There are many myths and falsehoods spoken about in relation to the millennials

but there is a growing concern over a rising gap in wealth and over the development of the young

There are many misconceptions and myths circulating around many narratives. Maybe one of the key ones is that millennials are far worse off than the baby boomers.

As many baby boomers will note, they built their wealth through their own hard work and efforts; it was not given to them and was not easily gained. Research notes that many in the millennial generation have actually been given far more and have had an easier start to building their financial base.

There is though a larger gap today between those who do have wealth and those who do not.?Research is suggesting that some are way ahead of their baby boom counterparts in some key professions; whilst others are lagging behind. It is this gap which is now causing concern as some experts suggest that it does create both a moral and an economic challenge. In a world where many hope that equality and fairness would improve with each passing generation, the reality is that the opposite could be happening.

To make the situation more complex, many millennials are turning away from traditional professions such as law and medicine as they want to dedicate their lives to stronger social purpose. Research has noted that, by age 35, 17% of Baby Boomers had followed a path in which they progressed from college into prestigious professional careers like law and medicine, whereas only 7.3% of Millennials did the same. ?Additionally, Millennials tended to postpone marriage and prolong their stay in the parental home. Early marriage and parenthood characterised the lives of 27% of Boomers, but just 13% of Millennials.

In terms of financial security, the study found that wealth inequality is much more pronounced among Millennials than it was for Boomers. While 62% of Boomers owned homes at 35, for example, only 49% of Millennials did. Around 14% of Millennials had negative net worth, meaning their debts outweighed their assets, compared with 8.7% of Boomers.

(Source – University of Cambridge and a study, by researchers from the University of Cambridge (UK), Humboldt University Berlin (Germany), and the French research university Sciences Po)Clearly, there is a gap developing and the bigger question is whether it will increase with the next generation.

However, maybe one of the bigger concerns is whether the young have been let down by the introduction of school league tables, student debt, technological advancement and weary parents facing an increasingly demanding life. It does seem that political decisions have been made with little real understanding of their implications?

It is easy to blame parents but as the working day has increased by 30% since the turn of the century, one has to ask if demands have just increased beyond reason, and we have developed a poor structure to support the young. Is this fair?

That is for each person to decide but one must ask if the young really are able to grow up in a world which allows them to be carefree and make mistakes. The 1960s and 70s were all about being carefree and it led to the rise of an impressive generation. Don’t the next generation deserve the same freedom to grow?

This is where the importance of early development comes into play. At just seven years old, Molly Wright delivered a fascinating TED Talk, making her one of the youngest speakers ever to do so. In her talk, Molly highlights research on the benefits of play for children's lifelong learning, behaviour, and overall well-being. She emphasizes that the first five years are a critical period for development and explains how parents can support early brain development with simple strategies.

Molly’s message underscores the importance of providing children with the freedom and opportunities they need from a young age, which might be increasingly difficult in today’s complex and demanding world. It raises an essential question: Are we setting up the next generation for success, or are we hindering their growth with the pressures and inequalities they face?

Please click here to watch this Ted talk.

EP is delighted to be supporting the development of a range of activities which support the young being able to use their imagination and to play. If you would like to learn more about this, then please contact Izzy McHattie at [email protected]. We do believe in helping support change.