create a deadline for them to move out and stick to it, no matter what. It’s likely you never intended to have kids under your roof for more than two decades, so your children need to respect that…and they need to get on with their own lives. Even in a world where millennials are underemployed compared to their Gen X, Y and Baby Boomer counterparts, there are still plenty of ways for them to make a living that enables them to live with a roommate or two or three…elsewhere.

Help Them Get Organized and Overcome The Mental Hurdle

After all the financial aspects are considered, one of the biggest hurdles to making a big move is mental: it just feels overwhelming. So many things to do, buy and organize before it can actually happen. Your child may just need the expertise of someone who’s moved multiple times in their lives to talk them down off the “I’m too overwhelmed and can’t do this” ledge. Map out all the necessities and then make a list of the “nice to haves down the road” so they can see what’s an immediate need, and what can be done over the coming weeks and months.

Gift or Loan Them The Down Payment

Trulia’s latest survey showed that 50% of millennials surveyed plan go to their parents for help with the hefty down payment that’s required to purchase a home in today’s housing market. If you want your adult child up and out of your basement, consider giving them the financial head start now they need to form their own household and be independent.

Buy A Multi-Unit Investment Property

I am a huge proponent of purchasing multiunit properties, such as a duplex or triplex, because they are great investments. In the case of your “failure to launch” millennial, slot them into one of the units of your new property and rent out the others. The rental income is likely to cover much of the costs of ownership, and you’ll have a built-in property manager in the building to keep an eye on things. Plus, your boomerang kid is learning valuable management skills at the same time. It can be an investment property for you, and solve the “son or daughter is still in my basement” problem, all at the same time.

 

More on Financial Independence

4 Ways to Lighten Your Kid’s Debt Load

Is Living with Mom and Dad Starting to Cramp Your Style? Take These Steps to Independence

Taking Five Years to Earn a B.A. is Common—And Costly. Here’s How To Get Out in Four

MONEY First-Time Dad

Why You Should Get Up From Your Desk and Go Home

Luke Tepper
Luke is magically sleeping, while his father is fighting to stay still

We work way too much and see our families way too little. The latest on being a new dad, a Millennial, and (pretty) broke.

A couple of days ago I was on an airplane with my son. It may be a cliché, but there are truly few combinations as destabilizing as infants and planes. While other passengers may bristle at an infant’s shrieking hysterics, that annoyance pales in comparison to the sheer terror borne by the parents of the hysterically shrieking child.

(We know that you—passengers without children—are judging us. But more importantly, our kid is upset. So back off.) Anyway, Luke had a rough go of it on his first flight, so I was on DEFCON 1 for the return trip.

But he did great. Very little muss, almost no fuss. His calm allowed me to reflect on things other than what I’d do if Luke vomited on the lovely couple to my left, and I realized something: This vacation was the first time I had hung out with my son before 7 p.m. on a weekday for as long as I could remember.

Which sucks.

I love my job, but I rarely leave the office before 6:30 p.m. My commute is a little under an hour, and I usually stop by the grocery store to pick up dinner, so I’m lucky to get home before Luke’s asleep.

Of course, I’m not alone. Americans, by and large, work too long, take too few days off, and have problems enjoying their vacation time.

For instance, about one in nine U.S. workers puts in more than 50 hours a week, according to the Organisation for Economic Co-operation and Development. Less than 1% of Dutch employees toil that hard. In fact, citizens in only three out of 36 countries devote less time to leisure activities like sleeping and eating than Americans do.

Not surprisingly, America ranks eighth from last on the OECD’s Better Life Index.

When it comes to time off for good behavior, Americans get 14 vacation days a year on average, per Expedia’s 2013 Vacation Deprivation Study, or less than half as many as workers in France, Denmark, and Spain enjoy. But that’s not the really depressing part. The really depressing part is that while Americans receive more than two weeks of vacation, we take only 10 days.

One reason is that workers want to save vacation days for later, or convert them to cash. But 35% (the plurality) report having to cancel or postpone getaways because of work.

And once we’re actually on vacation, it’s hard to shut our minds off. Much to my embarrassment, I found myself checking emails and social media my first few days at the beach. I had to tell myself to close the browser and shut the laptop and go spend time with my loving family. It’s as if we’re paid victims of Stockholm syndrome.

I don’t want to sound cranky or ungrateful. I derive a fair amount of pride from my work, and more than eight in 10 U.S. workers say they are satisfied with their jobs. The cool thing about what I do is that I get to see a finished product after I’m done, which is affirming.

But I feel almost guilty if I’m the first to leave the office, as if I have it in my mind that I really didn’t work hard enough or suffer long enough that day. While this is an especially busy time for us here (with the launch of Money.com), I know that many of my friends feel the same pressure to stay well past closing time.

So I’m here to tell you, workers of America, that it is okay to go home when you should, and that there is nothing inherently better about working 50 hours a week than 40. Don’t feel less of a success if your friends put in more hours at the office than you do.

By repeating that mantra to myself long enough, I just might get home in time to put my kid to sleep.

More First-Time Dad:

 

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