It pains me to admit that I’m a stereotype. A millennial who likes avocado on toast. Yes, I used the word “like”, not love, because I’m not obsessed. I promise. For a simple dish, it’s controversial and has even been blamed for keeping millennials from becoming homeowners.
As part of the generation who are “obsessed” with this expensive toast topping, I wanted to find out whether we truly care about saving our money.
If you’ve seen the latest survey (there’s no need to specify which one...they’re all virtually the same), there’s very little us millennials can’t do. Except of course, budgeting, save for retirement, control our spending, and steer clear from luxury goodies like that oat milk latte you're thinking about.
But here's a thought: millennial stereotypes make great headlines, but they’re often just that.
So what is the truth? Do we care about saving or not?
It’s hard to say. Research shows that yes, on the whole, we spend more than the previous generations, especially when it comes to food and drink. But on the flip side, we feel secure about how we spend our money and are in fact “far more savvy” about our finances than we are given credit for.
The positive data
The not so positive data
69% of UK millennials are saving on a weekly or monthly basis with an average of £173.94 a month
47% of UK millennials find it difficult to save money each month, with 10% being unable to save anything at all
50% of young people in the UK say that they enjoy handling their finances
63% of young people are worried about their financial future
So, what can we say about millennials and what can we learn?
1. Millennials spend, but also save
In other words, despite the financial obstacles in our way such as rising house prices, insecure employment and higher debt, including student debt, millennials are motivated to save. We’ve lived through the 2008 financial crisis and we’ve seen what it looks like when people don’t put money away. It’s why the majority of us continue to be worried about our financial future.
2. Corporate social responsibility matters
As a result of growing up during the financial crisis, it’s no shock that millennials have adopted an increasingly global mindset. Factors such as social responsibility and the environment frequently play a key role in where we place our money. It’s something that you should think about if you have your own business.
3. Millennials use technology to our advantage
We grew up in the age of tech, we know how to utilise it to make our lives simpler. As the tech boom continues on, businesses should embrace it. If millennials are not your target audience right now, they may well be in 10 years.
4. Millennials value experiences over possessions
This isn’t to say that we don’t like new clothes, or house plants. We definitely do. But we also love experiences. Unfortunately, with COVID19, safe socially distanced events and experiences are difficult to come by. But it is worth noting that millennials play a vital role in the growing “sharing economy”. Whether that’s using neighbours to paint our walls instead of professionals, or dog-sitting for the weekend rather than buying a pet. We value the experience.
Therefore, as a millennial, I can vouch that for us every payment tells a story, every transaction is a memory of these valuable experiences! It’s not just about the material stuff. With Roqqett I am confident that dealing with payments and finances will become a much more meaningful, simpler and fairer process than ever before. Our app will help you make every payment count in the eyes of your customers.