A round-up of the top millennial stories from the past seven days. This week, find out why millennials are more likely to have been hacked than their parents, their lack of knowledge when it comes to pensions and their appetite for socially responsible investing.
A report by the Video Advertising Bureau (VAB) has found that millennials are spending more time watching content on TV than they are via digital platforms, such as Youtube or Netflix. Those aged 18 to 34 watch on average 5,400 minutes per month of live and time-shifted television. This is four times more than they spend watching YouTube, the platform with the second highest time spent per month, at 1,163 minutes. The message for brands trying to target millennials: don’t turn your back on traditional advertising just yet.
This piece from advocacy group GenFKD warns how millennials’ lax attitude toward security makes them more likely to be victims of cybercrime than baby boomers. The article quotes figures from First Data which reveal that 82% of millennials reuse passwords and apps, putting them at risk of hackers.
The article offers an explanation for this attitude:
“Millennials value productivity and speed in their tech. They see security measures as a block preventing them from getting things done. When they see a public computer or a sketchy Wi-Fi network, they don’t see the potential consequences of the system’s vulnerability, they see that tech as a tool they can use to get the job done.”
This piece takes a look at how a number of finance apps, including Status Money, M1 Finance and Robinhood “are allowing people to see what others like them are doing with their money securely and with anonymity”. It highlights a growing trend in the personal finance market: investors’ are becoming more interested in comparing what others around them are doing.
According to the article:
“You already comparison shop on Google. You rely on the “customers also bought” items popping up beneath your Amazon purchase as informed options. You crowd-source all manner of daily dilemmas on your social feeds from what to wear, to what to eat, to where to travel. But what about your money? It’s hard to know where you stand, if you’re doing it right, and whether you’re getting reliably informed tips.”
To mark Halloween, Iona Bain’s Young Money blog looks at the worst mistakes you can make when it comes to handling your money and how to avoid falling into common traps.
A study by impact investing platform, Swell, found that (78%) of millennial investors are currently investing in socially responsible and impact investing options or plan to in the future.
“We find that younger generations have a strong desire to use their dollars to improve the world as well as gain a financial return when it comes to investing,” said Dave Fanger, CEO of Swell Investing. “For some, transparency is a barrier. This is a generation that is deeply curious. They’re highly interested in socially responsible and impact investing, but education around the companies they are invested in is key.”
Research by Aegon has found that only 23% of those aged 18-34 with a workplace pension know how much their employer is paying in, demonstrating the lack of knowledge that still surrounds saving for a pension. The research also revealed that 41% of millennials with workplace pensions are not aware that they receive tax relief on their workplace pension contributions.
Kate Smith, head of pensions at Aegon, said:
“This worrying lack of understanding means that young savers in the workplace might be missing out on some of the benefits a workplace pension can offer if they opt-out or fail to maximise their employer’s pension contribution. Every year that passes in which this young generation doesn’t take advantage of the benefits of tax relief or employer contributions is a year of potential free money and investment growth lost.”
If there are any stories you would like to see featured in future Millennial Round-ups, feel free to tweet me at @sophierobson2.