Editor's Note: Anyone who has read his work can attest that Hedgeye demography guru Neil Howe is one of the brightest bulbs out there. In the brief bullets below, the man who coined the term "millennials" cuts through recent news headline noise and shares some observations on topics people are talking about across America.
1. Dr. Christian Jarrett debunks the widely held perception that Millennials are entitled narcissists. Millennial-bashers to the contrary, it may not be true that Narcissistic Personality Inventory scores have been rising among young adults—and in any event the substantial decline in impulsive, risk-seeking behavior among youth (from crime and drinking to fast cars and consumer debt) seems to point to a decline rather than a rise in narcissism. (BBC)
Neil Howe: The leader of the Millennial-bashers is Jean Twenge, psychologist at San Diego State, whose many studies and books (the best known are Generation Me and The Narcissism Epidemic) explain how the self-esteem movement has ruined this generation. Jarrett sums up the growing number of critics who argue that the data simply don't back Twenge up. I've long been crossing swords with Twenge and yes I do welcome this gathering of allies! One critic is Jeffrey Jensen Arnett, who (in "The Evidence for Generation We and Against Generation Me") explains how Twenge deliberately misinterprets the NPI score and ignores abundant behavior data showing that Millennials are, if anything, more sociable that older generations were at the same age. Another team of critics, Kali H. Trzesniewski and M. Brent Donnellan, have long argued that comprehensive high school surveys (from "Monitoring the Future") show, if anything, declining narcissism. See also this brand-new takedown of Twenge by E. Wetzel et al., whose own analysis of raw NPI scores since 1992 among college students in Illinois and California show (again) declining narcissism.
2. Columnist Maria Puente links the growing outrage over sexual harassment in Hollywood to generational change. She contends that, while many Boomer victims viewed this behavior as part of the business, Xers and (to a greater extent) Millennials have been taught to expect gender equality in the workplace—and to speak out if things go awry. (USA Today)
Neil Howe: The Harvey Weinstein scandal promises to constitute a major watershed moment in acceptable gender-role behavior and may cause significant damage to the Hollywood brand. Most of the victims--not just of Weinstein, but of all the other exposed celebrities both before and after the Weinstein affair--have in fact been Gen-X women in interactions dating back to the 1980s. Yes, Millennial women have been more likely to speak up and receive a sympathetic public hearing. Puente is right about this. What's more, according to Pew Research, Millennial women are the least satisfied of all generations (the elder Silent are the most satisfied) about how America "these days" is making life easier for women (as opposed to men). Little of this has to do with pay or promotion in the workplace; instead, it has to so with broader social changes that demand more from them than from like-aged men. (Not surprisingly, Millennial men disagree--and by a wider margin than older generations.)
3. Columnist Bruce Feiler notes the ways in which Millennial parents (“parennials”) stand apart from their predecessors. Whether they are rejecting traditional gender roles in favor of “co-parenting” or asking their Boomer parents to be live-in child care, Millennials are putting their own twist on parenting. (The New York Times)
Neil Howe: Great overview of what's new about Millennial parenting. There's the constant recourse to apps and Web resources to become instant experts on how to raise kids. Millennials are shedding explicit "mom" and "dad" roles in favor of more interchangeable co-parenting tasks (though this could change as they grow older). Choices about religious affiliation for their kids are being deferred. And they are much more dependent on their own moms and dads for housing, babysitting, advice, and (yes) financial support.
4. Wells Fargo has launched a hybrid robo-advising service aimed at Millennials. Notwithstanding the company’s recent cross-selling scandal, offering Millennial customers a digital advising service that also features live customer support when needed is a winning move. (MarketWatch)
Neil Howe: One more large financial institution is moving toward low-cost algorithms to attract Millennials, who understand that simple diversification and asset allocation choices don't need costly discussion in person or on the phone. Yes, Millennials would benefit from advice requiring lots of personal interaction--but for much more complex problems, like health insurance, taxes, marriage, bequests, buying v. renting a home, and so forth. Problem is, few financial advisors are trained to provide such advice. Physicians may soon face a similar redefinition: Online AI plus nurses and back-up remote experts, a package being pioneered by Teladoc, may soon handle all the simple stuff. Which will require doctors to focus more on either complex cases (House-like diagnostic specialists) or deep personal (concierge or wellness) interaction.
