The newspapers are full of it; stories about how savings rates have declined over time, about how young people aren’t buying cars, aren’t buying homes, aren’t putting money into pension schemes. This is worrying stuff. If the millennial generation don’t plan for the future, what will their children do? How will things move forward?
There has always been a tension point between the thrill that living young contains and the instability it dictates. Perhaps that is why ever since young people emerged as a cohort with their own money and agenda, society has focused on the potential for them to destabilise the status quo and has worried accordingly. Even now, numerous studies show that the media depicts an inaccurately negative picture of young people’s behaviour.
In light of this, the fact that our research showed that this generation of young people are future-focused should give cause for relief and incentive for brands to take action to help them forge the kinds of lifestyles they want to lead.
In opposition to the common vision of young people as interested in fame, flightiness and the XFactor, this generation of young person think about the future, worry about the future and plan for it in practical terms.
Fixated on their careers, their education and their finances, getting a good education and finding a job/progressing in their career was something that 60% of 16-24 year olds we surveyed said they spent most of their time thinking about.
Overwhelmingly, their top aspirations were to put down roots by owning a house (42%) and having a solid career (39%) rather than to escape through travel (7%) or realising dreams of fame (2%).
More interestingly still, this generation are under no illusions over how difficult it will be to do so. 46% felt worried about their future and 70% of those surveyed did not see their future incomes exceeding that of their parents. Over half of those surveyed said they were cautious with their money and tried to save where possible.
There is an appetite among this generation to put their money toward long term goals and on the back of that, there is an opportunity for brands to help them do so and by doing so, to secure the next consumer base of the future.