Millennials are now the world’s number one source of income, spending and wealth creation. But how well do we really know the generation born between the years of about 1980 and 2000? And are our services up to scratch for this enormous (and enormously crucial) demographic? Many of us are aware of their unprecedented technological adoption in a broad sense.
Why do we need to know what millennials want?
Millennials are now the world’s number one source of income, spending and wealth creation.
But how well do we really know the generation born between the years of about 1980 and 2000? And are our services up to scratch for this enormous (and enormously crucial) demographic?
Many of us are aware of their unprecedented technological adoption in a broad sense.
But Telstra research has gone further and found a whopping 76% of millennials financial engagement is via mobile.
“Devices link their physical and digital worlds,” says Telstra.
Millennial lifestyle
Millennials will make up about 40% of the Australian workforce by 2020, estimates Telstra’s Rocky Scopelliti.
For more than a decade, he’s been researching and reporting on how demographic changes and technology are affecting the financial services industry.
Many millennials will be seeking to work for companies that give them a deep sense of purpose. They’re also lured by independence.
When it comes to entrepreneurship, UBS says millennials are starting their own businesses eight years earlier than their parents, and targeting gross profit margins more than 30 percentage points higher.
They’re also living at home with their parents longer.
Investing with impact
Socially responsible investing also matters to Millennials - a lot.
Deloitte research in 2016 showed 87 per cent believe corporate success should be measured by more than just financial performance.
Companies will need to evolve their understanding of purposeful investing beyond ESG filters alone.
So how can financial services providers better understand the lifestyle choices and desires of this important cohort?
Join us online
In our final Virtual Summit before next week’s FSC Leaders Summit, we'll be speaking with an innovation and research legend who has spent years researching millennials.
Join us tomorrow on Facebook to watch an interview with Telstra’s Global Industry Executive in Banking, Finance and Insurance, Rocky Scopelliti.
Jump on Facebook at 12:45pm tomorrow, Tuesday 18th July, to hear the latest insights from Rocky and get a taste of what’s to come at the 2017 Leaders Summit!