Not so temporary gig

Not so temporary gig

Gig Economy, Platform Economy, Side Hustle, Makers, On-Demand Economy, Freelancer, Entrepreneur… whatever term(s) used, describes an incredibly fast growing occupational direction that is becoming synonymous with career or job for Millennials and Gen Z. 

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Mo Money, Mo Savings

Mo Money, Mo Savings

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!)

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They’re a lot like you; just lagging a little

They’re a lot like you; just lagging a little

Information coming out from newer surveys is painting a picture of today’s Millennial that is a bit different from how Millennials have been described in the recent past. Often described as the lazy, narcissistic, tech introverts; more current data is showing they’re not so different from the population as a whole when it comes to retail spending. And that as we’d suspect, their perceived failure to launch into the traditional timeframe for life markers like marriage and kids, have impacted some key spending categories like real estate and transportation; but have also buoyed retail categories like travel and entertainment. 30’s are the new 20’s!        

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A Look Into The Seattle Millennial Home Buyer

I recently came across a fun new tool from Ellie Mae called the Ellie Mae Millennial Tracker. Each month, data will be added to give an up to date perspective on the demographic make-up of today’s Millennial home buyer  – the ones expected to dominate home buying in 2016 and beyond. Looking at the Seattle-Tacoma-Bellevue MSA data, here’s what Ellie Mae shares about these young buyers.

  • 67% of primary borrowers are male
  • Average age of borrowers is 30 years old
  • Average loan amount is a little over $282K
  • 4% average note rate
  • 82% were for purchase of a home

What I thought most interesting was that 46% of borrowers are single. Long gone are the traditional life-markers of marriage then house and kids.

Seattle Millennials Flush With Cash

Seattle Millennials Flush With Cash

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.

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Debt Ridden & Debt Aware

Debt Ridden & Debt Aware

With a total of about 1.4 Trillion dollars in student loan debt hanging over heads young and old – and Millennials holding 50-60% of it – taking on additional debt is a valid concern for both newly minted Millennial grads and grizzled thirty-somethings. That was reflected in an early 2015 survey we did with theMillennial Lab Think Force in which we asked a few questions about Credit Cards ownership and use.

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Planning for Retirement vs. Maintaining a Diet – What’s Easier?

Planning for Retirement vs. Maintaining a Diet – What’s Easier?

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.

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Automotive F&I Called to Attention

Automotive F&I Called to Attention

In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.

From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.

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The Rise of the Robo-Advisor

The Rise of the Robo-Advisor

Nearly every feature of the ‘robo-advisor’ is attractive to Millennials.

  • Personalized – They require customization to create personalization.
  • Automated – They’ve got too much going on in their life to dedicate a lot of time.
  • Low-Cost – For most, they are in the early stages of their career and not making the big bucks. Having really low fees and low minimums is critical.
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Millennials Need Financial Advisors. Financial Advisors Need Millennials.

Millennials Need Financial Advisors. Financial Advisors Need Millennials.

As the recovery from the recession continues, and Millennial incomes continue to take shape, perspectives on the misguided Millennial investor have popped up. Yes, many are behind the 8 ball with student debt and less than stellar jobs, but many in the 18-34 age spectrum are now making decent money, saving some, and are in need of a financial plan and investment advice.

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Prepaid Cards Helping Manage Finances, But Not Building Credit

Prepaid Cards Helping Manage Finances, But Not Building Credit

A recent Adage article explored the growth and prominence of prepaid cards amongs the Millennial generation. Included was an expert from a TD Bank study which revealed that “56% of Millennials surveyed said the ability to track spending is one of the main benefits of reloadable prepaid cards, as opposed to 46% of people overall.”  

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Millennials are purchasing insurance in-person

Millennials are purchasing insurance in-person

Reported on Insurance Business America from an Applied Systems survey of 1,000 Millennials of those that carried auto insurance policy, 35% completed their purchase online, but another 37% reported buying auto insurance in person. So while a majority believe that Millennials live and breathe solely by doing business through the web or via their mobile phone, the importance of in-person relationships should not be forgotten. While having a well-planned digital presence is important, 

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Millennials are doing better at saving for the future.

Millennials are doing better at saving for the future.

It seems that millennials are working smarter to put themselves in a better financial position. Featured in a Bloomberg article, the eighth annual America Saves Week survey by the Consumer Federation of Americas shared the percentage of 18-34 year olds who saved at least 5% of their income increased to 56%, from 50% in 2014. Additionally, 

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