People talk a lot about the similarities and differences between today’s generations, and the Millennial generation is one segment that is often hard to define, partly because members of this generation are still deciding what’s important to them.
As part of an ongoing consumer research program, CUNA Mutual Group and TruStage recently reported their findings on Millennials and how members of this generation feel about their finances. The Millennial segment was defined in this study as those ages 18-34 with household incomes ranging from $25,000-$100,000.
As stated in the research report:
Today, 25% of Americans are aged 18-34, and this segment recently overtook Generation X (aged 35-507) in making up the largest percentage of the work force: they now represent roughly one in three of all employees.
This mirrors the impact they have in terms of purchasing power. Today, Millennials are directly responsible for more than $200 billion in direct purchasing and impact roughly $500 billion in spending.
Though it’s still difficult to define widespread similarities among this age group, there were a number of commonalities in the study:
- Millennials tend to be optimistic—though worried about their finances.
- They were more likely than older consumers to purchase a car or home in the near term (especially if they were parents).
- They are attracted to mobile banking.
- They know little about the credit union difference.
What do you think? If you’re a part of this age group (or close to someone who is), do these findings sound familiar? The research is interesting to Clearview because as a community credit union, we want to connect with all generations and provide as many resources as possible to make finances easier for our members.
If you consider yourself a Millennial (or a part of any other generation) and want to test your knowledge about the credit union difference, try this quiz.
Get in on the conversation! Although every generation certainly faces their own set of challenges and financial situations, learning more and reading up on ways to make money management easier can always help. Whether you consider yourself to be a Millennial or a part of another generation, let us know what’s important to your financial picture by connecting with us on Facebook and Twitter.