A selection of the best millennial finance stories from the past fortnight. Why more millennial couples are keeping separate bank accounts, how to retain millennial clients if you’re an investment adviser and what millennial women are buying.
Millennial couples are more and more likely to keep separate bank accounts, according to this article in The Atlantic. It suggests that, as millennial couples are more likely to co-habit before marriage, many have become accustomed to managing their own finances individually and are less likely to change their habits when they do marry. However, changing attitudes towards gender issues are also cited, with women keen to safeguard their future independence by keeping close control of their finances.
The final report of the Intergenerational Commission made waves this week when it recommended, among other things, that 25 year olds be given £10,000 each to redress some of the inequalities between generations. The commission expressed its concern that the social contract between the generations is being eroded and offered suggestions for redistributing resources more fairly across the generations as housing becomes more precarious and longevity increases.
New Axios research tackles the intergenerational debate head on. It finds that 51% of millennials blame baby boomers for many of the problems that have beset their generation, such as employment uncertainty and high levels of student debt.
With millennial clients four times more likely to fire their investment adviser than other age groups, many in the industry are trying to find new ways to engage with them. But the findings of the J.D. Power 2018 U.S. Full Service Investor Satisfaction Study could yield some interesting insights. According to the study, the priority for millennials is to have an adviser who communicates well with them and is able to offer hands on help. Creating meaningful touchpoints and being relatable are also suggested as ways of providing better service to millennials.
This piece questions some of the received wisdom about millennial behaviour. The author, a millennial herself, warns that she and others in her demographic are growing up and moving away from some of the things that marked them out as millennials in the first place, with many ditching Facebook for rival Vero and easing off the selfies. It suggests that this could be particularly costly for the travel industry, which has invested heavily in offering millennials ‘authentic’ hipster experiences.
This new report by Merkle looks specifically at the spending behaviours of millennial women, pointing out that this is fast becoming an affluent group. It focuses on what this demographic looks for in a brand and what drives them to purchase. (NB: the above link takes you through to a landing page – you have to then download the report to read it.)