The millennial generation is a hot topic in almost every conversation, especially ones involving finances. Millennials are analyzed on how they respond to certain situations; how they scrutinize certain outcomes, how they are disrupting the traditional workforce and the behavioral trends associated with each decision they make. This generation (born roughly between the 1980s and 1990s) is at the forefront of the digital age. It’s comprised of individualistic mindsets that push beyond the social norms and boundaries created by previous generations.

Connecting with Millennials

Growing up in the new millennium, the digital era, this generation is an intimidating and powerful force in our economy. Millennials are online and connected every day. With the touch of some buttons, they have everything at their disposal 24/7. Financial service companies need to use this as an advantage to shift marketing strategies and remain relevant for the future. Anything not online or not connected by the push of a button is less intriguing to the majority of millennials.

Financial Challenges Facing Millennials

With a lack of financial literacy, high expenses and not enough money to spend, the millennial generation is facing more struggles than previous generations. The biggest challenge for most millennials, though, doesn’t revolve around how much they spend or what they buy, but rather not having enough to spend. In fact, a majority of millennials aren’t saving for the long-term and have no plans to do so. The problem is, this generation, as a whole, are big spenders, especially with regards to their education. On average, millennials hold higher education standards for themselves compared to previous generations. With education being a top priority, many face the financial burden of paying off student loans and high educational expenses, causing a huge rise in overhead debt. This heavy debt burden poses many challenges for the generation.

Financial service companies need to understand their pressures, trends, behaviors and digitally transform to effectively serve the millennial generation. Considering the millennial generation is the largest living generation and at the front of a major wealth transfer, knowing their mindsets is essential to the economic future.

Ready to financially serve the millennial generation?

The Financial Fitness Group, a purveyor of comprehensive online financial education programs, has the many resources you need to be a financial success. We offer unbiased online, interactive instruction in personal finance, financial planning, investing and much more. Learn more about our online resources or schedule demo today.