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Financial habits of Millennials

MillennialsMillennials
MillennialsMillennials

 

Financial habits of Millennials

Characterised by their integrated incorporation of communications technology in everyday living, their strong liberal beliefs, and their culture of knowledge and thriving diversity, there is something we can learn from Millennials. We know them to be rebels of “blind-eye” attitudes and supporters of unconventional solutions.

When looking at their financial habits, you’d be surprised by the logic behind most of them.

 

Experiential expenditure

The foundation of Millennials financial habits lies in the invaluable price of experiences. For them, it revolves less around the material and superficial status of owning something. It’s more about investing in memories and lifetime experiences. Whether it is done to review and share on social platforms or to add worth to their life story, you will find that the focus is on what kind of different encounters they can invest in to add to their personal journey.

This is reflected in their support of the food industry where their support lies in local, organic, natural and authentic ingredients used in an authentic way for a clean-body and earth-supporting dining experience. It’s about being the best you can be and supporting activities and businesses that support that “best”.

 

Always connected

Work online, shop online, share online and essentially live online, Millennials are always connected to technology and the internet. Not in a couch potato kind of way but in a productive-to-society kind of way. With the breaking down of national and international borders through the internet, Millennials are able to influence and be influenced by companies around the world by having access to their sites and offerings. They have monetised the digital age in their favour.

Millennials buy their necessities online and save the money they would be spending on driving around and buying unnecessary items simply because it was in their line of sight. It’s quick, easy, secure and efficient to shop online and this generation operates on efficiency and saved effort where possible. This generation is more confident and trusting in the uses of the internet, and that’s definitely something to embrace and learn from.

They make the most of modern day technology by using finance applications and online forums to answer any and all of their finance questions. This includes insights into the stock market and apps that assist in investment decisions. However, when it comes to cars, Millennials appreciate the professional expert and client interaction and would rather invest their time in private car sales over online browsing and risk. The same applies to renting or buying a house. Even Millennials understand that some things just aren’t yet suited for the online world.

 

A fitting financial stress

Everyone experiences financial stress. Millennials have a fitting financial stress in the concerns over whether they are able to save enough money every month and to make sure that they aren’t overspending where they can’t afford to. They choose to make the most of their money by investing, saving and paying off their debts to secure debt-free futures and retirements. Yes, Millennials are thinking about their early retirement plans while they may be currently sitting in student debt. Thinking ahead and planning for the future is a goal-driven mindset that motivates the Millennial to be money-wise.

 

Avid achievers

On the topic of goal-driven mindsets, Millennials live in an age and society of action. They have a strong understanding and standing in their social responsibility, not only as individuals but as an entire generation. They aren’t scared to dream big because their dreams are supported by upcoming technological advancements and digitalisation.

They know what they deserve, how they ought to be treated and how to make a valid case – all thanks to their resourcefulness and relationship with the internet. They make sure they know what all their options are and strive to make the most of their opportunities, career and financial alike.

 

You may have been under the impression that Millennials are just “winging it” when it comes to finance issues or that they were relying on a lifetime supply of dependence from their financial supporters. But that clearly isn’t the case. Striving for independence in almost every aspect of their lives, Millennials are paving the way for economic stability despite being a generation not born into it.

 

Millennials