4 ways millennials will spend, earn and live differently from their parents

By Uma Shashikant

The hero of our story just found a good job after graduating. He moved into a new city with the excitement of becoming independent. Our man soon discovered this truth: His life is not going to be like that of his parents. The yardsticks of success and accomplishment were no longer the same.

First, he found his work to be far from distinctive. He was one among the thousands that joined the firm every year. Managers determined what had to be done, how and when. There did not seem to be much autonomy. The hours were long, and the work was hard. He found more similarities to his grandfather’s description of the assembly line of those times, except that this was an intellectual process, flowing in a design he had no control over or contribution towards.

Second, he wasn’t sure there was scope to grow. His father told him to work with an eye on the boss’ seat and that would ensure success. The job was mostly repetitive. There wasn’t much application of mind or problem-solving. Even if it involved teamwork, there was very little actual collaboration. The job mostly involved personal targets he had to meet for the project on hand. Apart from basic communicating skills, he wasn’t sure there was learning. So much happened on emails, texts and chats that seemed wasteful and seldom referred to, let alone being pondered about. Nothing was immersive enough to be lasting.

Third, he felt it was tough to grow personally along with the job. The hours were long, and the social circles were limited to colleagues and a few friends. There was not much time for books, music, or hikes; or energy for dates and parties, even if the Friday night-out was a social obligation. He met a few new people, and even when he did, he did not have much to converse about. The thought of quitting the job to pursue higher studies has been on his mind, but he is not sure if that would be a value add or a sheer waste of time and money. There did not seem much of relevant education happening in university campuses these days.

Fourth, the money was good to begin with. But increments were small, and significant rewards for performance were rare. The money was enough to pay rents and utilities, and lead a decent life as a bachelor. He wouldn’t have enough if he chose to marry and start a family, even if that happened in the next 6-10 years. His mother insists that buying a house, a car and having some savings in the bank were prerequisites. He wasn’t sure he wanted to take big loans and tie himself down to this city and to this job. His mother worried about an extended bachelorhood.
Fifth, he was not sure he would stick around with this employer. Unlike his father who worked with the same company for 25 out of his 35-year career, rising up the ranks to retire as a CXO, our man did not feel confident that he would outshine the thousands of his peers, and move to the top. He is also anxious thinking about what happens to the firm he worked in, because the world seemed like a much riskier place to win. Established businesses were shutting down as they got outdated; newer businesses became successful and then burned out; and it wasn’t clear what would succeed and what would fail.

He could not get bogged down with all this and allow himself to be depressed and get anxious about life. No one told him that adulthood would be this tough, but he had to find a way. Every generation figures what it needs to do, and deals with the dynamics of work and life as they grow up. Our man has made his set of resolutions. Here they are:

First, he would not measure his success by money and aspire to retire as CXO like his father. He would disavow the rat race and the chase for material wealth, and instead choose work-life balance as his credo. He is not his job. Work shall take only the mandatory eight hours of his day. He will work with the ethic that his deliverables will be good, timely and to the specifications he agreed upon. Beyond that, he would work with the team, without being eager to stick out like a sore thumb to impress.

Second, he would not chase material possessions and stuff as the mark of his status in society. He would be fine to wear comfortable not costly clothes, not accessorize heavily like his mother, not be a gadget freak like his father, or be overtly crazy about cars like his uncle. He does not care much for ownership as he cares for convenience. If being driven by a rented car in a crowded city allows him the time to complete some calls, read a book, and even catch a quick nap, he would prefer that.

Third, if the bug bites him, he would choose entrepreneurship over employment. He sees his skills as the package that employers pay for and would be willing to move jobs as required. Being able to keep mind space free from anxiety of where his job would take him, means he would be able to pursue ideas. He would give himself a 10-15 year working stint at the most, and then look at an idea that he can launch with a few like-minded friends, or perhaps his partner. That might open the doors to bigger impact, better purpose, and perhaps more money if he succeeds.

Fourth, he would shrug off the notions of “settling down” as living in a big city, and be open to embrace the opportunity to live and work from anywhere in the big, large world. To be able to appreciate nature, to live a life that is well balanced between work and life, to eat healthy food and enjoy the pleasures of physical exercise, and to associate with a community whose collective upliftment matters to him, are all life goals he wants to pursue, without waiting for retirement like his parents do.

The parents never fail to remind him of their good old days, and their success story, but he is not impressed. They call him the millennial that has lost it, but that does not bother him the least.

(The writer is Chairperson, Centre for Investment Education and Learning)