Millennials are currently aged , or born between and the end of with some more generous definitions taking in those born up to They also get called Generation Y, because they follow on from Generation X born , and other, less flattering names. Gen X fare better.
By other accounts, they are a generation marked by creativity , flexibility , open-mindedness , a strong sense of social responsibility and concern for the environment. But that makes for less interesting headlines. Perhaps because they are such a maligned bunch, millennials tend to have a much more negative self-image than other generations do. Spanning 15 years, different social classes, cultures and continents, it is ridiculous to imagine that millennials have a unified identity.
As a result, many Gen-Xers developed independence and self-reliance, resilience and the drive to give back. Ernst and Young. Forrester Research. Just to bust that myth, not all tech dev is Millennial driven. That said, Xers are still multi-platform users. Gen Y is tech-savvy, greatly ambitious, in love with change; they're multi-taskers and globally connected - mainly due to being immersed in the digital world from a young age.
Gen Y members are much more racially and ethnically diverse due to their online approach to life. They are more participative by nature and embrace diversity, and are strong advocates of giving back to the community.
Armed with smartphones, laptops, and other gadgets, this generation is plugged in 24 hours a day, 7 days a week, and immune to most traditional marketing and sales pitches. They've been exposed to it all since early childhood, been there, seen that and so have less brand loyalty. Cord-cutting in favor of streaming services is the popular choice. They typically have multiple social media accounts. They prefer to shop products and features first, and have little patience for inefficient or poor service.
Because of this, Millennials place their trust in brands with superior product history such as Apple and Google. This is delaying major purchases like weddings and homes. Because of this financial instability, Millennials choose access over ownership, which can be seen through their preference for on-demand services.
They want partners that will help guide them to their big purchases. Many of them grew up playing with their parents' mobile phones or tablets. They have grown up in a hyper-connected world and the smartphone is their preferred method of communication. On average, they spend 3 hours a day on their mobile device. They want to avoid debt and appreciate accounts or services that aid in that endeavor. Debit cards top their priority list, followed by mobile banking.
They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations. Other Nicknames: None that have stuck. Often the nickname centers on a defining event or characteristic. Media Consumption: Alphas are being raised in homes with smart speakers and devices everywhere; technology is built into everyday items.
Many of them attended school virtually thanks to the global pandemic and are gravitating toward online learning with programs such as Khan Academy, Prodigy, and IXL. Many have even had a digital presence since before they were born, with their Millennial parents creating social media handles for their infants. Banking Habits: Although some of the oldest Alphas may have accounts such as Greenlight, they do not have defining banking habits.
Based on current data, it appears that Alphas will one of the most highly educated and wealthy generations. It is not clear if their banking habits will be influenced by their parents i. Shaping Events: Global pandemic, social justice movement, Trump-era politics, and Brexit.
They will likely first encounter money as a number on a screen and spend it through apps and other forms of ecommerce. Younger generations have often led older Americans in their adoption and use of technology, and this largely holds true today.
Although Baby Boomers may trail Gen X and Millennials on native technology usage, the rate at which Boomers expand their use of technology is accelerated.
Knowing generational trends is important, as they can unveil similar attitudes and behaviors among consumers who experienced world events at the same life stage as their cohorts. After all, every generation grows up. Here's what we think.
Each generation has been in the workforce for different lengths of time and accumulated varying degrees of wealth. Gen Z's average net worth is difficult to report on since so much of the generation has no net worth or career as of yet. Each generation is preparing and saving for different life stages; be that retirement, children's college tuition, or buying a first car. Each generation grew up in different financial climates, which has informed their financial attitudes and opinions of institutions.
If you think bots are taking over the world, you might be right. And before you think that must be a terrible user experience, over half of both groups who actually used a chatbot said the experience was better than talking to a real person. However, for more complicated banking tasks, even the younger generations prefer the added assistance of a human representative.
Security still comes first, always.
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