Finance in Focus: Millennials managing money
Millennials—generally considered to be persons born in the latter two decades of the 20th century—number as many as 80 million people in the United States alone. The sheer size of this demographic makes millennials very important to the financial services industry, not least because millennials stand to inherit vast sums of money from their baby boomer parents. Indeed, this latter likelihood is making millennials a very hot topic among wealth advisors as they try to understand millennials in hopes of earning their trust and winning their business.
Millennials have earned a reputation for being constantly connected, digitally savvy, convenience-loving and price-sensitive—as well as sometimes lazy, narcissistic, energized and optimistic, even bent on saving the world. They are generally highly educated but are also debt-ridden, and they have made a name for themselves by putting off major life events and the decisions surrounding them, such as marriage and homeownership, until later in life than have earlier generations.