Millennials, are those that are born between 1980 and the mid-2000s, are the largest generation, representing one-third of the total Philippine population.
With the first cohort of Millennials only in their early thirties, most members of this generation are at the beginning of their careers and so will be an important engine of the economy in the decades to come.
The significance of Millennials extends beyond their numbers. This is the first generation to have had access to the Internet during their formative years.
Here are 5 Facts about them.
Fact 1 : Millennials value community, family, and creativity in their work.
Millennials are not just virtually connected via social networks; they value the role that they play in their communities. For instance, high school seniors today are more likely than previous generations to state that making a contribution to society is very important to them and that they want to be leaders in their communities. This community-mindedness also includes a strong connection to family.
Fact 2: Millenials are now investing in Insurance
Life insurance gets more expensive as you age. But, Millennial-aged adults are now ready to confront their own mortality. They know that no one lives forever.They understand that while it seems that you may not need it now, many leave behind more debt to their loved ones than they realize (funeral expenses, car debt, house debt, loans, etc.)
They understand that life insurance is relatively inexpensive while you are young, and those you leave behind will certainly be thankful for the living memorial that is attached to leaving some assets behind, too.
Fact 3: Millennials feel financially confident when it comes to their finances
41% of millennials reported they always set aside money each month for saving (compared to only 36% of Gen Xers) and 58% believe saving for retirement is a basic necessity, like food or housing. Many millennials (71%) also use “tricks” to make saving money easier. Forexample, the majority of them use several different accounts to automatically save their money for specific purposes (one for everyday expenses, one for a particular loan, one for a special trip, etc.).
Fact 4: Millenials are aware of the Social media dangers when it comes to their finances
As their financial strength builds, however, social media has become the millennials’ financial Achilles’ heel.
More than half (55%) reported experiencing a fear of missing out (FOMO) and 57% spent money they hadn’t
planned to because of what they saw on their social media feeds. The vast majority (88%) of millennial
respondents also believe social media creates more of a tendency to compare one’s wealth/lifestyle with others
(versus 71% of Gen Xers and 54% of boomers). Sixty-one percent feel inadequate about their own life and
what they have because of social media. And perhaps due to this FOMO, half also claim they spend more
money going out than they do on rent or mortgage.
Fact 5: Millenials are never scared to reach out when it comes to their finances
The study also found that this generation is the most open to getting help. While the vast majority of millennials (70%) use online apps or tools to help them manage their money, human support is still very valuable to them. In fact, 40% of millennials said they have a financial professional and work closely with them (compared to only 25% of Gen Xers).They also prefer to communicate in person with a financial professional (42% ranked it as their first choice with phone communication coming in second at 19%). Many millennials believe having a financial professional would give them some relief from the pressure of trying to plan for their family’s future, as 70% are overwhelmed by the thought of how they could provide for themselves and their family in the long term.
It was a very informative event and I learned so much about Millenials and the way they handle their finances. Allianz Azpire is ALLIANZ PNB Life product designed for millennials to cater towards the needs of the younger generations.