A round-up of the top millennial stories from the past seven days, from Uber’s entry into the world of personal finance, how to become a ‘money badass’ and how millennials are driving a trend towards more transparent salary.
Uber has joined forces with Barclaycard in the US to launch a credit card dubbed by many as the ‘ideal card for millennials’. The card which will be free to use, will offer a $100 starting bonus, as well as an annual $50 credit, which can be put towards digital subscription services, such as Netflix. The card also offers cashback on a number of purchases, from dining and air travel, to of course, Uber rides. We’ll be keeping tabs on this story including roll-out to other countries, so stay tuned.
Millennials are becoming increasingly comfortable discussing their pay, leading employers to make their approach to remuneration more transparent. According to a survey by Bankrate’s The Cashlorette, 33% of millennials feel comfortable talking about their salary to colleagues, friends and family. Sarah Berger, author of the Cashlorette blog, said she had been inspired to carry out the survey after noticing differences in the way she and her parents talked about salaries.
“I was pleasantly surprised that so many millennials are talking openly about salary,” says Berger. “The more we talk about money, the more we learn.”
Looking to make a bit of income on the side? This blog comes from the Millennial Money Guide blog and features tips and tricks on how to make more cash. Featured hustles range from online surveys, affiliate marketing and writing e-books, so plenty of food for thought for cash-strapped millennials (and others).
Research by Bankrate suggests that millennials may be taking saving more seriously than other age groups. According to the survey, 60% of millennials who have cut their spending in some way are doing it to save money. Only 25% of older generations who had limited their spending cited the same reason.
“The reasons have shifted in the past few years,” said Greg McBride, chief financial analyst for BankRate.com. “But the current top reason for limiting spending is the need to save more money and this was particularly evident among millennials.”
This blog from Let’s Automate Your Money gives you all the tips you need to go from financial zero to financial hero. It drives home the point that those who flaunt their money are not necessarily the most money-smart and offers practical steps on how to get in control of your money, going from changing your mindset, cutting down on subscriptions (they all add up) to take you all the way to ‘money badass’.
Analysis by Which? has shown that the average millennial “buys later, spends more and devotes double the proportion of their salary than their parents’ generation” when it comes to buying their first property. As part of the research, Which? examined 40 years of data from UK Finance, which represents banks and lenders, around first-time buyers, including how old they were, how much they earned and how much they borrowed.
Millennials are the age group most likely to turn to social media when making purchases, according to UPS in the fourth incarnation of its Pulse of the Online Shopper series. 49% of millennials said that social media influences its purchasing decisions, compared with just 19% of non-millennials. The research found that 60% of millennials who have bought products on social media find daily deals important (compared with 47% of those from other groups) while 46% of millennials seek out promotions on social media compared with 33% of others.
If there are any stories you would like to see featured in future Millennial Round-ups, feel free to tweet me at @sophierobson2.