The Millennial Legacy

Career

Millennials and Quiet Vacationing: The New Way to “Take a Break” Without Taking a Break

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Ah, millennials—the generation that witnessed the rise of the internet, made avocado toast a cultural staple, and, apparently, pioneered a new way to take a vacation. Gone are the days when a “vacation” meant packing your bags, booking flights, and getting away from work for a week or two. Now, we have “quiet vacationing,” the latest trend among millennials who want the relaxation of a holiday without having to deal with the actual “vacation” part. It’s work, but not as we know it—and it’s changing the way we think about time off.

But before you start picturing millennials lounging on a beach with a laptop, trying to write that email while sipping a coconut drink, let’s break down what quiet vacationing really is, why millennials are into it, and whether or not it’s a sustainable trend.

Quiet Vacationing: Not Just for Millennials

Now, while millennials may have been the pioneers of this trend, the practice of quiet vacationing isn’t limited to them. It’s actually a growing movement that spans several generations, especially as remote work and flexible schedules have become more mainstream. Workers across age groups are increasingly choosing to blend vacation time with work time, seeking peace and relaxation without fully disconnecting from their professional responsibilities.

Quiet vacationing is essentially when workers take a break from the usual grind but still manage to handle some work duties in a more relaxed, remote setting. This could mean booking a serene retreat, a cozy cabin, or a secluded beach destination where you can work on your laptop for a few hours, but the rest of the time is spent recharging. It’s a flexible, hybrid approach to time off that lets you enjoy a vacation-like atmosphere without fully stepping away from work.

As Generation Z, Generation X, and even Baby Boomers adopt remote work practices, the trend of quiet vacationing has become more accessible to a wider group of people. These workers no longer need to fully disconnect from their jobs to get some time away; they can blend work and relaxation into one seamless experience.

However, millennials have embraced this trend more than most, and here’s why it’s closely associated with them.

Why Quiet Vacationing is Closely Associated with Millennials

Remote Work Culture: Millennials were among the first to champion remote work. They came of age during the rise of the internet and digital tools that made it easier to work from anywhere. While younger generations like Gen Z are also tech-savvy and drawn to this lifestyle, millennials were the ones who first pushed for flexible work arrangements, freelancing, the gig economy and side hustles. After the pandemic shifted many work environments to remote, millennials were quick to incorporate quiet vacationing into their lifestyle, blending the need for rest with their drive for productivity.

Work-Life Balance: Millennials are known for valuing a healthy work-life balance more than previous generations. For them, work isn’t just about earning a paycheck; it’s about integrating personal fulfillment and well-being. Quiet vacationing allows millennials to combine the best of both worlds: they can unwind in a peaceful destination, practice self-care, and still get some work done, all without feeling the pressure of traditional office hours or the anxiety of asking for time off.

Reluctance to Ask for PTO: Millennials often feel uncomfortable requesting paid time off (PTO). Why? It’s a generational thing—many millennials grew up during the 2008 financial crisis, when job security was a big concern, and the pressure to constantly hustle was ingrained in their professional identity. In a world where they already juggle work, side projects, and personal commitments, the idea of taking time off can feel like a risk. Quiet vacationing offers a workaround: they get the time away they need without explicitly asking for time off, avoiding any potential negative perceptions about their work ethic.

Digital Connectivity: The internet revolutionized work for millennials. They are the first generation to truly embrace the gig economy, remote work, and freelancing, where digital tools allow for flexibility and constant connectivity. This makes it easier for them to hop on a video call or shoot off an email while lounging on the beach or hiking in the mountains. For millennials, working remotely from a peaceful retreat is an ideal way to stay productive while still carving out time for personal enjoyment.

Why Other Generations Are Joining the Trend

While millennials may have spearheaded the quiet vacationing movement, it’s not just them who are benefiting from it. Gen Z, Gen X, and even Baby Boomers are starting to embrace the idea of blending work and relaxation as remote work becomes more accessible.

Generation Z: The younger generation has grown up with technology and social media, and they’re more comfortable with the idea of working remotely. Many Gen Z workers are already freelancing or working from home, so the idea of combining work with a vacation is appealing to them as well. They may take this trend even further by spending their time traveling while still earning an income.

Generation X: For Gen X, the appeal of quiet vacationing often lies in their growing desire for work-life balance as they juggle the pressures of mid-career responsibilities and family life. Many Gen Xers are in leadership roles where they have more control over their work schedules, making it easier for them to take remote vacations without the need for formal PTO requests.

Baby Boomers: While less likely to adopt quiet vacationing at the same rate as younger generations, some Baby Boomers are still finding ways to work remotely or enjoy flexible retirement schedules. As they transition into semi-retirement, many are discovering the benefits of a slower-paced lifestyle and may use quiet vacationing as a way to recharge while still handling light work duties.

The Employer’s Perspective on Quiet Vacationing

From an employer’s standpoint, quiet vacationing can be a double-edged sword. Some employers embrace the flexibility of remote work and recognize that allowing workers to blend productivity with rest can boost morale. This flexibility can lead to higher job satisfaction, lower stress, and ultimately better performance.

However, not all employers are comfortable with the lack of transparency. Accountability can become a concern, as employers may be unsure how much work is actually being done when employees are away. Additionally, some employers worry that work-life boundaries could blur, leading to burnout if employees don’t truly disconnect.

Are Employers Always Aware?

Employers aren’t always aware of when an employee is quietly vacationing. Many workers are discreet about blending work and leisure, responding to emails or attending meetings while away. However, as remote work becomes more common, employers may start to notice patterns and questions may arise. Some companies are already embracing more transparent policies, offering flexibility while ensuring that employees are upfront about their schedules.

Is Quiet Vacationing Sustainable?

You may be wondering: Is quiet vacationing sustainable in the long run? After all, it’s easy to imagine working remotely from a tropical destination for a week or two, but can it be a viable long-term solution?

Experts have mixed opinions on this. On one hand, quiet vacationing allows workers to maintain productivity while taking time for themselves. It’s especially beneficial for people who crave balance and don’t want to be tied to a rigid work schedule. However, it’s important to be cautious about slipping into the trap of never fully unplugging. The whole point of a vacation is to recharge, and if you’re constantly checking emails or hopping onto Zoom calls, you might not be getting the rest you need.

To make quiet vacationing sustainable, experts recommend setting clear boundaries. Work for a couple of hours in the morning, take your meetings, and then spend the rest of the day enjoying the tranquility of your surroundings. Don’t let your vacation become just another extension of your workday.

Should You Try Quiet Vacationing?

If you’re a remote worker—or just someone with a flexible job—quiet vacationing might be the perfect way to take a break without falling behind on your responsibilities. It’s a chance to enjoy a change of scenery, decompress, and still manage your work duties without the pressure of taking time off.

However, if you do decide to give quiet vacationing a try, transparency with your employer is key. Be open about your plans and establish clear expectations with your boss about your availability and work commitments. Clear communication ensures that you’re on the same page, avoiding potential misunderstandings about your productivity or availability during your time away.

Whether you’re a millennial embracing the trend or someone from another generation looking to work while you unwind, quiet vacationing is here to stay. It’s about finding that perfect balance between work and relaxation, so long as everyone involved is informed and aligned on expectations.

Wealth Across Generations: Who Leads the Bloomberg Billionaires Index?

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The Bloomberg Billionaires Index ranks the world’s wealthiest individuals, offering a fascinating snapshot of global wealth distribution. As we dive into the ranks of this elite group, it’s fascinating to explore which generations are truly making their mark, from the pioneering Baby Boomers who built vast empires, to the ambitious Millennials beginning to reshape industries. Who’s leading the charge, and what does it say about the future of wealth in an ever-changing world? Let’s find out.

The top 10 individuals on the Bloomberg Billionaires Index reflect a diverse generational mix, with each group playing a significant role in shaping global wealth. The Silent Generation, represented by Warren Buffett and Larry Ellison, continues to wield considerable influence in industries like finance and technology. The Baby Boomers, including Jeff Bezos, Bill Gates, Steve Ballmer, and Bernard Arnault, dominate the list with their fortunes built in technology, retail, and luxury goods. Generation X follows with Elon Musk, Larry Page, and Sergey Brin, whose innovations in space, electric vehicles, and the internet have revolutionized entire industries. Finally, the Millennials are represented by Mark Zuckerberg, who, despite being the youngest in the top 10, has already made a massive impact on the digital world through his creation of Facebook. This mix of generations highlights the continued influence of older billionaires while showcasing how younger innovators are quickly climbing the ranks of global wealth.

The Titans of the Silent Generation (born 1928-1945, 80-97 years old in 2025)

The Silent Generation, born in the shadow of World War II and raised during the post-war boom, may be the smallest group on the Billionaires Index, but their impact is undeniable. These individuals, who witnessed a world transformed by technological advancements and globalization, have built their empires on a foundation of resilience, adaptability, and a keen eye for opportunity.

Among the titans of this generation is Warren Buffett, the “Oracle of Omaha,” who at 94 years old continues to lead Berkshire Hathaway with the wisdom and acumen that have made him a legend in the world of finance. Buffett’s value investing approach, his emphasis on long-term vision, and his folksy wisdom have not only earned him billions but also inspired generations of investors. He ranks 10th on the Billionaires Index with a net worth of $138 billion.

Another prominent figure from this generation is Larry Ellison, the co-founder of Oracle Corporation. Ellison, who dropped out of college not once but twice, built Oracle into a tech behemoth, proving that entrepreneurial spirit and a relentless pursuit of innovation can overcome any obstacle. He ranks 4th on the Index with a net worth of $181 billion.

These two, and the other Silent Generation billionaires on the Bloomberg Billionaires Index, who came of age in an era of economic expansion and societal change, have left an indelible mark on industries ranging from finance and fashion to real estate.

The Baby Boomer Boom (born 1946-1964, 61-79 years old in 2025)

The Baby Boomers, born in the wake of World War II, are currently the dominant force on the Bloomberg Billionaires Index. This generation, which experienced unprecedented economic prosperity and rode the waves of globalization and technological innovation, holds the lion’s share of wealth on the list.

Jeff Bezos, the founder of Amazon, exemplifies the Baby Boomer spirit of entrepreneurialship and disruption. Bezos, who started Amazon from his garage, transformed the way we shop, turning e-commerce into a global phenomenon and building one of the world’s most valuable companies in the process. He ranks second on the Index with a net worth of $238 billion.

Bill Gates, another iconic Baby Boomer, co-founded Microsoft and played a pivotal role in the personal computer revolution. Gates, who dropped out of Harvard, not only built a tech empire but also dedicated his later years to philanthropy through the Bill & Melinda Gates Foundation, tackling global health and development challenges. He ranks 8th on the Index with a net worth of $159 billion.

Bernard Arnault, the chairman and CEO of LVMH, represents the Baby Boomer generation’s influence in the world of luxury. Arnault, a lover of classical music who reportedly wooed his wife by playing Chopin, has built LVMH into the world’s largest luxury goods company, encompassing iconic brands like Louis Vuitton, Christian Dior, and Sephora. He ranks 5th on the Index with a net worth of $177 billion.

The Baby Boomers on the Bloomberg Billionaires Index have amassed their fortunes in a variety of sectors, with finance, investments and technology leading the way, followed by manufacturing, fashion and retail, and healthcare. Their impact on the global economy is undeniable, and their legacy will continue to shape the world for decades to come.

Generation X: The Tech-Driven Disruptors (born 1965-1980, 45-60 years old in 2025)

Generation X, sandwiched between the Baby Boomers and the Millennials, is a generation defined by technological disruption and entrepreneurial spirit. This group, which came of age during the rise of the internet and the personal computer, has leveraged these advancements to build innovative companies and collect significant wealth.

Elon Musk, the enigmatic founder of Tesla and SpaceX, embodies the Gen X spirit of pushing boundaries and challenging the status quo. Musk, who has been described as having a “terrible upbringing”, has revolutionized the electric vehicle industry with Tesla and set his sights on colonizing Mars with SpaceX. He is the wealthiest man in the world according to the index with a net worth of $426 billion.

Larry Page and Sergey Brin, the co-founders of Google, are another prime example of Gen X’s impact on the tech world. Page and Brin, who met at Stanford University while pursuing advanced degrees in computer science, developed the PageRank algorithm that revolutionized online search and built Google into a global tech giant. They are ranked 6th and 7th in the index with $171 billion and $160 billion respectively.

Gen X billionaires on the Bloomberg Billionaires Index have predominantly made their fortunes in the technology sector, followed by manufacturing, finance and investments, healthcare, and fashion and retail. Their entrepreneurial drive and their embrace of innovation have positioned them as key players in the global economy.

Millennials: The Rising Stars (born 1981-1996, 29-44 years old in 2025)

Millennials, the youngest generation on the Bloomberg Billionaires Index, are gradually making their presence felt. While they may not yet hold the same level of wealth as their older counterparts, their entrepreneurial spirit and their digital fluency suggest that they are a force to be reckoned with.

Mark Zuckerberg, the founder of Facebook (now Meta), is a prime example of Millennial success. Zuckerberg, who started Facebook from his Harvard dorm room, transformed social media and built a platform that connects billions of people worldwide. He is ranked 3rd on the list with a net worth of $218 billion and is the richest millennial today.

The Women of the Bloomberg Billionaires Index

While the Bloomberg Billionaires Index is still largely dominated by men, women, many of whom are Baby Boomers, are increasingly making their presence known, often through inherited wealth or stakes in family businesses. These women, hailing from diverse backgrounds and industries, are reshaping the definition of leadership in the 21st century, leveraging their inherited fortunes to make significant impacts across various sectors. Here are some of the most prominent women on the list:

Alice Walton (born October 7, 1949, Baby Boomer)the daughter of Walmart founder Sam Walton, is the richest woman in the world and ranks 1st of all women in the index (16th position in the list), with a net worth estimated at $112 billion. Unlike her brothers, who are actively involved in Walmart’s operations, Alice has focused her energies on the arts and philanthropy. She founded the Crystal Bridges Museum of American Art in Arkansas, a world-class institution that showcases American art and provides access to diverse communities. In a twist of fate, Alice’s passion for art almost led to tragedy when she was involved in a serious car accident while returning from an art-buying trip in 1983.

Julia Flesher Koch (born April 12, 1962, Baby Boomer), the widow of David Koch, inherited a 42% stake in Koch Industries upon his death in 2019. This inheritance placed her in the 19th place of the index, with a net worth estimated at $74 billion. Koch, who maintains a relatively low profile, is a dedicated philanthropist, supporting causes ranging from medical research to the arts.

Françoise Bettencourt Meyers (born July 10, 1953, Baby Boomer), the granddaughter of L’Oréal founder Eugène Schueller, has a net worth exceeding $70 billion. Bettencourt Meyers, who inherited her wealth, is a prominent figure in the world of philanthropy and is known for her support of scientific research and the arts.

Jacqueline Badger Mars (born October 10, 1939, Silent Generation), the granddaughter of Mars Incorporated founder Frank C. Mars, is an heiress and businesswoman with a net worth estimated at $41 billion. Mars, who inherited a stake in the confectionery giant, has served on the company’s board of directors and is a dedicated philanthropist.

MacKenzie Scott (born April 7, 1970, Gen X), the ex-wife of Jeff Bezos, received a 4% stake in Amazon as part of their divorce settlement in 2019. This stake, made her one of the wealthiest women in the world with a net worth of $40 billion. Scott is known for her significant philanthropic efforts, focusing on social justice, climate change, and racial equity.

Abigail Johnson (born December 19, 1961, Baby Boomer) is the CEO of Fidelity Investments, a multinational financial services corporation founded by her grandfather, Edward C. Johnson II. With a net worth estimated at $24.4 billion, Johnson is one of the most powerful women in finance and a prominent figure on the Billionaires Index.

As wealth continues to transfer from older to younger generations, and as new technologies and industries emerge, the landscape of wealth will undoubtedly continue to evolve. The rise of Millennials and the increasing representation of women among billionaires suggest a potential shift in wealth dynamics, with broader implications for the global economy. Understanding these generational shifts is crucial for comprehending the changing nature of wealth creation and its impact on society.

The 10 Richest Millennials in the World in 2025

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Source: Facebook

Millennials, typically defined as those born between 1981 and 1996, are aged 29 to 44 now in 2025. While many are navigating student debt and the rising cost of living, a select few have built extraordinary fortunes, joining the ranks of the world’s wealthiest individuals. Millennials wealth is expected to be further amplified by “The Great Wealth Transfer,” where millennials are poised to inherit trillions of dollars from previous generations, potentially making them the wealthiest generation in history. This article examines the top 10 richest millennials in 2025, based on Forbes and the Bloomberg Billionaires Index and delves into their sources of wealth, net worth, and remarkable achievements.

So, without further ado, here are the 10 richest millennials in the world in 2025:

1. Mark Zuckerberg

Net Worth: $207.3 billion
Age: 37
Nationality: American
Source of Wealth: Facebook

Mark Zuckerberg is the co-founder and CEO of Facebook (now Meta), the social media giant he created in 2004. His vision revolutionized global communication, and his net worth of $207.3 billion, places him as the wealthiest millennial in the world today. Furthermore, Zuckerberg ranks third on the global list of billionaires. He has continued to diversify his wealth through his focus on the metaverse and investments in new technologies.

2. Zhang Yiming

Net Worth: $44 billion
Age: 41
Nationality: Chinese
Source of Wealth: ByteDance (TikTok)

Zhang Yiming, the founder of ByteDance (the parent company of TikTok), has built his fortune by capitalizing on the explosive success of the social media platform. TikTok has become a global force in entertainment and communication, solidifying Zhang’s status among the wealthiest millennials in the world.

3. Lukas Walton

Net Worth: $39 billion
Age: 35
Nationality: American
Source of Wealth: Walmart

Lukas Walton, the grandson of Walmart founder Sam Walton, inherited his fortune after his father’s passing. His dedication to environmental causes and sustainability has driven him to establish Builders Vision, a platform for impact-driven investments. Walton’s fortune continues to grow through strategic investments.

4. Dustin Moskovitz

Net Worth: $29 billion
Age: 41
Nationality: American
Source of Wealth: Facebook

Dustin Moskovitz, a co-founder of Facebook, left the company in 2008 but retained a significant stake in its stock. His fortune has continued to grow through his investments in technology startups, as well as his philanthropic endeavors. His strategic business moves have kept him among the wealthiest millennials.

5. Brian Armstrong

Net Worth: $11.5 billion
Age: 38
Nationality: American
Source of Wealth: Cryptocurrency exchange

Brian Armstrong is the co-founder and CEO of Coinbase, a cryptocurrency exchange platform that has played a key role in the mainstream adoption of digital currencies. As cryptocurrencies continue to grow in importance, Armstrong’s wealth and influence in the financial sector remain significant.

6. Nathan Blecharczyk

Net Worth: $8.8 billion
Age: 38
Nationality: American
Source of Wealth: Airbnb

Nathan Blecharczyk is the co-founder of Airbnb, a platform that revolutionized the travel industry by offering unique lodging experiences across the world. His role in Airbnb’s success has made him one of the wealthiest millennials, and the company’s continued growth ensures his fortune remains robust.

7. Patrick Collison

Net Worth: $7 billion
Age: 35
Nationality: Irish
Source of Wealth: Stripe

Patrick Collison, along with his brother John, co-founded Stripe, a payments company that powers the infrastructure behind much of the online economy. The company has continued to grow, making Patrick one of the wealthiest figures in the fintech space.

8. John Collison

Net Worth: $7 billion
Age: 34
Nationality: Irish
Source of Wealth: Stripe

John Collison, co-founder of Stripe alongside his brother Patrick, shares in the success of their payment platform. Stripe has become the go-to provider for online payment solutions, and the Collison brothers have become tech icons, with a combined fortune that puts them among the world’s richest millennials.

9. Evan Spiegel

Net Worth: $3.2 billion
Age: 31
Nationality: American
Source of Wealth: Snapchat

Evan Spiegel, the CEO of Snap Inc., co-founded Snapchat in 2011 with Bobby Murphy. His leadership has propelled the app to new heights, and Spiegel’s fortune continues to rise as Snapchat remains one of the leading social media platforms worldwide. He is also known for his high-profile marriage to model Miranda Kerr.

10. Bobby Murphy

Net Worth: $2.8 billion
Age: 33
Nationality: American
Source of Wealth: Snapchat

Bobby Murphy, co-founder and CTO of Snap Inc., has accumulated a fortune through his work on Snapchat. Despite his low public profile, Murphy has been a key player in transforming social media communication, and his wealth reflects the app’s massive success among younger generations.

These millennials are not just inheriting fortunes; they are building them in ways that shape entire industries, from tech to finance and beyond. As the world continues to evolve, so too will the opportunities for new and innovative wealth creation. One thing is certain: this list will continue to change, with new names joining and others reshaping their legacies in ways we can only imagine.

Millennial PhDs and the Job Search Debt

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Millennials, those born between 1982 and 1996, face a unique set of challenges when it comes to higher education. While a PhD can be a stepping stone to a rewarding career, it often comes with a significant financial burden in the form of student loan debt. This, combined with a competitive job search market and a changing academic landscape, has created a difficult situation for millennial PhDs, leaving many struggling to manage their finances and find stable employment.

The Weight of Debt

The cost of pursuing a PhD has risen dramatically in recent years. Tuition fees, living expenses, and research-related costs add up quickly, leaving graduates with substantial debt. According to Education Data Initiative, the average student loan debt balance (outstanding loan) among all millennials is $40,438, which is higher than the national average1. However, this figure includes all millennials, not just those with PhDs, so it doesn’t fully capture the debt burden faced by those with advanced degrees. Data specifically for PhD holders reveals a more concerning picture. The average outstanding debt for PhD holders is $89,5262. Furthermore, the average outstanding debt for PhD graduates in 2020 was $88,3683. This financial burden can be particularly challenging for millennials who may also be juggling other financial priorities, such as saving for a home or starting a family.

It’s important to recognize that the type of institution attended significantly impacts the debt levels of PhD graduates. Those who attended public institutions had an average debt of $195,504, while those who attended private, non-profit institutions had an average debt of $258,7123. This difference highlights the need for increased financial aid options and more affordable higher education, especially for those pursuing advanced degrees.

Adding to the financial strain, there are hidden costs associated with doctoral programs that contribute to the overall debt burden. These include living expenses, which can be high in cities with major research universities, research materials and travel for conferences and fieldwork, and the cost of health insurance, especially for those without employer-sponsored coverage4. These factors can make it even more difficult to manage debt after graduation.

Furthermore, it’s crucial to acknowledge the dramatic increase in the cost of doctoral education. Average loan balances for students who completed a research or professional doctorate have approximately doubled between 1999–2000 and 2015–16 for all degree programs5. This trend underscores the growing financial challenges faced by those pursuing advanced degrees.

Debt Management Strategies

Given the significant debt faced by many millennial PhDs, it’s essential to be proactive in managing this financial burden. Several strategies can help ease the burden and provide a path toward financial stability:

  • Debt consolidation: Combining multiple federal student loans into a single Direct Consolidation Loan can simplify payments and potentially lower monthly payments6. This strategy can make it easier to manage debt and stay on track with repayment.
  • Income-driven repayment plans: IDR plans base monthly payments on income and family size, making them more affordable for those with lower incomes7. These plans can provide much-needed financial relief and help borrowers avoid defaulting on their loans.
  • Deferment and forbearance: In situations of financial hardship, such as unemployment or illness, borrowers can request deferment or forbearance to temporarily postpone or reduce their loan payments8. These options provide temporary relief and can help borrowers avoid delinquency.

By understanding and utilizing these strategies, millennial PhDs can take control of their debt and work towards a more secure financial future.

Challenges in the Job Search

While a PhD was once seen as a direct path to a secure academic career, phd job search has become increasingly difficult. Millennials with PhDs face a number of challenges in their job search:

  • A shrinking pool of tenure-track positions: The traditional academic career path, with its promise of tenure and job security, is becoming less common. Universities are increasingly relying on adjunct professors and other non-tenure-track positions, which often offer lower pay and fewer benefits9. This shift in the academic landscape makes it more difficult for PhD graduates to find stable, long-term employment in their field of study. For example, a recent study found that over 70% of faculty positions in higher education are now non-tenure track, limiting opportunities for career advancement and job security for PhD graduates.
  • Overqualification concerns: Some employers may be hesitant to hire PhD graduates for positions outside of academia, fearing they are overqualified or will quickly move on to other opportunities10. This perception can create a barrier for PhDs seeking to transition into industry or other non-academic careers. A PhD graduate applying for a project management role, for instance, might be perceived as overqualified and potentially a flight risk, even if they possess the necessary skills and are genuinely interested in the position.
  • Lack of industry-specific skills: PhD programs often prioritize research and academic knowledge over practical skills and industry experience. This can make it challenging for graduates to compete with candidates who have more direct experience in the field11. To overcome this hurdle, PhDs may need to invest in additional training or seek out internships and other opportunities to gain relevant skills. For instance, a PhD in biology might need to acquire data analysis or project management skills to be competitive for industry roles in biotechnology or pharmaceuticals.
  • Geographic limitations: Depending on their field of study, PhD graduates may find that job opportunities are concentrated in specific geographic areas. This can require relocation, which can be costly and disruptive, especially for those with families or other commitments11. A PhD in a specialized field like aerospace engineering, for example, might find that most job opportunities are located in certain regions with a strong aerospace industry, potentially requiring them to relocate and uproot their lives.

These challenges, combined with the pressure of student loan debt, can create a stressful and uncertain job search experience for millennial PhDs. However, it’s important to remember that a PhD can still offer significant career advantages. It can increase earning potential and open doors to more interesting and fulfilling career options9.

Furthermore, technological advancements are changing the landscape of many industries, and PhDs need to be aware of these trends and adapt their skills accordingly. For example, in the tech industry, the increasing use of AI and automation is creating new challenges and opportunities for PhD graduates12.

Example – One Millennial’s phd debt & Job Search

A. Rasberry, a 38 years old Millennial PhD holder accumulated over $250,000 in student loan debt while pursuing her doctorate degree in business management in Saint Leo University in Florida. Despite four years of job searching, she has been unable to find a position that utilizes her qualifications or offers a salary sufficient to manage her debt. In an interview with Business Insider, Rasberry expressed regret for prioritizing education over gaining practical work experience, highlighting the difficulties faced by many millennial PhDs in today’s job market.

Career Paths and Salary Ranges

Despite the challenges, PhD graduates have a wide range of career options available to them. The following table summarizes some of the common career paths and their associated salary ranges:

Career PathDescriptionAverage Salary
Research ScientistConducts research in a variety of settings, including academia, industry, and government.$94,742
Data ScientistAnalyzes and interprets complex data sets to solve problems and inform decision-making.$112,469
Assistant ProfessorTeaches undergraduate and graduate courses, conducts research, and serves on committees in colleges and universities.$75,754
PhD ResearcherConducts research in a specialized field, often within a university or research institution.$113,102

Sources: 14, 15

It’s important to note that these are just averages, and actual salaries can vary significantly based on factors such as field of study, type of employment, years of experience, and geographic location. For example, the median earnings of PhDs in the humanities were $80,000 in 2019, compared to $145,000 for PhDs in engineering and business16.

While academic careers are a natural step for many PhD graduates, a significant number of opportunities exist outside of teaching and education. For instance, 14.5% of PhD graduates work in healthcare, and 11.9% work in construction, engineering, and research and development17. This trend reflects the growing recognition of the value of PhD-level expertise in various sectors. In fact, nearly 80% of PhD graduates pursue non-academic careers17. This challenges the traditional notion of a PhD primarily leading to an academic career and highlights the growing opportunities for PhDs in various sectors.

Resources and Support

Navigating the challenges of debt and job searching can be daunting, but fortunately, there are resources and support systems available to help PhD graduates. These include:

  • Loan consultancies: Organizations like Brazos Higher Education and Student Loan Planner offer specialized loan programs and guidance for PhD graduates18. These services can help borrowers understand their repayment options, explore loan forgiveness programs, and manage their debt effectively.
  • Support groups: Online and in-person support groups provide a space for PhD graduates to connect with others facing similar challenges, share experiences, and offer encouragement20. These groups can be a valuable source of emotional support and practical advice.
  • Debt relief companies: For those struggling with overwhelming debt, companies like McCarthy Law and National Debt Relief offer assistance with debt negotiation and management22. These services can help borrowers explore options such as debt consolidation, settlement, and repayment plans.

Despite the challenges millennial PhDs face, their advanced degrees still hold the potential to open doors to meaningful and rewarding opportunities. By proactively managing debt, acquiring industry-relevant skills, and exploring non-academic career paths, PhD graduates can navigate the evolving job market with resilience and adaptability. While the road may be difficult, the diverse opportunities available outside traditional academia demonstrate that a PhD remains a valuable asset. With the right strategies and support, millennial PhDs can turn their challenges into stepping stones toward a more secure and fulfilling future.

Sources

  1. https://educationdata.org/student-loan-debt-by-generation
  2. https://educationdata.org/average-graduate-student-loan-debt#:~:text=The%20average%20inflation%2Dadjusted%20graduate,among%20PhD%20holders%20is%20%2489%2C526
  3. https://educationdata.org/average-graduate-student-loan-debt
  4. https://www.silversharkpaddleboards.ca/trends/millennial-phd-job-search-debt
  5. https://nces.ed.gov/programs/coe/indicator/tub/graduate-student-loan-debt
  6. https://studentaid.gov/manage-loans/consolidation
  7. https://studentaid.gov/idr/
  8. https://studentaid.gov/help-center/answers/article/difference-between-deferment-and-forbearance
  9. https://www.reddit.com/r/GradSchool/comments/af33cn/do_any_other_millennials_feel_desensitized_to_the/
  10. https://www.reddit.com/r/Millennials/comments/1ebresl/millennial_with_2_degrees_looking_for_jobs_since/
  11. https://www.reddit.com/r/Millennials/comments/1fwezq3/a_millennial_with_a_phd_and_over_250k_in/
  12. https://www.youtube.com/watch?v=X6O6LlJbkmc
  13. https://www.insightintodiversity.com/doctoral-distress-graduate-program-pressures-impact-student-mental-health/
  14. https://www.payscale.com/research/US/Degree=Doctorate_(PhD)/Salary
  15. https://www.ziprecruiter.com/Salaries/Phd-Researcher-Salary
  16. https://www.amacad.org/humanities-indicators/workforce/earnings-humanities-phds
  17. https://www.prospects.ac.uk/postgraduate-study/phd-study/your-phd-what-next
  18. https://studentloans.com/doctoral-loan/
  19. https://www.studentloanplanner.com/phd-mortgage-home-loans-for-non-medical-doctorate-degrees/
  20. https://peacehdforphd.com/en/the-phd-experience/phd-support-groups/
  21. https://www.reddit.com/r/PhD/comments/14r8dt5/are_there_any_online_support_groups_social/
  22. https://mccarthylawyer.com/student-loan-debt/phd-graduate-students/
  23. https://www.nationaldebtrelief.com/scholarship-program/

The Gig Economy & its Impact on Millennials, Gen Zs & Other Generations

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The gig economy refers to a labor market characterized by short-term, independent contracts or freelance work, as opposed to permanent jobs. It encompasses a wide range of activities, from driving for ride-sharing services to freelance writing and web development. It is often facilitated by online platforms and mobile apps that connect workers with clients or customers. The gig economy has transformed the traditional employment landscape, offering flexible work arrangements and opportunities for individuals to leverage their skills and pursue their passions.

This report examines the participation of Millennials, Gen Z, and other generations in this evolving work model, exploring their motivations, challenges, and its impact on their views of work and career.

Gig Economy Size

The gig economy has experienced remarkable growth, with its global market size estimated at $556.7 billion in 2024 1. Projections indicate that this figure could surpass $1.8 trillion by 2032 1. In the United States alone, over 57 million people, representing more than one-third of the workforce, are involved in this work model, either as their primary or secondary source of income 2. This includes a quarter of all full-time workers and half of all part-time workers 2.

Its impact extends beyond US borders where 12% of the global labor force is involved in it.

The gig economy is attracting a diverse range of participants. In the US, freelancers now charge an average hourly rate of $21, up from $19 two years ago 3. This increase in earning potential, coupled with the desire for greater work-life balance, has led to a growing interest in gig work, with 1 in 6 traditional workers expressing a desire to become primary independent earners 5. In 2018, gig workers contributed over $1.4 trillion to the total US income, highlighting the significant economic contribution of this evolving work model 5.

Demographic trends also reveal interesting patterns in this work model. Americans with lower incomes are more likely to have earned money through online gig platforms 6. Additionally, 9% of U.S. adults are current or recent gig workers, having earned money through an online gig platform in the past 12 months 6. These figures underscore the growing prevalence and accessibility of gig work across different income levels and demographics.

Generational Participation

While the gig economy encompasses workers of all ages, there are notable generational differences in participation rates and motivations.

GenerationFreelance Participation (US, 2023)
Gen Z15%
Millennials45%
Gen X27%
Baby Boomers9%
Silent Generation4%

7

Millennials currently have the highest participation rate in the gig economy, with 78% earning income from one or more gig platforms 8. Gen Z and Gen X follow closely behind, at 67% and 65%, respectively 8. Baby Boomers have the lowest participation rate at 36%. Several factors contribute to these generational differences. The rise of influencer culture and online content creation is attracting younger people, particularly Gen Z, to freelance in higher numbers 7. Data also suggests a correlation between age and freelancing, with younger generations showing a higher propensity for independent work 9. In 2020, half of all US Gen-Zers participated in freelance work, and this figure steadily decreased with each older generation 9.

Motivations for Participating

Flexibility emerges as a primary motivator for all generations participating in the gig work-model 10. This desire for greater control over work schedules and the ability to balance work with personal life transcends generational boundaries.

Supplementing income is another common motivator across generations 8. Whether it’s to address financial challenges, save for retirement, or simply increase earning potential, this work model provides a valuable avenue for supplementing income from traditional employment or other sources.

However, each generation also has unique motivations for engaging in this type of work.

Millennials

  • Career Exploration: Millennials, who are still early in their careers, often view this work model as an opportunity to explore different career paths and develop new skills 14.
  • Side Hustles: A significant number of Millennials are embracing the “side hustle” culture, taking on freelance work in addition to their primary jobs to increase their income and pursue their passions 15. In fact, there has been a 60% growth in the number of Americans taking on freelance side jobs since 2019, with Millennials representing 58.7% of all side hustlers 15.
  • Work-Life Balance: Millennials highly value work-life balance and appreciate the flexibility that gig work offers in managing their personal and professional commitments 10. They are more likely to be stay-at-home parents or students, and they often view this work model as a way to achieve their long-term aspirations while maintaining flexibility 16. In 2015, 24% of Millennials worked as independent contractors or freelancers, compared to 15% of Gen-Xers and 9% of Baby Boomers 16.

Gen Z

  • Entrepreneurial Opportunities: Gen Z, known for its entrepreneurial spirit, sees the gig economy as a platform to launch their own ventures and pursue diverse career paths 11.
  • Early Adoption: Gen Z is readily embracing freelance work, with 52% of Gen Z professionals freelancing in 2023, compared to 44% of Millennials, 30% of Gen X, and 26% of Baby Boomers 17.
  • Multiple Income Streams: Gen Z workers often engage in multiple gigs simultaneously to maximize their income and reduce their dependence on a single source of income 18. This reflects their desire for financial independence and their comfort with juggling multiple responsibilities.
  • Flexibility and Independence: Gen Z highly values flexibility and the autonomy to work on their own terms 11. They are drawn to the ability to accommodate their lifestyle preferences and provide greater control over their work schedules.
  • Digital Natives: As digital natives, Gen Z is comfortable navigating online platforms and leveraging technology to find and manage independent projects19. They are also more likely to be involved in online projects, such as social media influencing and online content creation.
  • Seeking Purpose: Gen Z seeks work that aligns with their values and provides a sense of purpose 19. They are more likely to prioritize meaningful work over traditional career paths.

Baby Boomers

  • Supplementing Retirement Income: Many Baby Boomers use independent contracting to supplement their retirement income or to make ends meet 8. This is particularly important for those who may not have adequate retirement savings or who face unexpected financial challenges.
  • Challenges in Traditional Employment: Baby Boomers may face difficulties in securing traditional full-time employment due to ageism or other factors 12. The gig economy provides an alternative avenue for them to continue working and earning income.
  • Purpose and Engagement: This work model provides a sense of purpose and engagement for those who are not ready to fully retire 8. It allows them to stay active, contribute their skills, and maintain social connections.

Gen X

  • Financial Stability: Gen-Xers often use side jobs to supplement their income from other full-time or part-time jobs 13. This reflects their desire for greater financial stability and their willingness to diversify their income streams.
  • Financial Challenges: Some Gen-Xers turn to gig work due to financial struggles or job loss 12. They may face challenges in securing traditional employment or may be seeking alternative ways to make ends meet. In fact, 63% of Gen X gig workers report struggling financially, compared to 49% of Millennials and 32% of Baby Boomers 20. Inconsistent cash flows from gig work can make it difficult for them to stick to a budget or make ends meet 20.
  • Flexibility: They also value the flexibility that this work model offers, allowing them to balance work with other commitments 12. This is particularly important for those who may have caregiving responsibilities or other personal obligations.
  • Earning Potential: Gen X is currently earning the most from gig work, with an average monthly income of $352 13. This highlights the potential for Gen-Xers to leverage their skills and experience in the gig economy.

Popular Types of Gig Work

The types of gig work that are popular with each generation vary based on their skills, interests, and needs.

Online Content Creation and Digital Marketing

Gen Zis heavily involved in online content creation, including social media influencing, blogging, and vlogging 21. They are also leveraging platforms like TikTok to build their personal brands and monetize their online presence 22.Millennials are also active in online content creation and digital marketing, with many engaging in freelance writing, blogging, and social media management 23.

Professional Services

Millennials often engage in freelance work that utilizes their professional skills, such as software development, web design, marketing, and consulting 25. Baby Boomers with professional experience are often involved in consulting, teaching, and other fields that utilize their expertise 27.

Skilled Trades

Gen-Xers often find work in skilled trades, such as construction, renovation, and fulfillment 28. This reflects their experience and skills in these areas.

Delivery and Transportation Services

Delivery driving platforms like DoorDash and Instacart are popular among Gen Z and Millennials30.

Online Platforms and Marketplaces

Millennials are dominant in online platforms such as Etsy for selling handmade items 23, while Gen-Xers utilize online platforms for online trading, teaching, web development and more 29.

Challenges and Benefits

The gig economy presents both challenges and benefits for workers across generations.

Challenges

  • Income Instability: Gig work often involves fluctuating income levels, making it challenging to budget and plan finances 10. This can be particularly challenging for those who rely on it as their primary source of income.
  • Lack of Benefits: Gig workers typically lack traditional employee benefits such as health insurance and retirement plans 1. This can create financial insecurity and make it difficult to access essential services.
  • Job Security: Gig work often involves short-term contracts or projects, leading to job insecurity 18. This can make it challenging to plan for the future and build a stable career path.
  • Tax Obligations: Gig workers are responsible for managing their own taxes, including self-employment tax, which can be complex and burdensome 1.

Benefits

  • Flexibility: The ability to choose when, where, and how much to work is a significant benefit for all generations 10. This allows individuals to balance work with personal commitments, pursue their passions, and achieve greater work-life balance.
  • Skill Development: The opportunity to develop new skills and gain experience in different industries 14 is another great benefit. This can enhance career prospects and make individuals more adaptable in a changing job market.
  • Autonomy and Independence: Gig workers enjoy greater autonomy and control over their work compared to traditional employees 18. This can be empowering and contribute to greater job satisfaction.

Here are is a breakdown of the Main Reasons for Worker Satisfaction with Gig Platforms

Future of the Gig Economy

The gig economy is poised for continued growth and evolution. Several factors will shape its future:

  • Technological Advancements: Technology will continue to play a crucial role, with platforms and tools becoming more sophisticated and accessible 39. This will further facilitate the connection between workers and clients and create new opportunities.
  • Work Flexibility: The increasing preference for work flexibility, particularly among Gen Z and Millennials, will continue to drive the growth of the gig economy 39. This reflects a shift in values and priorities, with individuals seeking greater control over their work schedules and lifestyles.
  • Multiple Gigs and Diversification: The trend of people engaging in multiple gigs alongside full-time jobs is likely to continue 39. This reflects the diversification of income streams and the desire for greater financial security.
  • Challenges and Disruptions: The gig economy also faces challenges, such as the potential replacement of human work by AI and the need to address worker exploitation and tax revenue considerations 39.
  • Policy and Regulation: The rise of this work model necessitates updated policies and regulations to ensure fair labor practices, protect workers’ rights, and address its unique challenges 39.
  • Digitalization and Skills: The rapid digitalization of operational processes by employers will increase the demand for new skills 33. This highlights the importance of continuous learning and upskilling for workers in this world to remain competitive.
  • Impact of the COVID-19 Pandemic: The COVID-19 pandemic has accelerated the adoption of remote work and gig platforms, further contributing to the growth and evolution of the gig economy 10.

The gig economy is a dynamic and transformative force in the world of work. Millennials, Gen Z, and other generations are actively participating in this new work model, each with their own motivations and challenges.

Works cited

1. https://www.weforum.org/stories/2024/11/what-gig-economy-workers/

2. https://teamstage.io/gig-economy-statistics/#:~:text=How%20many%20Americans%20are%20in,of%20all%20part%2Dtime%20workers.

3. https://teamstage.io/gig-economy-statistics/

4. https://www.upwork.com/resources/gig-economy-statistics

5. https://zety.com/blog/gig-economy-statistics

6.https://www.pewresearch.org/internet/2021/12/08/the-state-of-gig-work-in-2021/

7. https://www.statista.com/statistics/531012/freelancers-by-age-us/

8. https://newsroom.transunion.com/more-than-one-third-of-gig-workers-rely-on-gig-work-as-primary-source-of-income/

9.https://explodingtopics.com/blog/number-of-freelancers

10. https://www.park.edu/blog/the-gig-economy-shaping-the-future-of-work-and-business/

11. https://fueled.community/gig-economy-2/

12. https://jobble.com/articles/how-the-gig-economy-supports-generation-x-and-baby-boomers/

13. https://info.wonolo.com/blog/in-the-great-labor-reassessment-gen-x-ups-their-gig-game

14. https://www.remotify.co/gig-economy-is-perfect-for-millennials-and-gen-z/

15.https://allwork.space/2024/06/millennials-are-redefining-employment-dominating-gig-economy/

16. https://s203.q4cdn.com/639437276/files/doc_news/2018/Gig_Economy_Impact_by_Generation.pdf

17. https://technical.ly/professional-development/freelance-gig-economy-gen-z/

18. https://www.omnesgroup.com/gen-z-and-the-gig-economy/

19. https://timesascent.com/articles/gen-z-s-quest-for-purpose-and-flexibility-the-appeal-of-gig-work/159006

20. https://news.prudential.com/latest-news/prudential-news/prudential-news-details/2018/Gen-X-gig-economy-workers-struggling-to-gain-financial-wellness-Prudential-study-finds-06-26-2018/default.aspx

21. https://bizee.com/blog/gen-z-side-hustle-ideas

22. https://businessday.ng/news/article/top-7-new-work-trends-shaping-how-gen-z-is-redefining-the-gig-economy/

23. https://www.lendingtree.com/debt-consolidation/young-side-hustles-survey/

24. https://bizee.com/blog/post/easy-millennial-side-hustle-ideas

25. https://infinityinvesting.com/top-jobs-for-millennials/

26. https://www.monster.com/career-advice/article/popular-jobs-millennials

27. https://extraincomeover55.com/gig-economy-jobs-just-right-boomers/

28.https://www.reddit.com/r/GenX/comments/1bb2zmu/what_profession_fits_gen_x/

29. https://fluxtrends.com/main-gig-and-side-hustles/

30. https://www.skillademia.com/blog/gig-jobs/

31. https://stories.td.com/ca/en/article/navigating-the-challenges-of-a-gig-economy

32. https://www.tandfonline.com/doi/full/10.1080/23311908.2024.2357458

33. https://www.cogentinfo.com/resources/the-art-of-juggling-how-gen-z-maximizes-income-in-the-gig-economy-05ac8

34. https://afeusa.org/articles/how-the-gig-economy-has-changed-the-way-we-work/

35. https://www.planday.com/resources/articles/how-the-gig-economy-is-changing-work/

36. https://eudl.eu/pdf/10.4108/eai.31-3-2022.2320670

37. https://www.ncda.org/aws/NCDA/pt/sd/news_article/361372/_PARENT/CC_layout_details/false

38. https://mondo.com/insights/boomers-millennials-zoomers-tradition-to-transition-in-job-market/

39. https://remote.com/blog/gig-economy-future

40. https://www.success.com/the-future-of-the-gig-economy/

Millennials and Teamwork: Collaboration, Not Competition

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The Millennial generation now makes up the largest share of the global workforce, and they’re not just showing up—they’re changing the rules. From flexible hours to flat hierarchies, this generation has pushed back on the traditional top-down approach in favor of something more inclusive, tech-powered, and purpose-driven. Raised during the rise of the internet, shaped by two economic crises, and fluent in digital collaboration, Millennials have redefined what it means to work together. And nowhere is that more obvious than in how they approach teamwork.

Millennials team work


For Millennials, teamwork isn’t just about dividing up tasks—it’s about building something together. This generation, born between 1981 and 1996, has taken collaboration to a whole new level, reshaping how we think about the workplace, communication, and even leadership. In an age of remote work, Slack threads, and Zoom brainstorms, Millennials have become the architects of a more flexible, transparent, and tech-savvy team culture.

From Group Projects to Group Chats

Growing up with group assignments and cooperative learning, Millennials entered the workforce already accustomed to shared responsibility. But this wasn’t just classroom prep—it was training for a career landscape that increasingly values soft skills like collaboration and emotional intelligence.

And while Baby Boomers and Gen Xers came of age with more top-down team structures, Millennials tend to prefer flatter hierarchies. They’re more likely to question authority (respectfully), request feedback (frequently), and see team success as a shared win, not a personal triumph. They bring the same mindset to their group texts, DMs, and project management tools—where team updates feel more like conversations than directives.

Technology Is the Backbone of Millennial Teamwork

The Millennial work style wouldn’t exist without technology. Tools like Slack, Trello, Notion, Zoom, and Google Workspace have made it easier than ever to collaborate asynchronously and across time zones. This isn’t just about convenience—it’s a structural shift. According to recent statistics from Gallup, over 50% of Millennials say they prefer jobs that allow for remote work and digital collaboration, compared to 38% of older generations.

Technology also gives Millennials the ability to be always connected—which is a double-edged sword. While it enables real-time teamwork and faster results, it also leads to blurred boundaries and digital burnout. Enter trends like Quiet Vacationing—when employees take time off without formally announcing it, choosing instead to quietly keep up with tasks while technically “on vacation.” It’s not ideal, but it reflects how entwined work and personal life have become in the digital age.

The Rise of the Gig Economy—and Its Impact on Teamwork

Millennials were hit hard by the 2008 recession and again by the economic fallout of COVID-19. As a result, many moved away from the traditional 9-to-5 in favor of freelance, contract, and side-gig work. The gig economy has allowed them to pursue flexibility, passion projects, and diversified income streams—but it’s also changed how they collaborate.

In gig work, teamwork is often temporary and project-based. Success depends on the ability to quickly build rapport, share information clearly, and deliver fast results. It’s teamwork on a deadline. For Millennials, this fluid model of work isn’t intimidating—it’s the norm.

Purpose-Driven Teams and the Long Game

Millennials value collaboration, but not just for the sake of productivity. They want to work with teams that share their values, from sustainability to social justice to mental health awareness. It’s about building meaningful relationships in the workplace, not just transactional ones. This focus on purpose helps explain why so many Millennial-run companies prioritize transparency, DEI initiatives, and ethical leadership.

It also influences how they think about long-term goals like retirement and retirement savings. Many Millennials are contributing to 401(k)s or IRAs while juggling freelance work or multiple income streams—a juggling act previous generations didn’t always face. But even as they plan ahead, they’re doing it in teams, leaning on podcasts, Reddit threads, and peer-to-peer advice networks for guidance.

Teamwork Challenges: Burnout, Boundaries, and Balance

Millennials’ dedication to team success can sometimes come at a personal cost. Over-communication, unclear boundaries, and always-on tech can lead to exhaustion. Studies show that Millennials are the most burned-out generation at work, and much of that stress stems from unclear expectations around collaboration.

As the line between “work friends” and “work family” continues to blur, some Millennials are learning to step back—to protect their energy, focus on their own career growth, and set healthier digital boundaries.

What Other Generations Can Learn

You don’t have to be a Millennial to benefit from their teamwork style. Gen Z, who grew up watching Millennials build companies from co-working spaces and coffee shops, have embraced collaboration even more seamlessly. Meanwhile, Gen Xers and Boomers can borrow some of the Millennial approach—valuing emotional intelligence, feedback loops, and shared purpose—while bringing their own strengths to the table.