Giving the Millennial Generation What They Want (March 5, 2013)
March 5, 2013
Tracking their finances, saving time and money, avoiding risk and maintaining close relationships with their parents are some of the hallmarks of older “Millennials,” the generation born between 1982 and 2005, according to Neil Howe, founding partner and president, LifeCourse Associates, a consulting company focused on the attributes of generations.
Howe, a historian, economist and demographer, yesterday shared his understanding of the Millennial Generation, giving attendees at Prepaid Expo USA in Orlando, Fla., insight into the prepaid and emerging payments products and services Millennials would find most appealing.
The payments industry already is tapping into the characteristics of the generation, such as its close-knit relationship with family, according to Howe, “where prepaid cards are being used in a way to allow parents to monitor [their children’s spending] and, in stages, allow [Millennials] to slowly gain control of their own finances.”
Perhaps more so than previous generations, Howe added, Millennials are intent on saving money, and the generation’s high achievers have an entrepreneurial spirit.
“[Millennials] want the American Dream; they want to buy a house . . . and they know that to do those things, they will have to save,” he said. “The reason many Millennials still live at home after getting a full-time job is so they can save more. This is a generation that is highly focused on saving and saving early.”
A tight job market means many Millennials can’t get a full-time, career position in what they want to do, so they’re starting their own businesses, according to Howe. “You have a lot of these highly talented, high-achieving Millennials who basically are doing invoicing themselves, taking check and credit card payments themselves,” he said. “The idea of a mobile solution that not only enables them to manage their money, but manage their business would be a huge plus for them.”