Millennials – the term used for anyone born between 1981 and 1996 – have come of age during a period of vast technological change, economic disruption and evolving societal norms. These transformations have uniquely shaped their financial perspectives and experiences.

In fact, it’s fair to say that the millennial generation has been hit by some of the most significant economic events of the past century – from the Great Recession of the late ‘00s to the recent pandemic – all of which has impacted their ability to build wealth and find financial stability.

An overview of the millennial generation

Millennials are so called because they’re the first generation to enter adulthood in the new millennium, and this has set them apart from previous generations in several ways. 

For example, millennials will remember a time without the internet and advanced digital technology like smartphones, but are also considered digital natives. 

Millennials are also noteworthy for being the most well-educated generation as well as the most racially diverse, and for buying their own homes, getting married, and having children later than those in the Gen X or baby boomer generations – a characteristic tied to the financial challenges that the generation has faced.

Economic challenges for millennials

Many millennials have struggled with financial challenges that were less pronounced for baby boomers and Generation X at similar stages of life. 

Their attitudes towards money are markedly different, too, now focusing more on financial wellness and the balance between quality of life and fiscal responsibility. This can largely be attributed to the economic climates they have grown up and matured in, and the economic challenges they’ve experienced. 

Economic turbulence

Economic instability has been a consistent theme in the lives of many millennials. The Great Recession (2007 to 2009) coincided with the formative years of many young adults in this group, altering their perspectives on money and significantly affecting their career trajectories.

In the UK, the aftermath of this financial crisis was felt through austerity measures, impacting public services and employment opportunities. All of this was followed by the coronavirus pandemic, which sent shockwaves through the economy, plus further recessions in 2020 and 2023.

Like the UK, the Federal Reserve in America and other central banks worldwide have similarly grappled with recessions and policies that have seen interest rates plummet, affecting savings rates and overall economic recovery.

The ongoing repercussions of these economic downturns, coupled with recent inflation surges, continue to challenge millennials’ financial security, making it difficult to create everything from a financial safety net to a retirement plan. Because of this, many in the millennial demographic have struggled with the cost of living, amassing significant credit card debt to make ends meet and further adding to their financial stress. This is even worse in the US, where many American millennials face huge healthcare costs or health insurance fees.

Student debt

Many millennials were taught that higher education was a crucial path to securing well-paying jobs, leading many millennials to pursue degrees.

However, this has often come at the cost of accumulating substantial student loan debt. Data shows that the promise of higher income has been dampened by the reality of paying down large debts, a burden that previous generations did not face to the same extent. And this debt has far-reaching consequences on other financial decisions and milestones, such as homeownership and retirement savings.

Housing and homeownership

Homeownership rates among millennials lag significantly behind those of previous generations at similar ages.

In the fiercely competitive housing markets of major cities like New York and London, soaring home prices and stagnant wages have made down payments and mortgages less attainable. And rising mortgage rates aren’t helping anyone, no matter where they live.

The rental market isn’t much relief either, with high rents consuming a large portion of monthly income, making it challenging for young people to save enough money for a home or otherwise invest in their future.

A 2024 House of Lords report on the housing needs of young people highlights some of the data specific to the UK:

• 35% of 25- to 34-year-olds in 2017 were homeowners, a decrease from 55% in 1997.
• Average property prices in England had risen by 173% (after adjusting for inflation) and 253% in London since 1997.
• The proportion of young adults who would need to spend more than six months’ income on a 10% deposit for the median property in their area had increased from 33% in 1997 to 78% in 2017.

Salaries and employment

While millennials are the most educated generation to date, this has not necessarily translated into financial success or full-time employment. Many millennials left education to find themselves in a job market characterised by job scarcity, underemployment, and salary stagnation. 

“In the wake of the 2008 global financial crisis, unemployment was elevated in many countries, and reached a high of 11.8 percent in the UK in 2011,” Statista explains. “With young workers generally being the most impacted by such high unemployment, millennials bore the brunt of this crisis, and in 2012, there were 1.39 million millennials unemployed.”

However, this picture is slowly changing shape, with lower levels of unemployment coupled with millennials’ adaptable nature.

“In more recent times, millennials were the generation most associated with career advancement, with 26 percent of people in the UK believing millennials would value this over a work-life balance, the most of any generation,” says Statista. “Other traits people associated with millennials were being financially insecure, open to different lifestyles, and a willingness to make lifestyle changes for the environment.”

What comes next: financial challenges for the Gen Z and Alpha generations

As millennials continue to navigate their financial realities, the upcoming generations, Gen Z and Generation Alpha, are on the brink of facing their own economic challenges. These younger generations are set to inherit many of the systemic issues that have not yet been resolved such as high educational costs, uncertain job markets and unaffordable housing. But the experiences of millennials offer valuable economic lessons that can help future generations achieve financial stability and well-being for themselves – and for the wider global economy.

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Mastering the art of time management has become more critical than ever before in our fast-paced world.

Time management skills can empower people to take control of their lives, enhance their productivity, and achieve better work-life balance. Developing good time management skills can therefore be thought of as an investment in your personal and professional success. And, importantly, understanding effective time management is not just about doing more, but instead doing what matters most with the time you have.

What are time management skills?

Time management skills refer to your ability to plan, organise, and prioritise tasks efficiently to make the most of the time you have available. It’s a soft skill focused on allocating time wisely and prioritising the activities that most contribute to both personal and professional goals. 

These skills encompass a range of abilities, from setting realistic goals and knowing how to say no to people, to avoiding procrastination and multitasking effectively to prioritising getting things done.

Examples of time management skills

Goal-setting

Setting goals is a fundamental time management skill. By defining clear, achievable objectives, you can create a clear roadmap for your actions and give yourself enough time to complete tasks. This includes setting both short and long-term goals which provide a sense of direction and purpose and can guide daily activities with greater intention.

Prioritisation

Prioritising tasks involves identifying and focusing on the most important activities or the actions that will have the most impact. This might include categorising tasks based on urgency and importance to determine which are the best areas to dedicate time and energy to.

Task-list management

Creating a to-do list is a classic and effective time management technique. It can help you to visualise yourworkloads, break them down into manageable tasks, and then track progress. Regularly reviewing and updating your to-do list ensures priorities remain aligned with overarching goals.

Overcoming procrastination

Procrastination is a common obstacle to effective time management, whether it’s putting off a big task with lots of little, unimportant ones that eat into your workday, or just scrolling on social media for a lengthy amount of time. Overcoming this challenge typically involves recognising and then addressing the factors that contribute to delaying tasks. It also helps to break down large tasks into smaller, more manageable steps, which can make them less daunting and therefore feel more achievable.

Multitasking

Multitasking can be a valuable skill, but it requires careful consideration because juggling multiple tasks simultaneously can be counterproductive if not done efficiently. The key is to identify tasks that complement each other. Grouping related or similar tasks often means they can be performed simultaneously without compromising quality.

The advantages of developing time management skills

Time management skills bring a number of benefits:

• Better work-life balance. Better time management enables youto strike a balance between your professional and personal life. By allocating time strategically, you can fulfil your work responsibilities without neglecting personal wellbeing, family or hobbies.
• Reduced stress levels. Poor time management often leads to increased stress levels and even burnout. By organising tasks, setting realistic goals, and avoiding last-minute rushes, you can minimise stress and maintain a healthier mental and emotional balance.
• Increased productivity. Good time management skills are associated with heightened productivity. This is because focusing on the most important tasks and avoiding time-wasting activities means you can accomplish more in less time, leaving room for additional projects or leisure time.
• Achieving goals and objectives. Setting and prioritising goals are integral components of time management, and having a structured and intentional approach to your daily tasks can help you achieve your objectives, both in and outside of work.

How to develop time management skills

Set SMART goals

SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound objectives. By adopting this framework, you can set goals that are well-defined and realistic, and enable effective planning and execution in your work.

Prioritise tasks

Prioritising tasks requires assessing both the urgency and the importance of each task. The Eisenhower Matrix, which categorises tasks into four quadrants (Do, Decide, Delegate and Delete), is a helpful guide for allocating time to the urgent tasks and important activities that best align with your goals.

Use time management techniques

There are various time management strategies to explore and experiment with, including the Pomodoro technique, which involves working in short, focused bursts with breaks in between. 

It’s helpful to try different approaches to find the ones that best support individual preferences, workflows, and specific tasks. 

Delegate tasks

A top time management tip is to recognise the importance of delegation. Delegating tasks to other team members or colleagues can free up time for more crucial responsibilities. It also helps to foster collaboration with peers and can help enable more efficient project management.

Tools for time management

The number of tools available for time management increases all the time, but most fall into one of a few broad categories:

• Task list apps. Use task list apps to create, organise, and manage to-do lists efficiently. These apps often come with features like due dates, reminder notifications and prioritisation options.
• Project management tools. For larger tasks or projects involving multiple team members, project management tools like Trello, Asana, or Monday.com can be invaluable. They provide a centralised platform for task allocation, progress tracking and collaboration.
• Time-tracking software. Time-tracking software helps people monitor how they spend their time. This awareness can be crucial for identifying time-wasting activities and optimising daily routines.
• Calendar apps. Calendar apps help people to schedule and plan their days, weeks and months effectively. They often come with features such as reminders and the ability to block out specific time frames for focused work. Some of these tools can also remind you to take regular breaks in order to stay alert and reduce stress or strain. They may even be helpful in determining the time of day when you’re most productive so you can schedule specific activities in optimal time slots.
• Boost your time management skills while advancing your career

Develop your professional adaptability alongside leadership skills with the 100% online MSc Finance, Leadership and Management programme from the University of York. This flexible Masters programme will give you valuable insight into your own professional development while building your problem-solving and communication skills alongside self-management and time management skills.

Your studies will prepare you to respond rapidly and effectively to changing business and financial environments, and upon graduation you will receive affiliate CMI membership and be awarded a Level 7 certificate in Strategic Management and Leadership Practice.

Modules on this programme cover topics such as:

• Operations Management
• Business Finance 
• Leading and Managing People
• Marketing and Ethics in Global Business
• Corporate Financial Strategy
• Investment Management
• Asset Pricing.

Operating in the global marketplace requires an understanding of the nuances related to business attitudes, approaches, and ways of working that exist between different countries and cultures.

Cultivating the ability to adapt in cross-cultural situations is key for interconnected, multinational, global businesses where teams, business partners, customers and markets are spread across the world. Even for organisations without geographically disparate teams, bridging divides within multicultural teams is critically important. After all, cultural backgrounds, values, and expectations relating to workplace etiquette, experiences, and communication styles may be richly diverse.

Why is it important to understand cultural attitudes to business?

Global human resource experts Multiplier identify cultural variation as one of the top challenges in international business.

If an international company fails to take into account the nuances of different cultures – including how they relate to work and business – the number of obstacles to business success, profits and growth is likely to increase. As international business  contexts are likely to become more complex, communication breakdowns may occur and employees and customers alike may feel alienated.

Where cultural differences and attitudes are recognised, understood and managed effectively, cultural barriers to business dealings can be greatly reduced. Cultural awareness and sensitivity – reinforced by high emotional intelligence – bolsters cross-cultural communication, fosters a positive shared business environment, and enables strengths from each culture to contribute to overall business success.

It’s important to learn about the different cultures of countries where you’ll be doing business, so let’s take a closer look at how attitudes can impact different aspects of the workplace.

How does national culture affect international business?

Cultural variations between different countries – and how they intersect with attitudes to work and business – have the potential to impact business relationships and activities in a number of ways. In order to mitigate the business impact of cultural variations, it’s important to firstly understand how different countries engage in business practices and etiquette. 

Here are three examples of how culture can impact business expectations and attitudes.

• Organisational culture and hierarchy. There are four main types of structure that affect an organisation’s culture: market, clan, hierarchy, and adhocracy. Some cultures feature formal organisational structures that depend on top-down control and rigid levels of authority, where decision-making and business negotiations are the purview of senior management and everyone else is expected to coordinate their activities accordingly. Others favour looser hierarchical structures, with shared, democratic decision-making processes, a more relaxed approach to authority, and less rules governing how team members complete their work.
• Leadership styles. Different leadership and negotiation styles, and management behaviours can be seen as weaknesses or assets depending on the cultural context. Harvard Business Review shares research indicating that leadership styles are heavily influenced by geographical regions. Findings show leaders who: self-initiate and demonstrate flexibility tend to be more desirable in Scandinavian countries, as well as Western countries on which the UK has substantial influence, and Asian countries that base their governing and economic institutions on the British model. Alternatively, diplomatic leaders who prioritise ‘getting along over getting ahead’ are preferred in Latin America, New Zealand and Sweden. Finally, straight-shooting leaders who favour directness are expected in Northeast Asia and countries like the Netherlands.
• Business practices. Differences in business practices and ways of working can range from the profound to the minor. For example, the working day typically starts at 9am and finishes at 5pm (and often extends earlier or later) for a North American office worker. However, in Spain and other Mediterranean countries, working hours are often 9am to 1:30pm – with a rest after lunch known as a siesta – and 4:30pm to 8pm.

Other aspects include communication styles, meeting etiquette, level of formality, dress codes, punctuality, as well as gestures and body language.

What is the difference between high-context culture and low-context culture?

The concept of high-context cultures and low-context cultures, developed by anthropologist Edward T. Hall, refers to the importance of contextual cues and cultural orientations in interpreting meaning and messages.

In low-context cultures:

• importance is placed on the exact, literal meaning of words
• communication is direct and explicit
• individuals prefer being given comprehensive information ahead of a meeting or task (for example, meeting reports, detailed agendas and information packages).

Examples of low-context cultures include Australia, Germany, Canada, the United States, the Netherlands and the United Kingdom.

In high-context cultures:

• importance is placed on when, where and how people say things, rather than just what is said – or not said
• information is implicit and embedded in relationships, non-verbal cues/body language and context
• communication is indirect and implicit
• individuals prefer face-to-face meetings and long-term, relationship-building opportunities, and mutual understanding is developed via close contact.

Examples of high-context cultures include Japan, South Korea, India, China, Singapore and Indonesia.

No culture is entirely high-context or low-context – and many countries sit somewhere between the two, such as Brazil, Spain, Italy and France. However, the distinction broadly indicates communicative preferences within and across different cultures – and can be invaluable in everything from greeting clients to negotiating deals and partnerships. Leaders should be cognisant of bringing high-context expectations into low-context environments – or vice versa – and be aware of any cultural miscommunications or misunderstanding this may cause. In this way, they can lay the foundations for effective communication.

How can leaders overcome cultural differences and attitudes to work?

Researching countries and cultures goes a long way in helping to understand how to build cross-cultural relationships, as well as not inadvertently disrespecting the customs and beliefs of others.

Learning about cultural diversity while promoting and respecting it in the workplace is a great place to start. It creates a more inclusive environment for doing business, where team members feel comfortable communicating and the benefits of diverse skills, mindsets and perspectives can drive creativity and progress. Investing in business language and cross-cultural and cultural sensitivity training, encouraging open, clear communication, and empowering leadership and management teams to champion cultural understanding and inclusion will all help overcome barriers to business.

Gain the leadership skills and sensitivities to navigate cultural differences in the workplace

Are you ready to develop the ability to lead anyone, anywhere? Interested in gaining an in-depth understanding of how culture affects business – and how it can be managed?

Excel as an ethical and socially responsible leader with an international outlook – with specialist expertise in financial and management operations and strategies – with the University of York’s online MSc Finance, Leadership and Management programme. You’ll develop the distinct skills required for a career in senior financial leadership: effective communication, in-depth insight into your own professional practice, and a critical approach to problem-solving and decision-making. Through highly flexible study – that takes place entirely online and at your own pace – you’ll examine operations and people management, asset pricing and investments, financial and corporate strategy, business finance, leadership and much more.

What is the current state of the global economic environment?

According to the International Monetary Fund, the baseline global economic growth rate is set to slow from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024 – sitting well below the historical average of 3.8%. This is in part a result of high interest rates, rising energy prices, geopolitical risks and conflicts, and a slowdown in gross domestic product (GDP) for the world’s two leading economies: the United States and China.

These shifts in economic systems, which play out on a global scale, can have profound knock-on effects on international business activities – effects that are keenly felt by business leaders. Research by J.P. Morgan indicates that less than half of UK business leaders are optimistic about the global, national and regional economies, citing threats such as the Russia-Ukraine war, general market volatility, cost of debt and energy prices.

How does the global economy affect the international business environment?

The reasons why a business might choose to ‘become’ multinational are generally divided into two overarching categories: strategic or operational needs. Strategic needs include factors such as avoiding stagnation, increasing business sales and profitability, and mitigating future changes in external environments. Operational needs include factors such as shifting a surplus of production, and sourcing or providing technology, materials or equipment. However, economic activity – whether national or global – presents both challenges and opportunities for these globalised businesses operating on the international stage.

Economic factors shape the landscape of global business operations in a number of ways:

• Inflation and interest rates. High inflation and interest impact the cost of borrowing, foreign direct investment, and overall cost of production – all of which slow economic growth and can lead to falling stock prices. Faced with high inflation and interest rates, many businesses are forced to increase their own running costs and reconsider investments. Low interest rates, by contrast, give businesses more money to invest and can lead to high economic growth.
• Supply chain disruptions. Global crises such as pandemics or financial crises and recessions can severely impact supply chain operations. This can lead to shortages of key goods and raw materials, factory closures, shipping and logistical issues, price inflation (as scarcity fuels higher prices), and negative consequences for economic well-being.
• Government activity and economic policies. Generally speaking, fiscal policy is designed to nurture a strong economy and reduce poverty, and involves adjusting tax and spending levels to monitor and influence a country’s economy. Governments may choose to focus spending and monetary policy on specific sectors – for example, technology, manufacturing or healthcare – which encourages these industries to increase wages and job roles and support wider economic development.
• Infrastructure and technology. Businesses that operate in developed countries with access to advanced technologies and infrastructure will find it easier to bring goods and services to global markets. Where this is not the case – such as in some developing countries – leaders face additional challenges in marketing and distributing products to overseas audiences.
• Consumer and market behaviour. Supply (the total amount of goods and services available) and demand (the number of goods and services customers want to purchase) can significantly influence how items within an economy are priced. If supply exceeds demand, prices are likely to decrease; if demand exceeds supply, prices are likely to increase and lead to inflation. Customer purchasing power and changes in purchasing behaviour play an important role in the economy at every level.
• Unemployment rates. High unemployment rates mean consumers spend less money, due to reduced disposable income and purchasing power. Low unemployment rates generally mean the opposite, with wages increasing, disposable income rising, and consumers being less risk-averse in their spending habits.
• Exchange rates. Changes in exchange rates typically affect the price of imported or domestic goods that require imported materials or parts. Keeping an eye on exchange rates enables businesses who rely on imports and exports to identify whether they are operating at a profit or a loss, and to ascertain how much they should pay international suppliers. High exchange rates can also impact inflation, investments, and the job market and employment rates.

Other economic factors can include wages, laws and policies, tariffs and tax rates, environmental sustainability and political environment.

What growth strategies can help to safeguard against economic instability?

Which economic factors post the greatest risk to your business?

It’s not just a wise move to protect your business amid changing economic conditions: it’s vital. Leaders should take proactive steps to build business resilience, setting their organisations up to succeed despite the challenges and obstacles that might get thrown their way.

This involves strategies such as diversifying portfolios, nurturing customer relationships, prioritising adaptability, embracing technology and strengthening finances. Identifying specific threats and vulnerabilities will help leaders in their decision making – and enable them to pivot business models or business activities to increase overall resilience.

For some international businesses, this might look like:

• expanding into new distribution channels
• expanding into new domestic or international markets
• adapting an existing business model
• diversifying supply chain partners and other business partnerships
• focusing on the most profitable products and services
• introducing new product or service lines.

With small businesses often the first to suffer – as witnessed during the COVID-19 pandemic – business leaders must prepare to weather adverse and changeable economic conditions well ahead of time.

Use globalisation to your advantage – and lead businesses to success despite economic uncertainty

Develop the skills to navigate complex financial and business environments with the University of York’s online MSc Finance, Leadership and Management programme.

You’ll excel as a capable financial leader with broad oversight of the opportunities, risks and challenges presented by financial markets and industries. Through flexible study that suits you, you’ll learn how to finance long-term strategic ambitions, apply theoretical and fundamental financial tools in the right circumstances, and make decisions that drive business growth and profit. You’ll explore business and leadership topics such as organisational behaviour, operations management, people management and international marketing, alongside specialist financial modules including asset pricing, investment management and corporate financial strategy.