The best millennial finance stories of the past fortnight. Find out what the New York Stock Exchange and consumer giant Procter and Gamble are doing to make themselves more accessible to millennials, why we shouldn’t blame millennials for being snowflakes and what’s behind the success of Refinery29’s Money Diaries?
In an interview to mark the launch of her new novel, Fay Weldon has said that it’s unfair to label millennials as “snowflakes”, stating that it’s the parents who are at fault. In her own words, “Today’s young grow up into a violent, angry, unstable environment, all too likely to end up jobless, homeless and childless, unlikely to reach their full potential. They are probably the most despairing generation ever conceived. The least we can do is not add to their burden by slagging them off.”
This Vox article looks at the growing trend of financial education start-ups springing up to support the needs of millennials. Morning Brew, a daily finance newsletter and Grow, a money website aimed at millennials, are among those mentioned. And, as the article reports, in a bid to make itself more accessible to millennials, the New York Stock Exchange now has Pinterest and Snapchat accounts.
This article looks at what’s behind the success of Refinery29‘s Money Diary series. The long running feature, where female millennials reveal their entire spending over a week, down to the last takeaway coffee, aim to make the narrative about money less male. However, some of the diary entries have seen an online backlash, including one which featured a twenty something who was living in New York City and getting a very generous allowance from her parents.
Another week, another survey about millennials, homeownership and pensions. The latest one comes from Prudential and finds that 35% of millennials prioritise saving for a deposit on their home over saving for retirement. The study also cited high levels of student debt as a reason millennials aren’t saving more towards their retirement.
A series of new studies from the Society of Actuaries has looked at generations’ attitudes to retirement planning and its financial implications. The second of these looked specifically at millennials and found that debt in particular was having a detrimental impact on their ability to prepare financially for retirement.
This Economist piece looks at what firms are doing to market to millennials, citing the example of Procter and Gamble, which earlier this year filed to trademark terms such as LOL and FML, which are associated with the younger generation. However, it also points out some of the shortcomings of adopting a one-size-fits-all approach to such a large group.