Posted: July 12, 2013
Everywhere I turn, it seems the talk is about Millennials. This new group of individuals who are generally between the ages of 18-34 are fast becoming the most dominant demographic in the marketing world, but are also changing the way we do business and how the workplace functions.
With two teenagers in my house, I see how Millennials operate on a daily basis. Research indicates that the first Millennials were born in 1983 and, as of 2012, there are approximately 80 million Milliennials residing in the United States. Generally speaking, Millennials are the children of Baby Boomers or Gen Xers.
Individuals between the ages of 18-34 don't buy as many cars and many times don't obtain their driver's licenses until later in life. As a result, they often rely on public transportation or ride or walk more than their parents or grandparents do.
Probably the biggest difference between Millennials and the rest of the world is how they handle their finances. A survey of 1,000 people between the ages of 18-34 found that while 92 percent currently use a bank, nearly all say they have also used outside services such as prepaid cards, check cashing, pawn shops and payday loans.
Mobile banking is much more popular with the younger crowd than the middle-age audience. Although GoBank, the first bank designed specifically for mobile use was mostly used by 35-45 year olds when it first launched last year, 20-34 year-olds are expected to become the largest block of users since the product is being marketed to college students through the 700 Barnes & Noble college bookstores.
There's no doubt that 18-34-year-olds have the gift of utilizing technology more than any other generation. They grew up with it. In fact, William A. Draves and Julie Coates, the authors of "Nine Shift: Work, Life and Education in the 21st Century ", write that Millennials have distinctly different behaviors, values and attitudes from previous generations as a response to technological and economic implications from the Internet.
If there's one redeeming trait for Millennials, it's that they are "civic-minded " and have a strong sense of community, both locally and globally. And that's a generation that I think we can all embrace.
Just a note that there was no issue of The Bottom Line on June 28th due to a medical issue. Ropa Publishing does not produce a newsletter during the Fourth of July holiday weekend. All paid subscribers will be credited with an extra week. I apologize for any inconvenience.