A selection of the best millennial finance stories from the past fortnight. Find out why millennials are on track to have worse health in middle age than their parents, why they are less generous tippers and why money is the biggest source of stress for this age group.
A new report from the Health Foundation has found that millennials are set to have worse health in middle age than their parents. According to the study, millennials may have a higher risk of developing cancer, diabetes, and heart disease later in life and are more likely than other age groups to experience loneliness. These risks are being linked to the long term stress millennials face as a result of the rising cost of livings and other issues such as debt, high house prices and pressure from social media.
This study by Deloitte looks at the prospects of millennials working in the gig economy. It identifies a number of trends including the fact that those in the gig, or alternative, economy make less than those more traditionally employed and that they are more likely to be financially supported by a family member. It also highlights the fact that millennial women are becoming less likely to participate in the gig economy.
A study by Creditcards.com has found that millennials in the US are less than generous tippers. 10% say they never tip, while two-thirds day they tip below the (US) recommended amount of 20%. This makes them considerably more stingy than older generations – about half of whom say they tip the recommended amount.
A new study by online investment management service Wealthsimple has found that money is the biggest source of stress for millennials. In fact, worries about money came out ahead of other common stressors like politics, careers and health. Female millennials are also more likely than their male counterparts to feel stressed by money.
Millennials would rather lose the ability to make phone calls completely if it meant getting unlimited data
Is the phone call on its way out? According to a survey by app-based phone service Visible, millennials show an overwhelming preference for data over phone calls. It found 78% of millennials would opt for phone plan with no calling and unlimited data over a plan with no data and unlimited calling. This demonstrates that offering generous data plans could be non-negotiable for phone companies.
In another sign of the growing popularity of bitcoin, more than one in four male millennials in the UK say they would choose bitcoin over property. Property management group Get Living, which conducted the research, suggested this could be because millennials think the potential gains from cryptocurrencies will be higher in the long term than property.