Our WealthEngine research lab has uncovered the evolving living, giving, saving, and spending habits of millennials across the U.S. These behaviors are fundamentally changing the way organizations engage with their consumers and donors. So, let’s explore some of the key ways this generation is approaching their wealth differently.
After witnessing how the Great Recession influenced their predecessors, the financial and cultural values of millennials have changed. This has influenced the way brands and organizations have marketed to them. Unlike the wealth of baby boomers, millennial wealth places a greater emphasis on stability, transparency, and collaboration. Millennials don’t want to be passive consumers. They want to collaborate with organizations and businesses, to be part of every aspect of the buying and giving process. In addition, with their considerable social media presence, they’re able to provide businesses with feedback at any time, anywhere.
With the Great Transfer of Wealth upon them, millennials and Gen Xers will inherit about $68 trillion in assets over the next few decades. And, now that millennials have surpassed baby boomers as the largest living generation, they’ll receive a majority of this transfer. Millennials, being more environmentally, politically, and socially conscious, are expected to invest in organizations and businesses that are consciously meeting the needs of communities AND individuals. In that sense, millennial wealth is actively fueling the betterment of humanity.
To discover more themes, download WealthEngine’s 2019 Millennial Wealth Report, and be on the lookout for your industry-specific report coming soon!