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Over four-million Americans are expected to propose or be proposed to on Valentine's Day, according to a recent American Express survey. That's a lot of bended knees and diamond rings; but how many of these proposals will come from children of Baby Boomers; the members of Generation Y?
So who are these people?
Officially, this generation comprises 1982 and 2000 who began entering the workforce three years ago. They are supposed to be the hothouse kids: praised and coddled from infancy and watched over by their parents well into adulthood. As employees, they are said to have high expectations and demand meaningful work, constructive feedback, and positions of influence within their organizations. In other words, they want a seat at the table, or they'll walk.
Also known as the Echo Boomers and Millennials, they are showing a reluctance to tie the knot. As of 2009, only 21 percent of Echo Boomers were married, according to the Pew Research Center, and a whopping 75 percent had never married. Some 15 percent of adults younger than 35 said they have postponed getting married because of the recession.
But things are looking up as the unemployment rate goes down and the real estate market looks even more enticing for buyers.
Gen Y now tops out at 30 years old and many are looking to settle down. A December 2011 survey from Trulia revealed people between the ages of 18-34 still believe in the concept of home ownership. For 65 percent of those surveyed, their American Dream includes marriage and feathering their new nests.
Many Millennials are moving directly from their parents' basements and into their first homes. That means they haven't collected the bare necessities, such as linens and kitchenware, much less major appliances. That doesn't mean they haven't defined their tastes, however. Most already know what they want and would prefer to select home items for themselves.
As a result, Echo Boomers are steadily moving toward requesting money as wedding gifts. Others prefer to avoid asking for cash by participating in a wedding registry for gift cards at such websites as CardAvenue who provided much of the above information. They can sign-up to receive gift cards from preferred stores, but make the final purchases themselves.
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