A lot of what has transpired re: millennial finances over the years have been a bit on the negative side; even though there are very different stories happening across the generation’s various life stages. But I come bearing some promising news on the generation as whole from the folks at Fidelity; who found that 80% of 18-35-year-olds have an emergency fund, with an average of $9,100 saved, surpassing the average amount Boomers and Gen Xers have saved (which is surprising to me!).Read More
Seattle came in number five in a recent Zillow report on where the wealthy young people are congregating. Those Millennial households making $350K+ household income are about 4% of households. What was crazy here is that it was in-line with the % of Boomer households making the same level of income.
As this Geekwire article shows – some of the highest paying careers are in tech and healthcare. Both of which Seattle has a lot of! Add in our aerospace engineering industry and you have a recipe for young wealth opportunities.Read More
Are they getting their license a little later – yes, some are.
Are they on-board with ride share services? Yes – they’re cool with things that are largely enabled by mobile.
Do they prefer public transportation – yes, but really only if they live in the metro and your city has an extensive system
So are they ever going to get in the car game? Yes, right now! And they’re quickly becoming the largest target consumer for auto dealers. A study, shared in this NBC News article and conducted by Princeton Survey Research Associates, found that about 24 percent of Millennials, aged 18 to 29, said they will buy a car sometime during the next 12 months. And that figure slipped to 20 percent of those between 30 and 49, and falls to 10% among those aged 50 to 64.Read More
Per a new survey from IRI and CGK, 60% of Millennials believe that it’s more difficult to plan for retirement than to maintain a diet. Makes sense – for staying on diets we have the support of apps, activity trackers, menu’s, blogs, books, nutritionists, support groups, online forums, workout buddy’s, etc. But wait, we have some form of many of those same types of things for saving and retirement plans.Read More
Historically, shopping duties primarily fell on mom’s plate, but times are a-changin’. In a number of recent studies, we’ve seen more and more Millennial dad’s sharing what have been traditional ‘mom roles.’ Via AdAge – “according to Mintel, 80% of millennial dads claim primary or shared grocery shopping responsibility (compared to 45% of all dads, according to Y&R’s BrandAsset Valuator data).” Whirlpool is certainly keeping track of this trend – launching a new commercial focused on dad’s household and family duties. But we shouldn’t be surprised – the rise of the working woman would necessitate dad’s to take more of the household chore role.Read More
With a projected 75% of the workforce being made up by Millennials by 2025, it was only a matter of time for Gen Y to outnumber their seniors. Per Pew Research, “over 1-in-3 American workers today are Millennials (adults ages 18 to 34 in 2015), and this year they surpassed Generation X to become the largest share of the American workforce.”Read More