CHAPTER 7 - GLOBALIZATION AND THE MILLENNIALS

Introduction
Globalization has been in the air. It has now come to be one of the most frequently used
terms in Politics and Economics. It is being projected as the common objective of the whole
humankind.
This current wave of globalization has been driven by policies that have opened
economies domestically and internationally. In the years since the Second World War, and
especially during the past two decades, many governments have adopted free-market economic
systems, vastly increasing their own productive potential and creating myriad new opportunities
for international trade and investment. Governments also have negotiated dramatic reductions
in barriers to commerce and have established international agreements to promote trade in
goods, services, and investment. Taking advantage of new opportunities in foreign markets,
corporations have built foreign factories and established production and marketing
arrangements with foreign partners. A defining feature of globalization, therefore, is an
international industrial and financial business structure.
Gen Y, more known as the millennials, has their ups and downs in today's world. The
millennials are a generation that is deserving and commendable sometimes. It's no doubt that
they accomplish their goals based on their term and use the resources that were given to them.
They continue to climb up the success latter and show their hard work, and can change the
views on how other generations see them. They need to come together as generations and
make sure they teach the upcoming generations everything they have learned and ultimately
continue to grow and push forward towards a better future.

Objectives:
At the end of the chapter, the students will be able to:
1. identify the important moral challenges of globalization;
2. discuss the pros and cons of globalization;
3. construct a plan for coping with the challenges of globalization;
4. state the qualities of Fillenials; and
5. compare responses to shared moral dilemmas of baby boomers and millennials.

LESSON 1 - ORIGIN AND NATURE OF GLOBALIZATION

Introduction
Globalization implies the continuing expansion and intensification of economic, political,
social, cultural and judicial relations across borders. It is furthered by reductions in
transportation and communication costs, the rise of new information technologies, such as the
internet, and liberalizations in the markets for goods, services, labor, capital, and technology.
Although it also occurs within existing legal structures, globalization in many cases involves
political decisions about deregulation, free trade, and the integration of markets. It changes the
life styles and living conditions for people around the world, presenting new opportunities to
some, but risks and threats to others. Individuals, firms, governments, and transnational
organizations that are lifted out of the framework of the nation state, like the World Bank, United
Nations, the European Union, and multinational firms all face challenges of how to respond to
globalization.

What is Globalization?
Globalization is a process of interaction and integration among the people, companies,
and governments of different nations, a process driven by international trade and investment
and aided by information technology. This process has effects on the environment, on culture,
on political systems, on economic development and prosperity, and on human physical well-
being in societies around the world.
Globalization is seen as a conscious and active process of expanding business and
trade across the borders of all the states. It stands for expanding cross-border facilities and
economic linkages. This is to be done with a view to secure an integration of economic interests
and activities of the people living in all parts of the world. The objective of making the world a
truly interrelated, inter-dependent, developed global village governs the on-going process of
globalization.
Globalization represents the desire to move from national to a global sphere of economic
and political activity". It seeks to transform the existing international economic system into a
unified system of global economics. In the existing system, national economies are the major
players. In the new system, the globalized economic and political activity will ensure sustainable
development for the whole world.
Technology has been the other principal driver of globalization. Advances in information
technology, in particular, have dramatically transformed economic life. Information technologies
have given all sorts of individual economic actors - consumers, investors, businesses - valuable
new tools for identifying and pursuing economic opportunities, including faster and more
informed analyses of economic trends around the world, easy transfers of assets, and
collaboration with far-flung partners.
To find the right balance between benefits and costs associated with globalization,
citizens of all nations need to understand how globalization works and the policy choices facing
them and their societies.

"Globalization is both an active process of corporate expansion across borders and a structure
of cross border facilities and economic linkages that have been steadily growing and changing."
- Edward S. Herman

"Globalization is the process whereby social relations acquire relatively distance-less and
borderless qualities."
- Baylis and Smith

Reasons for Globalization

There are several key factors which have influenced the process of globalization:
1. Improvements in transportation - Larger cargo ships mean that the cost of transporting
goods between countries has decreased. Economies of scale mean the cost per item can
 reduce when operating on a larger scale. Transport improvements also mean that goods
and people can travel more quickly.
2. Freedom of trade - Organizations like the World Trade Organization (WTO) promote free
trade between countries, which help to remove barriers between countries.
3. Improvements of communications - The internet and mobile technology have allowed
greater communication between people in different countries.
4. Labor availability and skills - Countries such as India have lower labor costs (about a third
of that of the UK) and also high skill levels. Labor intensive industries such as clothing can
take advantage of cheaper labor costs and reduced legal restrictions in LEDCs.

Historical Background of Globalization

The progress of industrial revolution in the 20th century was accompanied by a
replacement of the police state by a welfare state. The state came to be an active actor in the
economic life of the society. In the socialist states, state ownership of means of production and
distribution became the rule.
State-controlled command economies were operationalized and regarded as the best
means for rapid socio-economic development. In several other countries, nationalization of key
industries and enterprises was undertaken with a view to provide goods and services to the
people. State began performing several socio-economic functions.
Several other new states, adopted a mixed economic model. Ownership and control
over key industries was entrusted to the public sector. It was deemed essential for securing a
better mobilization of resources and for providing better services to the people. State regulation
of economy and industry was practiced and the public sector was patronized by the state.
Private sector was given a lesser role in the economic system.
However, the experience with the working of command economy and mixed economy
models was found to be inadequate slow and unproductive. By 1980s economies of socialist
countries began collapsing.
In 1990s, the world witnessed the collapse of socialist economies, in particular the
Soviet economy and political system. In 1991, the USSR suffered a disintegration. The
weaknesses of all socialist economies became fully clear and all socialist countries began
witnessing a process of overthrow of socialist systems.
Liberalization of politics and economy came to be recognized as the necessity of the day.
All countries of the world began realizing the merits of the market economy, free trade,
privatization, liberalization, delicensing and deregulation of trade, industry and business.
In 1991, the several states decided to go in for liberalization of economy. A new
economic policy was formulated and implemented with an emphasis upon new economic
reforms. These were governed by the principles of liberalization, privatization, market economy,
free trade, deregulation and delicensing. These reforms paved the way for initiating the process
of liberalization and globalization of several states' economy. Similar changes were adopted by
other states including the Philippines.
At the international level, all the states agreed to freely develop financial, business, trade
and industrial relations among their people. Adoption of new trade and tariff agreement leading
to the establishment of World Trade Organization was made. Globalization became the order of
the day.
Salient Features of Globalization:
Hereunder are the general characteristics of globalization:
1. Liberalization. It stands for the freedom of the entrepreneurs to establish any industry or
trade or business venture, within their own countries or abroad.
2. Free trade. It stands for free flow of trade relations among all the nations. It stands for
keeping business and trade away from excessive and rigid regulatory and protective rules
and regulations.
3. Globalization of Economic Activity. Economic activities are governed both by the domestic
markets and the world market. It stands for the process of integrating the domestic
economies with the world economy.
4. Liberalization of Import-Export System. It stands for liberalization of the import-export
activity involving a free flow of goods and services across borders.
5. Privatization. Globalization stands for keeping the state away from ownership of means of
production and distribution and letting the free flow of industrial, trade and economic activity
among the people and their corporations.
6. Increased Collaborations. Encouraging the process of collaborations among the
entrepreneurs with a view to secure rapid modernization, development and technological
advancement is a feature of Globalization.
7. Economic Reforms. Encouraging fiscal and financial reforms with a view to give strength to
free trade, free enterprise and market forces of the world. globalization stands for
integration and democratization of the world's culture, economy and infrastructure through
global investments.

Effect of Globalization on State Function

In the era of globalization, the functions of the State began undergoing a change. With
the increasing disinvestment of public sector, privatization was encouraged. Public sector was
made to compete with the private sector, and as a whole open competition, free trade, market
economy and globalization were practiced. The role of state began emerging as that of a
facilitator and coordinator, in place of an owner and controller. In fact, the process of
globalization involves a change in the role of the state. However, this does not in any way mean
re- adoption of laisses faire or reversion to the principle of police state.
Globalization has necessitated a change in the role of state. The state continues to be a
welfare state performing all the protection functions as well as several social functions. It
continues to act as a facilitator and coordinator of economy. The State continues to act as a
welfare state, a natural and necessary institution performing protection and social welfare
functions with some role in protecting and improving economic life of the people.

LESSON 2 - CHALLENGES TO GLOBALIZATION

Introduction
The term 'globalization' generally refers to the opening of international borders to flows
of free trade, immigration, direct investment, information and technology. International
organizations such as the International Monetary Fund (IMF), the World Bank, and the World
Trade Organization work to promote globalization's benefit and address its risk in the world
economies, with particular focus on helping the poorer countries. Globalization has many
obvious benefits to consumers and businesses in rich and poor countries alike. But globalization
also has critics.

Positive Consequences of Globalization

There is substantial evidence, from countries of different sizes and different regions, that
as countries "globalize" their citizens benefit, in the form of:
1. access to a wider variety of goods and services,
2. lower prices,
3. more and better-paying jobs,
4. improved health, and
5. higher overall living standards.
6. Globalization is merging historic distinct and separate national markets into one huge global
marketplace.

Negative Impacts of Globalization

Critics of globalization have listed down some of its negative impact that include groups
such as environmentalists, anti-poverty campaigners and trade unionists.
Some of the negative impacts are:
1. Globalization operates mostly in the interests of the richest countries, which continue to
dominate world trade at the expense of developing countries. The role of Less Economically
Developed Countries (LEDCs) in the world market is mostly to provide the North and West
with cheap labor and raw materials.
2. There are no guarantees that the wealth from inward investment will benefit the local
community. Often, profits are sent back to the More Economically Developed Countries
(MEDC) where the Transnational Corporation (TNC) is based. Transnational companies,
with their massive economies of scale, may drive local companies out of business. If it
becomes cheaper to operate in another country, the TNC might close down the factory and
make local people redundant.
3. An absence of strictly enforced international laws means that TNCS may operate in LEDCs
in a way that would not be allowed in an MEDC. They may pollute the environment, run
risks with safety or impose poor working conditions and low wages on local workers.
4. Globalization is viewed by many as a threat to the world's cultural diversity. It is feared it
might drown out local economies, traditions and languages and simply re-cast the whole
world in the mold of the capitalist North and West. An example of this is that a Hollywood
film is far more likely to be successful worldwide than one made in India or China, which
also have thriving film industries.
5. Industry may begin to thrive in LEDCs at the expense of jobs in manufacturing in the UK
and other MEDCs, especially in textiles.
 Anti-globalization campaigners sometimes try to draw people's attention to these points
by demonstrating against the World Trade Organization. The World Trade Organization is an
inter-government organization that promotes the free flow of trade around the world.
Ethical Issues on Globalization
Clearly the expansion of the global economy is an important part of globalization. At one
level it is just a fact whether we like it or not and it has various impacts on development. But at
another level, normative issues are involved. Some of the ethical issues identified are as follows:
1. Reduction of protectionism is unfair unless applied fairly. Protectionism is the economic
policy of restricting imports from other countries through methods such as tariffs on
imported goods, import quotas, and a variety of other government regulations.
2. Inequality of power, example with no or few trade unions leads to massive exploitation by
multinationals.
3. The gap between rich and poor in the world is still very large. The bottom 2.5 billion, 40% of
the world's population live on less than $2 a day and receive only 5% of the world's income.
4. Economic globalization marginalizes the poor, destroys the environment and damages
cultures.
5. Globalization increases inequality and further impoverishes the poor.
6. Many of the global problems are by-products of the expansion of the global economy such
as pollution or resource shortages; global warming; expansion of global tourism; the spread
of AIDS and other health hazards facilitated by global transport; Internet fraud; and
terrorism.
7. Poverty. There are still too many people who die because they are too poor to live. Aid and
a fairer trading system are crucial. As we will see, it can be an enormous help to poor
countries. It can start them on the first steps of the ladder of progress. Tremendous
changes are also occurring in the richer countries.
8. Income gaps have widened both within countries and between countries. A recent UN study
by ILO called for a fair globalization. They show that global trade increases wealth but the
trade benefits are uneven. Like most economic changes there are winners and losers. What
is a fair division of the growing pie? This raises ethical questions.
9. About 820 million people lack adequate nutrition, more than 850 million are illiterate and
almost all lack access to basic sanitation. In rich countries, less than one child in a hundred
dies before the age of five. In the poorest countries, one child in five dies. Every day three
hundred thousand young children die from preventable causes. Life expectancy in rich
nations averages 77 years whereas in sub-Sahara Africa, it is 48 years.
10. The World Trade Organization (WTO) does ignore labor rights and the environment. It is
most certainly not democratic.
11. International trade and technological change create a significant decline in demand for
unskilled, semi-skilled and traditionally skilled workers.
12. Brain drain - The "brain drain" effect of globalization is another ethical issue; it refers to
talented or educated people in Third World countries who leave their countries of origin for
better opportunities in First World countries. This leaves Third World countries lacking
homegrown, educated professionals such as doctors and engineers.
13. Natural Resources - According to the State of the World 2006 Report, "The world's
ecological capacity is simply insufficient to satisfy the ambitions of China, India, Japan,
 Europe and the United States as well as the aspirations of the rest of the world in a
sustainable way." Tropical rainforests around the world, predominantly in Brazil, Indonesia
and Papua New Guinea, are being felled for fuel and cattle-grazing pastures. Apart from
wildlife concerns, this reduction in rainforests will have a huge effect on oxygen levels for
the entire planet.

Solutions to Ethical Problems of Globalization

The world has simultaneously benefited from globalization and failed to manage the
inherent complications resulting from the increased integration of our societies, our economies,
and the infrastructure of modern life. As a result, we have become dangerously exposed to
systemic risks that transcend borders. Some of the solutions to the problems of globalization are:
1. Countries must accept shared responsibility for managing the risks that it has engendered.
Rich countries should assist poor countries for them to propel economic growth and
development;
2. Coordinated action is required to address the problems of poverty and malnutrition
worldwide. The nature of the response needs to be tailored to the problems.
3. In the case of pandemics, the key is to support countries where outbreaks occur and help
those most at risk of infection.
4. Widespread dangers, such as climate change or a new financial crisis, can require the
cooperation of dozens of countries and a broad range of institutions. In nearly every case,
an international effort is needed.
5. In confronting dangers such as the Islamic State, ebola, financial crisis, climate change, or
rising inequality, long-term political expediency is required.

Ethical Challenges for Business Working in a Globalized World

Business ethics (also corporate ethics) is a form of applied ethics or professional ethics
that examines ethical principles and moral or ethical problems that arise in a business
environment. It applies to all aspects of business conduct and is relevant to the conduct of
individuals and entire organizations. It aims at inculcating a sense of value orientation within
company's employee as to how to conduct business responsibly (Velasquez, 2009).
In the present world having severe and all pervasive deterioration of values, practices of
hypocrisy in pursuit of self-interest, corruption, egoism, violence and pursuit of material wealth is
prevalent everywhere. Everyone is on a wild race to acquire more and more, mostly by shortcut
means. There is no end of desire. Further criminalization of the fractured polity, relationship with
the underworld fellows, unethical exploitation of religion, corruption, prevalence of terrorism and
trade union militancy are pointers to the burning need of steering a value based course to the
existing cause and effect syndrome. It is in this context that values and ethics have its
significance. Ethics is needed to business for several reasons as stated below (Chavan, 2010):
1. Ethics creates credibility with the public: A company perceived by the public to be ethically
and socially responsive will be honored and respected even by those who have no intimate
knowledge of its actual working. There will be an instinctive prejudice in favor of its products,
since people believe that the company offers value for money. Its public issue will attract an
immediate response. Ethics gives management credibility with employees: Values are
supported to be a common language to bring leaderships and its people together.
 Organizational ethics, when perceived by employees as genuine, create common goals,
values and language (Kumar, 2014).
2. Ethics helps better decision making. Another point of great importance is that an ethical
attitude helps the management make better decisions, example, decisions which are in the
interest of the public, their employees and the company's own long-term goal even though
decision making is slower. This is so because respect for ethics will force the management
to take various aspects like economic, social and ethical into consideration in making
decisions.
3. Ethics and profits. Ethics and profits go together. A company which is inspired by ethical
conduct is also a profitable one. Value-driven companies are sure to be successful in the
long run though in the short run they may lose money.
4. Law cannot protect society, ethics can. Ethics is important because the government, law
and lawyers cannot do everything to protect society. Technology develops faster than the
government can regulate. People in an industry often know the dangers in a particular
technology better than the regulatory agencies. Further, government cannot always regulate
all activities which are harmful to society. Where law fails, ethics can succeed. An ethically-
oriented management takes measures to prevent pollution and protection of workers' health
even before being mandated by law.
5. Ethical influence of globalization on stakeholders. Business ethics propels the stakeholders
of company towards higher level of performance. Globalization provides an enabling
environment in this endeavor. Shareholders, employees, customers, suppliers, competitors,
government and civil society are considered as stakeholders of businesses.

Conclusion
What makes the ethics and values in business special relevant and topical in the present
day context in the world is the fact that we are on the threshold of environmental changes of far-
reaching consequences. Business ethics presents pertinent solutions to the concerns and
dilemmas faced by global organizations. Ethical leadership is essential for the long-term survival
and success of any organization. In the era of globalization, business ethics considerably
influences shareholders, employees, customers, suppliers, competitors, government and civil
society. Organizations should focus on the ethical issues faced by them in various functional
areas like marketing, finance, human resources, production, ICT etc. The commendable work
done by global corporations in inculcating and practicing business ethics underscores the
importance of value based leadership in international business scenario.

LESSON 3 - MILLENNIALS AND FILLENIALS

Introduction
In recent years, the proverbial generation gap has become more visible in the
Philippines due to changing mores, styles, and spending habits. Marga Manlapig finds out more
about the differences among the Silent Generation, Baby Boomers, Generation X, Millennials,
Generation Z, and the young known as Generation T "You just don't understand!" Over the
years, these words leaders have been the battlecry (or the broken-hearted wail) of young
people against the strictures and policies imposed by their elders. It is a cry usually followed up
with a bracing statement that invariably begins with "When I was your age, we did things
differently!"

Millennials: Ethical Challenges and Responses

The term 'Millennials' generally refers to the generation of people born between the early
1980s and 1990s, according to the Merriam-Webster Dictionary. Some people also include
children born in the early 2000s.
The Millennial Generation is also known as Generation Y, because it comes after
Generation X - those people between the early 1960s and the 1980s. The publication Ad Age
was one of the first to coin the term "Generation Y," in an editorial in August 1993. But the term
didn't age well, and "Millennials" has largely overtaken it. But the terms basically mean the same
thing (livescience.com).
This age group has also been called the Peter Pan or Boomerang Generation because
of the propensity of some to move back in with their parents, perhaps due to economic
constraints, and a growing tendency to delay some of the typical adulthood rites of passage like
marriage or starting a career.

The Positive and Negative Characteristics of Millennials

Millennials have been characterized in a number of different ways. On the negative side,
they've been described as lazy, narcissistic and prone to jump from job to job. The 2008 book
"Trophy Kids" by Ron Alsop discusses how many young people have been rewarded for
minimal accomplishments such as mere participation in competitive sports, and have unrealistic
expectations of working life.
A story in Time magazine said polls show that Millennials "want flexible work schedules,
more 'me time' on the job, and nearly nonstop feedback and career advice from managers."
Another Time story in May 2013, entitled "The Me Me Me Generation," begins: "They're
narcissistic. They're lazy. They're coddled. They're even a bit delusional. Those aren't just
unfounded negative stereotypes about 80 million Americans born roughly between 1980 and
2000. They're backed up by a decade of sociological research." The article also points out that
Millennials may be simply adapting quickly to a world undergoing rapid technological change.
A 2012 study found millennials to be "more civically and politically disengaged, more
focused on materialistic values, and less concerned about helping the larger community. "The
trend is more of an emphasis on extrinsic values such as money, fame, and image, and less
emphasis on intrinsic values such as self-acceptance, group affiliation and community." The
study was based on an analysis of two large databases of 9 million high school seniors or
entering college students.
They have also been described in positive ways. They are generally regarded as being
more open-minded, and more supportive of gay rights and equal rights for minorities. Other
positives adjectives to describe them include confident, self- expressive, liberal, upbeat and
receptive to new ideas and ways of living.

The Filipino Millennials (Fillennials)

You may have seen the word millennial in social media or heard it on TV. You're puzzled,
clueless as to what this word means. In the Philippines, Filipino millennials or "Fillennials" is
now a thing. Let us tell you who "millennials" are, what do they do, and why they are called as
such.
In the Philippines, millennials make up one-third of the total population. They're the ones
politicians talk to. The ones marketers try to entice and persuade. The ones companies want to
hire. They are a force to be reckoned with.
Millennials in the Philippines are described as those who are social media-dependent
and also, the "selfie" generation. Many things describe what a millennial is. According to The
Week, millennials are usually spendthrifts. Millennials in the Philippines are known to usually
spend for luxury goods which leave their bank accounts shaken-the reason why they are also
described as "broke." Millennials are also described as narcissist, making them known as the
"Me, Me, Me Generation." However, there are also good attitudes which millennials possess:
being politically and socially-engaged. Compared to other generations, millennials have their
say about issues and are more involved with politics.
When it comes to entertainment, millennials in the Philippines are usually seen spending
time online, watching YouTube videos. Millennials usually have the latest apps, watch the latest
TV series, and are into the latest hits. According to a Philippine Star article, millennials in the
Philippines do not usually read newspapers. Instead, they have Google for information or Waze
for road directions.
Another set of description that best fits millennials are upbeat, lazy, narcissistic,
materialistic, self-expressive, fun-loving and liberal. They also have a short attention span. But if
you talk to them about the things that interest them for example, tattoos, trivia, gaming, movies
and the likes, they're really one to talk.
They're also known to be career-shifters, jumping from one field to another, seeing
making career as "self-discovery." According to Mr. Jos Ortega, of Havas Media Ortega,
millennials are characterized in different identities. "Who they are on Facebook may not
necessarily be who they are in real life, on Instagram, or on Twitter," said Ortega. Diversity is
what makes a millennial and they have different versions of themselves depending on what they
want to show to the world.
The defining and guiding values of members of the millennial generation include
optimism, confidence, high self-esteem, diversity, civic duty, ethical consumption, achievement,
morality, change, multi-view and a global perspective.
Millennials are the most confident, open-minded, expressive and optimistic generation
ever born. Their desire for recognition gives way to so many of them extending a helping hand
during emergencies and disasters. Just look at the number of pictures posted during the
aftermath of "Yolanda," of these kids packing goods, venturing to typhoon-stricken places, and
all sorts of relief efforts (lifestyle.inquirer.net/).
They are more open in accepting all kinds of people no matter what the color of their
skin is, how they dress, or what their religion is. Millennials are more accepting whatever
differences people may have.
They are growing up in a world that is creaking under the strain of our lifestyles, and they
are daily made aware of the fragile environment. So, it is no surprise that they are emerging as
ethical consumers who want to change the world (Codrington, 2008).
The common notion that millennials all over the world share the same youth culture
might be somewhat applicable in the case of the Philippines. However, like any other nation, the
Philippines has a unique history which influences and shapes the attitudes, beliefs, preferences,
and value systems of the Filipino millennials. In this ever changing world, it may be true that
Filipino millennials generally experience life in a similar way that the millennials of other
countries do, since various global events have been taking place. Nonetheless, Filipino
millennials still differ from other millennials in a sense that their personalities are still affected
and shaped by Philippine culture and society.
Filipino millennials as the same with the general notion of millennials, also embody traits
such as being optimistic, career driven, socially active and civic- oriented. As it is the millennial
generation which is exposed to issues such as globalization, terrorism, migration and other
national, international, transnational issues of the world, they are perceived to be the most
active and reactive among all generations as of this date. Despite of the common stereotypes
attached to Filipino millennials which are primarily based from how they conduct themselves,
there is still a huge potential that this generation will be able to contribute to the general welfare
of mankind.

The Generation Gap

The concept of the generation gap - that all-encompassing phrase used to describe the
conflict between older people and the youth - has been presented in so many ways over the
years. It has served as the gist of films, popular music, and television shows, as well as a
starting point of discussion for many sociopolitical issues. It is a concept that has been played
for both laughs and copious amounts of tears, but all of that is but the tip of an iceberg of
conflicting yet correlated issues and points of view regarding anything and everything.
However, it is most notable that this conflict, so to speak, between generations has
become more noticeable in recent years. Sociologists, psychologists, and cultural scholars have
noted the increasing disparity among Baby Boomers, Generation X, and the so-called
Millennials with regard to fashion, finances, and general morality.
Contrast this with millennials in the workplace. Everyone who graduates from college is
highly driven and ambitious. Regardless of their generation, every fresh grad jumps into the job-
pool with high hopes for immediate advancement. Millennials, however, have taken this
optimism and turned the knobs up to 11. Likewise, due to having grown up in a completely wired
environment where they can get answers at the touch of a button (a click of the mouse, as it
were), they want instant appreciation, quick growth, and easy advancement ladder. This is not
an attitude that endears them to their elders, of course, but one up the corporate commendable
when you realize that they're thinking about their future.
In between Generation X and the Millennials, however, Philippine Tatler has noted a
niche group: Generation T. These are people between the ages of 25 and 40 who are filled with
potential: a whole new generation of influencers, creative visionaries, and upcoming leaders
who are making names for themselves and are changing the very face of the nation. A bright
mix of youth, idealism, and a wisdom beyond their years, Generation T is redefining what it
means to lead and to affect change in society.

Fillennial Morality
Children now love luxury. They have bad manners, contempt for authority, disrespect
their elders, and love talking instead of exercise." These were the words of the Greek
philosopher Socrates in a tirade against Athenian youth during his time, but many older adults in
this modern age would use the very same words when railing against the youth.
Millennials are perceived by their elders as having a rather tenuous grip on morality.
While they are more open-minded with regard to issues regarding sexual identity, pre-marital
relations, and the concept of having and raising children out of wedlock, they are also seen as a
little too sensitive when it comes to reacting to socio-civic issues. The use of social media
through which to air their views has been considered by many as a coward's way out: many
people air scathing opinions online instead of in public, protected, as they are, by a sense of
virtual anonymity.
According to Jos Ortega, chairman and CEO of digital media agency Havos Media
Ortega, the last thing a millennial wants to hear is to be told that he or she will be unable to do
something. "To them, that is violating the very being of what they stand for," he explained during
a discussion on the millennial market with the Philippine Association of National Advertisers
(PANA). "[Life] for millennials is a journey of self-discovery."
But this drive towards self-discovery is not without consequences. Older generations see
them as willful and disrespectful to others; highly interactive online but completely lacking in
interpersonal skills in the real world; overly dependent on technology; narcissistic and overly
materialistic; even fatalistic as many millennials do not seem to have a solid foundation for their
future or even a sense of where to go next.
Exposure to other ways of thinking thanks to being connected to the world online has
also made many millennials drift away from traditional religion, with some veering into becoming
agnostics and others into all-out atheists. Ironically, many baby boomers who once shunned
organized religion find themselves seeking spiritual solace in the faith they left behind as they
grow older. Even Generation X cynics have found new life, so to speak, in their respective
churches: a sort of refuge and backlash against the wanton behavior they see proliferating
among the young.
There are various aspects of the generation gap that can be opened for discussion.
Corporate and financial issues, particularly those involving the balance of power in the
workplace or proper investing, are one; changing values are another.
In the end, it is up to all of us to coexist in mutual respect and some modicum of
understanding. Perhaps the one question we need to answer is "Why can't we all just get
along?"

Loosening Values of Fillennials

Millennials are growing up differently from how the previous generations. For one thing,
the computer is the new nanny and it trains millennials to be self-centered and selfish. Rentoy
also called the millennials as the multi-tasking generation that suffers from the inability to focus
during lectures, classes, conversations studying and writing. The level of information may be
going up but their level of knowledge is going down.
He added that today's generation has to contend with religious indifference, divorce,
alcoholism, softness (can't deal with life's difficulties), drug addiction and moral relativism.
Instead of looking up to their parents as role models, their heroes and standards of excellence
are celebrities, rock stars, athletes, and influencers.
Rentoy also reported a severe loosening of moral values among adult Filipinos, such
that young people don't seem to know what's right and wrong. As a consequence, about half of
them do not see anything wrong with casual sex, premarital sex, sex with a prostitute, getting
drunk, gambling, hazing, abortion, and suicide (McCann-Erickson Youth Studies of 2000 and
2005).
Teen pregnancies are on the rise with 6000 cases in Tarlac in 2014; 26,606 cases in
Metro Manila and 28,605 cases in Cavite-Laguna-Batangas-Rizal.
Reasons Why Fillennials are Broke
Millennials, those who were born between 1980 and late 1990's, make up about /% of
the country's overall population today. With a median age of 23 years, the population in the
Philippines is considered among the youngest in the world. Since many Filipinos are relatively
young and belong to the so-called Millennial generation, the country is in the best position to
reap the demographic advantage of millennials: a more productive (and income generating)
workforce.
Although the millennials, also known as Generation Y, are considered an exceptional
generation, the economic and social climate of today has not spared them from financial
problems.
The paycheck to paycheck lifestyle has never been more apparent than the current
lifestyle led by this group of young people. This can be attributed to the following common
reasons (Adrian, 2017):

1. Lacks financial literacy - Contrary to what most millennials think, they aren't as financially
savvy as they perceive themselves to be. According to a data presented by The Global
Filipino investor, The Philippines is one of the 30 least financially literate countries in the
world, with only 0.7% of the population investing in stocks, bonds, mutual funds, and
government securities.
Despite the Philippines having about 1/3 of its population in the millennial age group,
the ratio of those who are financially literate to the entire population aren't even close to a
fraction of the millennial population in the country. Although the millennials make up a large
segment of the country's workforce, they aren't financially literate.
Another survey debunked how most millennials see their generation as more
entrepreneurial than baby boomers and generation X. According to that survey, most
millennials think staying at one company is the best way to advance their career than
starting their own business. Surprisingly, only 22% think that starting their business is the
way. However, to be fair, they do think that business is the best way to advance a country's
economy as a whole.
Despite that though millennials see the importance of personal finance and many of
them think it should be taught in schools, according to the research done by Wells Fargo,
79% of millennials think it "should be taught in high schools".
2. Financially vulnerable - According to the survey done by Manulife, despite being cautious
with spending, four out of 10 Filipino investors carry debt, majority of which are below 35
years old. The research was conducted on middle class to affluent investors who are 25
years old and above. Most of them are also primary decision makers in their household and
in their business.
Despite having a strong grasp of real life financial discipline, many of them are
burdened with high levels of personal debts, not including mortgages. According to the
survey, 41% of Filipino investors carry debts, 7% of which are burdened with P25,000 and
above worth of debt, while the rest are indebted between P5,000 and P24,999.
When a person is unprepared for any unexpected and emergency financial situations,
he or she is obviously financially vulnerable.
3. Burdened with more financial responsibilities - While millennials may be generally pictured
as affluent young professionals by many - an image highly influenced by the western culture,
 it is far from the truth in the Philippines. The country is overpopulated by young adults, who
are neither affluent nor the stereotypical millennial, generalizing them as such is a mistake.
Not all Filipinos who fall under that age group or generation fits its description. They're
usually the breadwinners of their family and even supporting their parents financially, or
financing the education of their siblings.
Many of them just fall under the age requirement, but many are nothing like the
affluent youth, who just worries about ticking off their next travel goals or those who live a
hipster lifestyle because they can. More and more young Filipinos are burdened by financial
responsibilities simply by inheriting them from their parents, such as family debts, tuition
expenses of their younger siblings, and even the retirement of their parents, to name a few.
Although in upscale cities like Metro Manila, millennials can be seen flocking hipster
cafes and living in high rise condominiums, they don't necessarily present the majority of the
millennials in the Philippines.
4. Stagnant income - The findings of the National Youth Assessment Study 2015 are also
instructive. The study, sponsored by the National Youth Commission, profiles the needs,
attitudes, and economic state of Filipino youth aged 15-30 years old.
Seven out of 10 respondents reported that their household income on average is less
than $10,000, while 18.8% of households are recipients of 4Ps, which means they are
indigents. Close to half (42.5%) of surveyed youth are hoping for a job within the next five
years. Among those who are employed, 26.2% indicated that their occupation poses some
form of hazard to their health.
These basic economic data suggest that many of our youth are not as upwardly
mobile as we thought they were. Many of them even have a very limited lifestyle.

How to overcome them

The good news is the solutions to financial dilemmas aren't really age dependent.
Whether you're a millennial or not, getting around your finances is quite universal. It will only
depend on how persistent you are in pursuing the following:
1. Be thrifty but not cheapskate - Another way to boost one's income is to cut your expenses
to ramp up your savings. Though you don't really have any control of your salary most of the
time, how much you save is completely within your hands.
According to LA Times, millennials have already become less interested in
traditional status symbols like wearing name brands, and even cars! They tend to be thriftier
in their purchasing decisions than what we think. Instead, they embrace old school frugality
by fully adopting the motto of our generation of grandparents: "Use it up, wear it out, make it
do, or do without!"
2. Side hustle - If you want to get ahead financially, you need to start playing to win, instead of
playing not to lose. Start boning up on how to earn extra income, with the wide availability of
online based jobs and even ride hailing services such as Uber and Grab, there's never a
shortage of earning opportunities.
You can also venture in stocks and other legit investment products to create a
channel for passive income. You can start out small and eventually grow your profile.
3. Bargain for a raise - Though a single raise can only boost your salary by so much, when
properly managed, that few hundred or thousand pesos can result in hundreds of thousands
in savings during your entire working life.
4. Educate yourself or better yet, find a mentor - It's never too late to learn, especially financial
management. With the abundance of information online, self-education about personal
finance is easy. However, if you want to take it seriously and put it into practice, it helps to
have a mentor or at least an advisor who will guide and carry you throughout the process.
A family member or a friend would be an ideal mentor, but if you don't know anyone
close to you who could teach you a thing or two about personal finance, you can always
approach insurance and wealth management companies for starters.
Whether it's part of our culture or simply an economic matter, at the end of the day, it's
the attitude towards financial management that will save a generation from the cycle of financial
dilemmas. The baby boomers and the generation before the millennials, despite not having
easy access to all the relevant information on the internet, are immensely more financial savvy
than the millennials. Though, they're not exempted from the usual financial struggles that all of
us go through, basing on statistics, they're more financially resilient than the millennials.
Not everyone may be born affluent, but becoming one is a choice. Economic climate
may be tough, but financial literacy can make it more manageable to navigate.