Personal Finance

Gen Y Myth or Fact, No. 2: Are Millennials Really More Purpose-Driven?

Millennials have a bad reputation. Older generations consider them lazy, spoiled, and unable to take criticism.

Of course, every older generation believes it's the best, and not everything heaped on today's young adults is true. In this clip from Motley Fool Answers , Alison Southwick and Robert Brokamp dig into the stereotypes and see if they're supported or refuted by cold, hard facts and scholarly research.

During the episode, the hosts examine what motivates millennials and find out whether it's really all that different from what drives the generations that came before.

A full transcript follows the video.

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This podcast was recorded on July 26, 2016.

Alison Southwick: The next commonly held belief about millennials is that they are more purpose-driven and want to make a difference in the world. See, this isn't a bad one. This is a good one. They want to go change the world, and make it a better place, and they want their work to matter.

Robert Brokamp: That's very admirable.

Southwick: It is admirable. It's not a bad thing.

Brokamp: Is it true?

Southwick: Well, it's not necessarily wrong, but the fact is that everybody is purpose-driven and wants to make a difference in the world. It's not uniquely millennial. IBM 's Institute for Business Value released a report. They found, after surveying a ton of employees across 12 countries and six industries, that the same percentage of millennials, 25%, want to make a positive impact on their organization as Gen Xers and baby boomers.

Brokamp: My favorite millennial, by the way, is my 24-year-old daughter, and I have certainly seen her have this ... I don't know if you'd call it growth ... of I'm going to go out and save the world . Then you go out and get a job, and then you just have to become more practically minded. I would think this is also an age-related thing to a certain degree. Once you get into the workforce and have a family, you just have to become more practical.

Southwick: Right. And how many of us -- be honest -- when we were in our 20s, thought for five seconds that we were going to go join the Peace Corps, and go to another country, and make a difference in the world?

Brokamp: I joined the Teachers' Service Corps.

Southwick: Really?

Brokamp: Yes, absolutely. And I have plans to one day do it again. But not at this point in my life.

Southwick: And you're not a millennial.

Brokamp: And I am not a millennial that I know of.

Alison Southwick has no position in any stocks mentioned. Robert Brokamp, CFP has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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