SEPTEMBER 22, 2017
Friday Hot Links: Millennial Edition
By Hilary Collins, Assistant, Publications and Research, Financial Managers Society
Research says that Millennials in the U.S.:
• Currently account for more than $1 trillion of consumer spending
• Will soon make up one-third of the adult population
• Will make up around 75% of the workforce by 2025
No wonder so many businesses are obsessed with understanding Millennials and finding out what makes them tick. Here’s some weekend reading to shed some light on this mysterious generation.
Millennials want instant access
New research shows that Millennials want constant access to banking services and expect immediate gratification – not surprising for a consumer segment that prefers to transfer money online and says in large measure (60%) that it can go up to a full year without writing a check. To win over Millennials, your mobile app should be fast and easy to use.
Millennials are scared to invest
New research finds that 20% of Millennials say they will never invest in the markets, and 53% will never be comfortable investing in the markets. Perhaps their local community institution could help them find the link between healthy financial habits and greater investing confidence?
Millennials love apps
Providing financial education Millennials can access online, whether through a mobile app or on a website, might be the key to winning their business. Millennials are more interested in building a financial future than some studies might suggest, but they like to do it on their own time (see above: instant gratification). Providing them with the right resources could go a long way to making them not only loyal customers, but better customers.