A round-up of the top millennial stories from the past seven days. Find out why millennials are confused by savings and why they think human-robot relationships could become the norm. And how did the financial crisis really affect millennials?
Deep dive into the world of the millennial with this New Yorker piece. It looks at how the myth of the millennial came about and the unique issues this age group faces.
Could robot-human relationships become a thing? A study of 12,000 people by French advertising firm Havas has found that 25% of people aged between 18 and 34 believing that it’ll be normal for humans and robots to develop deep friendships, or even fall in love.
44% of millennials say they are confused by the savings landscape and need financial guidance, according to research by Close Brothers and the Pensions and Lifetime Savings Association (PLSA).
The report looked at the views of workers in companies with more than 200 employees and found that millennials were saving £3,445 per year compared to £3,073 by those aged 35-54.
Nigel Peaple, deputy director for DC, lifetime savings & research at the Pensions and Lifetime Savings Association, said: “It’s concerning that 44% of millennials find the UK’s savings landscape confusing. The industry and Government must do more to de-mystify savings and make it more accessible to this generation.”
This piece examines the impact on millennials of the Great Recession, as the world of finance marks ten years since its onset. It draws on research from Merrill Edge on affluent millennials. It backs up other research in the topic, finding that the recession had a huge effect on millennials; according the firm’s boss, Aron Levine:
“Millennials playing it safe, being risk averse and self reliant is very much a reaction to what they saw in the financial crisis. They saw that their parents and grandparents lost a great deal of money during that time and they want to be more cautious.”
Chinese millennials are twice as likely to be homeowners as their US counterparts according to new research. A survey by HSBC found that 70% of Chinese millennials already own a home and that 91% also plan to buy a house in the next five years. Only 35% of millennials in the US and 31% of those in the UK already own their own apartment or house.
This is thought to be down to cultural factors: owning a house is on a par with having a good job – so much that parents are buying houses for their sons to make them more attractive to potential brides.
A new report by American Express further underlines just how keen millennials are becoming on ‘meaningful’ business.
81% thought a successful business needed to have a genuine purpose, while 78% believed the values of their employer should match their own. More than one-third defined success as doing work that has a positive impact on society.
According to Susan Sobbott, president of American Express Global Commercial Payments: “Millennials are seeking work with meaning beyond just making money, and they’re willing to make trade-offs to achieve their own definition of success.”