It seems like you can’t read a magazine, news article or blog without discussion around “millennials.”
Well, this article is no different, but what is different is I don’t pretend to have all the answers. If there’s one thing I do know, it’s that each of the millennials is unique. Most millennials I know act nothing like the reports I’ve read.
Most descriptions of millennials paint them as:
Young and inexperienced
Only interested in themselves
Able to only communicate through a device. (Hello texting!)
Not interested in finances. (They rely on their parents.)
But, in my opinion, that’s just, well, incorrect. We should not stereotype millennials. There’s a growing number of millennials (53.5 million!) who are on an established path into adulthood and making smart decisions when it comes to their careers and financial future. Let’s go to the source: Elliott and Capris – a couple of millennials working in corporate America.
What were your top priorities after graduating from college?
Elliott: “I wanted to make sure I started my job well, established a budget that worked for me and bought a new car. I was excited to buy a car independently after getting some pointers from my dad. I even drove Uber for a few weeks, just to spend more time in it!”
Capris: “I knew I wanted to buy a new car and, enjoy the last free moments of my “nonadult” life, get ready for starting a new job and establish a budget.”
Takeaway? These are thoughtful adults who want to do the “right thing.” We need to meet these consumers where they are (e.g., online) and offer financial education tips to get them started. These folks are willing to try new things and experiment (like driving Uber!).
You both started working for a large company right away. What were your thoughts when reviewing your employee benefits?
Capris: “Oh man, I have NO idea what any of this means!”
Elliott: “Wow, this is really confusing.”
Takeaway? After discussing it further, both relied on others and resources to help make sense of the situation.
(Photo: Allison Bell/TA)
They both wanted to make the right choice(s), but knew they didn’t have the expertise. In addition to “Googling” for tips, they turned to others like their managers, parents and co-workers for advice.
When it’s payday, what do you do?