Economist Nick Bloom says that the work-from-home phenomenon is driven primarily by the preferences of millennials. Veuer’s Matt Hoffman has the details.
00:00There's one generation in particular driving the work-from-home revolution—millennials.
00:05That's according to economist Nick Bloom, who recently published a report on the phenomenon in the Journal of Economic Perspectives.
00:11Bloom told Business Insider that younger Gen Z workers want in-person mentorship and tend to have less work-friendly living spaces,
00:18while Gen X workers and boomers are highly accustomed to office work and may not have as much social life outside of it.
00:24But millennials are now at the prime age to afford bigger homes and be raising young children, factors which make working from home more attractive.
00:31A 2022 Axios-Harris 100 poll found strong cross-generational support for the work-from-home option, but it was strongest among millennials at 84%.
00:40Nevertheless, the practice has been decreasing, hitting a post-pandemic low in October, according to the Census Bureau.
00:46But that same month, Bloom published a New York Times op-ed predicting on-site office work would never return to pre-pandemic levels.
00:54And if that's the case, millennials may be the reason why.
