News outlet figures suggest that millennials are turning to paid-for online news faster than any other age group. Since November’s election, the New Yorker, for instance, has seen its number of new millennial subscribers more than double from over the same period a year earlier. It now has 106% more new subscribers in the 18-34 age range and 129% more from 25-34. The article attributes this trend to two main factors: the election of Donald Trump – as many of these news outlets take an anti-Trumpian editorial line millennials may be willing to pay for content that aligns with their views – and the rise of quality paid-for content elsewhere on the web, particularly via streaming channels such as Netflix.
In his latest podcast, Pete Matthew of Meaningful Money and Jacksons Wealth, speaks to Max Rofagha of Finimize to find out what makes millennials tick and what the company is doing to solve the savings gap.
Data from America’s Bureau of Labour Statistics has revealed that, despite their reputation for job-hopping, US millennials are in fact no more likely to move jobs than any other age group. Although the figures suggested a downward trend in average length of service in a job, the overall change is miniscule: men aged between 25 and 34 for instance now spend an average of 2.9 years in a role compared with 3.2 years in 1983. Their western European counterparts, however, do seem to be moving jobs more frequently. OECD data found that, while overall job tenure has increased since 1992, the average for millennials has dropped. This has been attributed to labour market restrictions, which have forced younger workers into temporary or ‘gig’ work.
This short think-piece positions millennials as a ‘sandwich generation’, or a bridge between digital natives such as Generation Z and the older generations who can remember life before the internet. While millennials are comfortable incorporating technology into most aspects of their lives, they also have an understanding of the analogue world that existed before society became increasingly digitised.
The chief of the Financial Conduct Authority (FCA), Andrew Bailey, has warned of rising levels of indebtedness among young people. According to Bailey: “There is a pronounced build-up of indebtedness among the younger age group.
“We should not think this is reckless borrowing, this is directed at essential living costs. It is not credit in the classic sense, it is [about] the affordability of basic living in many cases.”
He also offered an explanation for this trend: “There has been a clear shift in the generational pattern of wealth and income, and that translates into a greater indebtedness at a younger age. That reflects lower levels of real income, lower levels of asset ownership. There are quite different generational experiences.”
This Forbes piece offers hints and tips on how millennials can maximise their youth for marketing purposes. Advice includes seeking out older, successful people to act as mentors, forming good habits and using their innate knowledge of what millennials are interested in to engage with this ever more influential age group.