Shivvy J

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GUEST BLOGS, MILLENNIALS, OPINION, THE STARTUPS ECOSYSTEM

By Teresa Meek, Coca-Cola

14 October 2014: A new global study of Millennials and technology released by Telefonica reveals some interesting insights about this tech-savvy, globetrotting, and culturally diverse generation.

The study, which interviewed 6,700 men and women age 18 to 30 in the Americas and Western Europe, uncovered cultural and geographical differences in attitudes, but it also revealed some common denominators.

For example, mobile technology is important to Millennials across the board, and it’s not all about Facebook and cat videos—it plays a serious role in research and education. The vast majority of Millennials everywhere see themselves as being “on the cutting edge of technology”, though they don’t necessarily want a tech career. And while parents who catch them texting beneath the dinner table may doubt it, Millennials from Bogotà to Berlin say that family is still way more important an influence on them than anything that comes out of a gadget.

The American Dream Moves South

Some of the study’s most eye-opening results come from Latin America, where problems are considered severe, but optimism and ambition reign supreme.

Latin Millennials see corruption and a lagging education system as enormous barriers to growth and success, with 75% ranking corruption as the top issue hindering their country’s growth, followed by the education system (51%) and political leadership (42%). In the US, by contrast, 47% ranked corruption as the top barrier and 38% cited education and leadership.

Nevertheless, 70% of Central American Millennials, 61% of South American Millennials, and 60% of Mexican Millennials said they were “very optimistic” about their future. In the US, the figure was just 43%, and in Western Europe, it was a pessimistic 22%.

“The American Dream appears to be very strong here,” says Lina Echeverri, Telefonica’s director of public affairs for Latin America. “You find this sense of optimism all around the continent.”

The entrepreneurial spirit is strongest in Latin America, where 26% want to start their own business, compared with 8% in the US and 6% in Western Europe. Some have already begun: 42% of Latin American Millennials reported themselves as self-employed, compared to 14% of those in the US and 21% of those in Western Europe.

Though some enterprising Latin Millennials may be self-starters by necessity rather than choice—as a result of not finding employment in their desired field—more positive factors are at work, too.

“In Latin America, there is a growing middle class,” Echeverri says. “It is a young continent, and people are identifying new opportunities. They have a new reach given to them by technology.” Technology has made the cost of opening a new business much easier and cheaper, she says.

Though Millennials everywhere feel their country’s economy is headed in the wrong direction, most remained positive about the long-term future, with over 50% saying their country’s best days lay ahead, not behind. This sentiment is particularly strong in South and Central America, where 75% and 72%, respectively, said the best days were ahead, compared with 51% in the US and 50% in Western Europe.

On the Move

The Millennial generation has an itch to travel. Perhaps because they are digital natives accustomed to the internet’s global reach, over 70% worldwide said they would consider career opportunities abroad. In Latin America, the figure was 80%.

While they have no problem leaving their country on an individual level, in Latin America, 73% expressed a concern about a “brain drain” of the best and brightest from their countries. In the US and Western Europe, 52% and 55% expressed a similar concern.

“There’s an interesting tension there,” says Mark Burles, vice president of Penn Schoen Berland, the research and communications company that oversaw the survey. “In Latin America, they’re optimistic, but see problems in their country, and if it doesn’t give them the opportunities they deserve, they feel they need to leave. In Europe and the US, they want to broaden themselves culturally and are less optimistic about the future, though they still think the best days are ahead.”

Mobile Technology Experts

It’s no surprise to learn that Millennials are expanding their use of mobile technology. In last year’s survey, 72% reported owning a smartphone and 28% had a tablet. This year, the numbers rose to 80% and 45%.

And while both sexes consider themselves experts in using technology, women’s knowledge—or perhaps their confidence—is increasing more rapidly. This year, 87% of Millennial men and 78% of Millennial women described themselves as being “on the cutting edge” of technology, compared with 80% of men and 69% of women last year.

Mobile devices aren’t all for fun and games. In addition to entertaining themselves and keeping up with social contacts, 46% of US Millennials and over 60% of Latin Millennials said they use their devices for research and education.

Though they may be technologically sophisticated, Millennials are also practical. Across the board, they selected Microsoft Office Suite as being the most important skill required for a decent-paying job, with coding coming in second and social media a distant fourth, …after typing speed!