Tag Archives: Millennials

Whoopi Goldberg blames millennials’ work ethic for their money problems, but new research shows they still bear ‘economic scars’ from the Financial Crisis – Fortune

  1. Whoopi Goldberg blames millennials’ work ethic for their money problems, but new research shows they still bear ‘economic scars’ from the Financial Crisis Fortune
  2. British millennials still bearing scars of 2008 financial crisis, says research The Guardian
  3. UK millennials ‘still wearing economic scars’ of 2008 financial crisis City A.M.
  4. Everybody aged 23 to 42 in UK warned they have thousands missing from bank account Birmingham Live
  5. Under-40s suffer most from stagnation in living standards The Times
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Most Gen Z, Millennials Ashamed of Needing to Ask Parents for Support – Investopedia

  1. Most Gen Z, Millennials Ashamed of Needing to Ask Parents for Support Investopedia
  2. Money from Mom and Dad: Millennials and Gen Z Reliant on Families for Support Bloomberg
  3. Why is Gen Z debt increasing? What the answer means for your generation USA TODAY
  4. Most Gen Zers and Millennials Still Rely on Parents for Financial Support and Feel Ashamed Asking for Help Yahoo Finance
  5. The ‘nostalgic generation’ is bringing cash back: Nearly one third of Gen Z are using the classic ‘cash stuffing’ technique to bolster their finances — are they on to something? Yahoo Finance
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Gen Z, millennials delay making financial plans as they take too long – Business Insider

  1. Gen Z, millennials delay making financial plans as they take too long Business Insider
  2. Gen Z turns to ‘brand new craze’ to control their finances, expert says Fox Business
  3. Suze Orman says now is the time for boomers, Gen X to tell their adult kids ‘I am no longer your bank account’ and focus on their retirement nest egg — this is how Yahoo Finance
  4. The Controversial Way Millennials and Gen Z Are Saving 50% of Their Income To Build a Down Payment GOBankingRates
  5. Suze Orman says now is the time for boomers, Gen X to tell their adult kids ‘I am no longer your bank account’ and focus on their retirement nest egg — here’s how msnNOW

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‘Workplace jargon’ making Gen Z and Millennials feel left out at work – Business Insider

  1. ‘Workplace jargon’ making Gen Z and Millennials feel left out at work Business Insider
  2. Gen Z and millennial workers feel confused, irritated, and left out by endless ‘workplace jargon’ in the office, LinkedIn research shows msnNOW
  3. The 10 most cringeworthy jargon phrases you need to stop using in the office—because no one understands them anyway Fortune
  4. Gen Z and Millennials don’t know what their colleagues are talking about half the time The Register
  5. How office language — and etiquette around it — has changed Star Tribune
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Housing economist breaks down why millennials are losing out to boomers as top buyers of homes on the market – Fortune

  1. Housing economist breaks down why millennials are losing out to boomers as top buyers of homes on the market Fortune
  2. 60% of Gen Z Do Not Believe Taking Out a Mortgage Is the Best Home-Buying Option: Here’s Why Yahoo Finance
  3. Gary Acosta & Carolina Jannicelli: More homeownership is one way to close racial wealth gap – Jacksonville Business Journal The Business Journals
  4. Boomers and millennials fight for homes as housing market cools The Hill
  5. Housing Market 2023: How Mortgage Rates Are Boosting Competition Between Boomers and Millennials Yahoo Finance
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Boomers are buying up homes, blocking millennials from housing market – Business Insider

  1. Boomers are buying up homes, blocking millennials from housing market Business Insider
  2. Millennials are (finally) buying and remodeling their own homes, with spending on the rise Houston Chronicle
  3. The Median Millennial Home Value in Pennsylvania Is 3.5% Above Average 69News WFMZ-TV
  4. More millennials now own their own home than rent one, leaving Gen Z the only group where most still have a landlord Yahoo News
  5. More millennials now own their own home than rent one, leaving Gen Z the only group where most still have a la Business Insider India
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Millennial’s beauty startup Social Bella raised over $225 million

When the Covid pandemic was raging in 2020, much of the world was in lockdown and more turned to online shopping.

But Chrisanti Indiana did the unexpected: she expanded her e-commerce business — offline.

Her beauty and personal care e-commerce startup, Sociolla, had just two brick-and-mortar stores in Indonesia in 2019. By the end of 2021, that number grew “10 times” more, she said.

“A lot of people actually told us that it’s a very bold move to actually open an offline presence, while everybody was closing their offline stores [during the pandemic],” she added. 

But that was a “well-calculated” move for Social Bella, which operates Sociolla. 

We know that this is the time for us to actually prepare … to make sure that after the pandemic, we can serve more and more consumers.

Chrisanti Indiana

Co-founder and CMO, Sociolla

“We know that this is the time for us to actually prepare … to make sure that after the pandemic, we can serve more and more consumers,” she added. 

Looking far ahead turned out to be the right move for the 31-year-old. Her online and offline approach transformed her e-commerce startup into a multimillion-dollar beauty conglomerate.  

Since 2018, it has raised around $225 million, and drawn an impressive list of investors that include East Ventures, Jungle Ventures, Temasek and Pavilion Capital.  

Indiana, the co-founder and chief marketing officer of Social Bella, tells CNBC Make It how she took her Jakarta-based startup to the next level.

Tackling counterfeits  

The idea for Sociolla came about in 2015, when Indiana returned home to Jakarta, after studying in Australia.  

The makeup junkie realized that in Australia, she had easy access to a wide range of beauty products from international brands. That was a stark contrast to Indonesia.

“There was lot of options for me, but then I came back and there’s basically none,” said Indiana. 

“There wasn’t a platform that had it all — I had to find specific sellers on social media, ask friends who can help purchase the product for you [when they are] overseas.”

What made matters worse for her was the online proliferation of counterfeit makeup products that were sometimes selling at “a fraction” of the original’s price. 

I still remember vividly in my mind that there’s a lot of like sellers online, especially on social media, that claim their products are 99% authentic. What does that mean, 99% authentic?

Chrisanti Indiana

Co-founder and CMO, Sociolla

“I still remember vividly in my mind that there’s a lot of like sellers online, especially on social media, that claim their products are 99% authentic. What does that mean, 99% authentic?” 

Indeed, locally made counterfeits in Indonesia are rife, thanks to cheap labor costs and materials. According to a local report, Indonesian authorities seized illegal cosmetic products worth $9 million in 2018 — twice the previous year’s amount. 

Seeing friends buying these products left Indiana perplexed. 

“It’s skincare, it’s makeup. It’s something that you put on your skin. It’s just bizarre for me,” she said. 

Sociolla has expanded into brick-and-mortar shops. It now has 47 stores in Indonesia and 16 in Vietnam.

Social Bella

Determined to build a space where consumers can get products that are safe and authentic, Indiana teamed up with her brother and friend to launch Social Bella, with a starting capital of $13,000.

“Since we started, we ensure that we only work with authorized distributors or brand owners,” Indiana said. 

Building an ‘ecosystem’

Sociolla may have started off as an e-commerce platform, but the trio had bigger dreams. 

Social Bella has since gone beyond offline shops — it’s also a distributor for beauty and personal care manufacturers worldwide.  

“We become an associate partner for a lot of global brands in Indonesia. We help them not only to distribute their products to Indonesia, but we also help them understand the market,” said Indiana.

On top of that, the business also operates Soco, which Social Bella says is Indonesia’s largest online review service for beauty products. Soco has amassed more than 2.5 million reviews for around 36,000 products, the company added. 

Social Bella was founded in 2015 by Chrisanti Indiana, her brother and president Christopher Madiam (left) and CEO John Rasjid (right).

Social Bella

The “beauty journey” for customers goes beyond putting something in their shopping carts and checking out, said Indiana. 

“We realized that there’s a lot of touch points that are really important … finding the right products for yourself is not just about going to the store and picking it up. You will make sure that you read the reviews, talk to your friends, or Google first,” she added. 

“Soco makes sure that they can access tons of product reviews before they purchase products.”

On top of that, Social Bella also runs Beauty Journal — a lifestyle website, and Lilla, an online retailer for mothers and babies.

That’s all part of building the business “ecosystem,” as Indiana calls it.

We want to make sure that we are scaling up and reaching more and more consumers. If Social Bella becomes a unicorn, it’s a bonus.

“We want to … to serve more and more women, not only in beauty and personal care, but also in other industries.”

The startup appears to be on the right track — it now boasts more than 30 million users across all its business units, said Social Bella, selling an inventory of 12,000 products from 400 brands worldwide.

Indonesia’s next unicorn? 

Over the last two years, Social Bella expanded aggressively, growing from just three Sociolla stores in Indonesia in 2020, to 47 stores there and 16 stores in Vietnam today.

While much of the expansion took place during the pandemic, Indiana said that had always been part of the plan for the e-commerce platform, lockdowns or not.

“It’s actually to create a seamless omnichannel experience … because we believe that we are serving the same customer whether she shops offline or online,” the Forbes’ 30 Under 30 Asia honoree said.

“They can choose to do click-and-collect or … she can also deliver the purchases to her home. It’s making sure that she can shop the way she likes.” 

Social Bella aims to serve more female customers.

Social Bella

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Millennials’ average net worth doubled during pandemic, report finds

andresr | E+ | Getty Images

Covid-19 relief and record-low interest rates boosted many Americans’ finances during the pandemic. That has been especially true for millennials, who have on average built significant wealth.

Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of 2022, up from $4.55 trillion two years prior, according to a MagnifyMoney report.

And millennials’ average net worth — defined as total assets minus total liabilities — also increased twofold during the same period, jumping to $127,793 from $62,758, the report found.

More from Personal Finance:
Nearly half of all Americans fall deeper in debt as inflation boosts costs
1 in 5 Americans dodging credit card statements as interest rates spike
Gen Z is stashing away 14% of income for retirement, study shows

However, the report finds the average millennial net worth still lags behind older generations, with Gen Xers and baby boomers reaching an average of $647,619 and $1,021,264, respectively.

Real estate more than a third of millennial wealth

With soaring home values over the past couple of years, it’s not surprising that real estate, including primary homes and other property, is more than one-third of millennials’ total assets. 

The median U.S. home sales price was $329,000 during the first quarter of 2020, and the number jumped to nearly $429,000 two years later, according to Federal Reserve data. 

However, millennials who recently bought homes may have significant debt, the report found. Nearly 63% of millennial debt is home mortgages, followed by almost 36% in consumer credit.

I would encourage millennials to focus more on their cash flow than net worth in this stage of their careers.

DJ Hunt

Senior financial advisor with Moisand Fitzgerald Tamayo

“I would encourage millennials to focus more on their cash flow than net worth in this stage of their careers,” said certified financial planner DJ Hunt, senior financial advisor with Moisand Fitzgerald Tamayo in Melbourne, Florida.

He said millennials may be “losing financial ground in the long run” if monthly mortgage payments prevent them from fully funding their retirement accounts.

Of course, the definition of a fully funded retirement account varies by individual, Hunt said.

While older millennials in their early 40s should aim to max out 401(k) contributions at $20,500 in 2022, younger workers should deposit enough to receive their company match, striving for up to 15% of gross income, he said.

Diversification is ‘name of the game’

Although owning and living in your home serves an important purpose, diversification is “the name of the game,” especially for younger investors with more time to build assets, said Eric Roberge, a CFP and CEO of Beyond Your Hammock in Boston.

If most of your wealth is home equity, it may be wise to focus on building retirement plans or a brokerage account, he said, suggesting 20% to 25% of gross income annually for long-term investments. 

“For many people, a diversified portfolio will likely provide higher returns in the long-term,” he said.

Applying for a home equity line of credit

Momo Productions | Digitalvision | Getty Images

If you’re sitting on wealth in your home, it may be worthwhile to apply for a home equity line of credit, or HELOC, allowing you to borrow from a pool of money over time, if needed. 

“It is always a good idea to have a HELOC in place if you have substantial equity in your home,” said Ted Haley, a CFP, president and CEO of Advanced Wealth Management in Portland, Oregon.

HELOCs are typically inexpensive to set up, with lower interest rates than credit cards, and there’s no added cost until you use it. While higher interest rates may impact how much and when to borrow, it’s still a “good idea” to have one, he said.

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Monster Rancher 1 & 2 DX is the perfect cozy game for millennials

But might not appeal to anyone else

I have so many vivid memories of Monster Rancher growing up. For those unaware, this was a monster-training game (and anime!) in which players used their real-life CDs (those things before MP3s took over) to generate monsters. So imagine a whole generation of gamers rifling through their collection of Backstreet Boys and Sum 41 CDs to find out which ones would provide the coolest and most powerful monster in the game. Or maybe asking their dad for every AC/DC CD (that’s fun to say!) in hopes that “Back in Black” might yield something other than another Suezo (the one-eyed poster child for the series).

It was an absolute blast and one that just hasn’t been replicated for obvious reasons. Actually, I guess there was that one Digimon handheld device that scanned barcodes in the store to give you different Digimon. That was also really neat! But herein lies the problem: this shit is so late-1990s, and to be honest, I’m not really sure Monster Rancher holds up for anyone completely new to the idea.

Seriously, does anyone under the age of 24 own a single music CD?

With the new DX version of these games, CD-hunting has gone by the wayside.

Instead, Monster Rancher 1 & 2 DX players simply type in an artist or album they want to use, and then click on the CD they want — and off it goes. Again, it’s fun to be a millennial and think back to all those amazing artists we used to (and probably still do) jam out to. I didn’t need a reason to recall Blind Melon’s self-titled album and see what abomination the game spit out at me, but I sure as hell enjoyed doing it! But would anyone else who doesn’t have nostalgia for the game and the time period? Probably not.

So, for the uninitiated and soon-to-be-disappointed, after generating a monster using masterpieces like No Doubt’s Tragic Kingdom, players take their monstrosity back to the ranch (hence the title) and train it. This is a very passive event; players simply pick a training program, then watch the monster do it. Sometimes they fail, sometimes they cheat, the little bastards. Stats go up and down depending on the training program, and every once in a while, monsters can go on bigger training programs to learn new moves.

This all culminates with the monster fighting in tournaments. The fighting itself can be passive or active, but even the active method isn’t very mechanically engaging. Monsters go monstro a monstro (please laugh) and shimmy back and forth while executing attack moves. Players can tell their monster which move to use, but only if they are at the right distance apart from their opponent. Early on, monsters will occasionally not listen, making it all the more…exciting? To be honest, it’s kind of lame to describe, but dang if I don’t get hyped up while yelling at my little shit for not listening or missing a key attack. There is a hard-to-describe riveting nature of it all.

And that’s kind of it? Eventually, monsters will die from old age, or even run away. They can be frozen and fused, in line with the monster-seeking madness of the 1990s, but it’s still a very passive game. To me, though, this is perfect. Monster Rancher 1 & 2 DX is a low-stakes, chill-out kind of game that fits perfectly with lazy afternoons and vacation days. The music is boisterous and fun (and remastered!), while the PS1 aesthetic brings me back to my youth in all the best ways.

Maybe I’m wrong — maybe a new generation can stumble onto this one day and appreciate it for all that it is; there is something to be said for watching your monster grow up, stop cheating on its training, and reap the benefits in future tournaments.

I think it’s important to note that I’m honestly not sure there is any appeal in playing the first Monster Rancher. Playing it now, I’m pretty confident I have never even played the original before. It just feels like the second game, only worse.

Outside of your nostalgia coming from the OG Monster Rancher, the only real draw here is the second, more robust sequel. The DX version auto-saves frequently, which is wonderful, as well as having a fast-forward feature (not as useful as those in many of Square’s ports) and monster sharing and battling online. Great features, but other than the better auto-saving, none that I personally am too interested in. I just want my little weird-ass monster to eat his fish, punch rocks over, and fight giant crabs.

The Nintendo Switch port is fine, if not a bit disappointing. There are buttons in the margins that make up for the aspect ratio difference, but you can’t actually touch them on the touchscreen. You have to push the associated button.

It’s worth noting that the screenshots in this article are from the Steam port, and from what I understand those buttons are clickable with a mouse, though I can’t comment personally on the usefulness of the mouse and keyboard control scheme — reading Steam reviews, it’s not great. Even the fast forward operates from a menu only. So either everything is in fast forward, or it isn’t. Not to mention I had no idea that it was actually the fast forward option because it’s just called “FF” with no context.

So while I don’t think that Monster Rancher 1 & 2 DX is here to sweep up a new generation of fans and propel the series into a second wave of popularity, I do think it hits all the right nostalgia buttons for my generation. This isn’t a case of a bad game that we now realize is bad because we’re older; it still has that same charm and wonder that it used to, I just don’t know if it translates well to a new audience without the physical media and monster-collecting craze as context. But, to borrow a phrase from the younger generation, playing Monster Rancher again while cozy in my pajamas is definitely a vibe.

[These impressions are based on a retail build of the game provided by the publisher.]

Patrick Hancock

During the day, he teaches high school kids about history. At night he kicks their butts in competitive games like Rocket League, Dota 2, Overwatch, and Counter-Strike.
Disclosure: I’ve personally backed Double Fine Adventure, Wasteland 2, Dead State, SPORTSFRIENDS, Torment: Tides of Numera, STRAFE, and The Binding of Isaac: Four Souls. I have previously written for AbleGamers.com and continue to support them whenever possible (like HumbleBundle).

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Labor shortage: Blame the boomers, not ‘lazy’ millennials

By Allison Morrow, CNN Business

One of the more insidious myths making the rounds this year was that young people didn’t want to work because they were getting by just fine on government aid. People had too much money, went the narrative from a handful of politicians and pundits.

Only trouble is, the numbers don’t back it up.

Here’s the thing: Early retirement — whether forced by the pandemic or made possible otherwise — is having a huge impact on the labor market. And data show that retiring boomers, far more than “lazy” millennials, are the biggest force behind the labor shortage.

People have left the workforce for myriad reasons in the past two years. But among those who have left and are least likely to return, the vast majority are older Americans who accelerated their retirement.

Last month, there were 3.6 million more Americans who had left the labor force and said they didn’t want a job compared with November 2019. A whopping 90% of them were over 55.

There are few reasons why this is the case.

  • The strong stock market and soaring home prices have given higher-income people, especially Boomers, more options, says ADP Chief Economist Nela Richardson.
  • The nature of the pandemic means the risks of going to work are higher for older people.
  • Employers aren’t doing enough to lure people out of retirement. They’re creating jobs, just not the ones people want.
  • Key quote: “I can want a 65-inch TV for $50, but it doesn’t mean there’s a TV shortage, it means I’m not willing to pay enough to get somebody to sell me a TV,” says Aaron Sojourner, a labor economist and professor at the University of Minnesota’s Carlson School of Management.

Even the White House has recognized how the retirement issue is distorting our read of the labor economy. Jared Bernstein, a member of President Joe Biden’s Council of Economic Advisers, said that once “non-prime age” workers — those over 55 — are excluded from the metrics, a much clearer picture of how the labor recovery is doing emerges because it strips out the retirement narrative.

There are signs emerging that the labor shortage is easing.

First, retired people are starting to come back to work. The “unretirement” rate fell to just over 2% early in the pandemic, but in recent months has ticked up to around 2.6%, according to Nick Bunker, an economist at Indeed. That’s still off from the pre-pandemic rate of around 3%.

Bringing people out of retirement might sound cruel, but it’s not always the case — some people retired not because they wanted to stop working but because it was too risky to work in a pandemic, or they couldn’t find a job in which the benefits outweighed the risks.

Another glimmer of hope for hiring managers: FedEx, which said the labor shortage cost it $470 million in its most recent quarter, says the outlook for staffing is improving.

FedEx said it is getting a good response from its current hiring efforts, given its current pay package and other offerings, such as an app that provides employee-friendly, flexible schedule options. In the last week alone, it got 111,000 applications, the highest in its history, and up from just 52,000 during a week in May of this year.

The company also is optimistic about keeping many of its seasonal hires on staff once the holiday shipping season is over, CNN Business’ Chris Isidore reports.

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