I think you might be reversing cause and effect. Millennials are less wealthy, and thus less able to purchase homes, get married. Traditional religious affiliation is declining, but it's debatable to what degree religious impulses have declined and to what degree they have simply found new forms of expression (e.g. into astrology, QAnon-style "theories", "General Artificial Intelligence", spiritualized ecology, etc.)
"People change jobs more frequently now than in the past, and consequently they tend to move around more often."
This is a false statement. The decline of residential mobility and its impact on labor market dynamism is a hot topic in U.S. economics research today.
https://www.npr.org/2017/08/04/541675186/fewer-americans-are... https://workofthefuture.mit.edu/wp-content/uploads/2020/09/2...
Most of all: College. Not only does it share a lot of the practical value that the church historically provided (community, fellowship, teaching), but notably it carries a similar fear-based belief system whereby there is a lot of social pressure to attend and it is accepted that if you don't attend you will face the scorn of the economic deity; the modern-day version of "you will go to hell".
The specific "higher power" may have changed with time, but the human behaviour certainly hasn't.
Yes, this is all anecdotal, but I can't help suspect that you're doing a bit of "this is how I feel, so surely it's the way everyone else feels". :)
Pretty sure that’s wrong. Tenure in job is near an all time high in America. Boomers were the job hoppers.
Anecdotally, most of my older relatives spent 20+ years working at the same place. Meanwhile I’ve had 4 different employers in the last decade and don’t know many young folks in tech who have stayed with a company for 5+ years. (Why would you if you can only move up in position or salary by job hopping?)
The boomers lived through 11% unemployment. It may not have been job hopping by choice.
That would be astonishing, unless you are in some really unique industry.
Perhaps if it's one of the big consulting firms, maybe. They start right out of university and then follow a career track which can easily go 15 years to partner level. And for those willing and able to live that life, I imagine they don't change jobs as often as others.
The numbers go down as the year goes.
Additionally, the median length of the tenure goes up with age. For men...
.... 2012 : 2014 : 2016 : 2018 : 2020 : 2022
25-34 3.2 3.1 2.9 2.9 2.9 2.9
35-44 5.4 5.0 5.0 5.0 5.1 5.0
45-54 8.5 8.2 8.4 8.1 8.2 7.5
55-64 10.7 10.7 10.2 10.2 10.0 10.0
.... 2012 : 2014 : 2016 : 2018 : 2020 : 2022
4.8 5.0 4.4 4.3 3.9 4.2
Not only does the recent trend show tenures declining, but it also shows home ownership declining since the peak in 2004.
So more job turnover and less home ownership does mean more likelihood of moving, whether to find new jobs or to work remotely.
.... 1982 : 2012 : 2014 : 2016 : 2018 : 2020 : 2022
25-34 2.5 3.2 3.1 2.9 2.9 2.9 2.9
35-44 4.9 5.4 5.0 5.0 5.0 5.1 5.0
45-54 8.4 8.5 8.2 8.4 8.1 8.2 7.5
55-64 11.9 10.7 10.7 10.2 10.2 10.0 10.0
> In 1983, more than 1 worker in 3 aged 35 to 44 had been with the same employer 10 years or longer and almost the same ratio of workers 45 and older had worked for the same employer 20 years or more
> Among the principal findings:
> One worker in 6 has been with his or her employer for at least 15 years. Among workers aged 45 and over, nearly one-third have been with their current employer for 20 years or more.
Comparing that with the current one https://www.bls.gov/news.release/pdf/tenure.pdf table 3
.... <12m : 13-23m : 2y : 3-4y : 5-9y : 10-14y : 15-19y : 20+y
20+ 22.3% : 5.6% : 5.1% : 18.4% : 20.6% : 10.1% : 6.7% : 11.2%
35-44 19.2% : 5.3% : 4.7% : 18.8% : 25.4% : 14.0% : 9.2% : 3.4%
45-54 12.9% : 4.0% : 3.9% : 15.4% : 21.2% : 13.2% : 10.4% : 18.9%
55-64 11.6% : 2.5% : 2.5% : 12.6% : 19.3% : 12.6% : 10.1% : 28.9%
The corresponding for 2022 would be:
> 2022, about 1 worker in 4 aged 35 to 44 has been with the same employer or longer, which is almost the same ratio as workers 45 to 54 working for the same employer for 20 years or more.
> Amount the principal findings:
> One worker in 18 has been with his or her employer for at least 15 years. Amount workers aged 45 to 45, less than one fifth has been with their current employer 20 years or more. This climbs to slightly more than one quarter for workers aged 55 or older.
In the case of home ownership, the benefits depend quite a lot on the number of years the property will be owned. I'm not sure what the numbers are now, but when I bought and later sold my house, I determined that 6-7 years was the minimum duration that made home ownership better than just renting.
People change jobs more frequently now than in the past, and consequently they tend to move around more often. That makes investing in a home more risky, as it's really unclear if one will still want to be in that home/location in 5 years. Renting, by comparison, is less risky. It may be less economical over the long run, but not if you would find yourself moving every small few years.
Also, the remote work thing is not going to decrease; if anything, it will increase, reducing location pressure (and consequently reducing the value (or rate of increase in value) of homes in certain areas). That implies even more risk for homeowners in those areas, as they cannot rely on ever-increasing values.