Different events or trends can shape every generation. All these things form the general identity of the members of that generation.
Considering all these factors, it is only safe to say that the financial priorities of Millennials are among the things that set them apart from previous generations. Born between 1980 and 2000, Millennials form one of history’s biggest generations. The influx of technology and a series of global events, such as the 9/11 and the Great Recession, have all influenced their financial priorities. A number of studies agree that Millennials are financially confident and open to changes.
Enumerated below are some of the top financial considerations of the members of this generation:
Millennials have established a reputation for being a generation of renters. But things are going differently, as letting becomes more expensive than ever. This leads them to consider permanent housing. Many Millennials are now looking into real estate opportunities, talking to advisors and visiting prospective communities, observes AshburyEstate.com.au.
Saving and Investment
Various publications, such as Forbes and The Washington Post, report that the Millennials are a generation of savers. Most of them actively seek ways to raise money for their future. Other than planning for retirement, Millennials work with advisors even when coming up with other financial plans, such as investing in stock markets and other things, and endeavours that have yielded.
Compared with older generations, Millennials are more health conscious. They tend to patronise brands that promise to help them improve their health, which is why businesses bearing the titles ‘organic’ and ‘unadulterated’ are gaining traction with younger consumers. Another piece of evidence is the demand for different applications that monitor workout data.
Millennials are one interesting demographic, not only in terms of culture but also in finances. Their financial priorities are only some of the determining factors businesses use in structuring their marketing efforts. This, in turn, has direct and indirect effects on the global economy.