Part 1: Affluent Millennials are Reshaping the Future of the Finance Industry
July 16, 2015
The 15.5 million Affluent Millennials in the United States today spend a staggering $2 trillion annually. In the coming years they will also be on the receiving end of a massive generational wealth transfer of $59 trillion. This shift will drastically change the primary persona targeted by financial services firms. How can financial services providers prepare for these drastic changes?
LinkedIn and Ipsos conducted a global study of about 9,200 Millennial and GenX Internet users across 10 countries to answer this question. This blog series focuses on 1,507 respondents from the United States.
This three-part blog series, "How Affluent Millennials Are Transforming the Financial World," explores the key findings of the study, specifically:
- How Affluent Millennials are reshaping the finance industry
- How Affluent Millennials’ financial future starts now
- What Affluent Millennials are seeking in financial services providers
The Future of Finance, According to Affluent Millennials
Optimistic and Progressive
Affluent Millennials -- those with at least $100,000 in investable assets excluding real estate -- have a uniquely progressive view of the future. They envision a cashless, sharing-based economy where banks no longer serve as their primary financial institutions.
Affluent Millennials have very strong expectations of a looming financial crisis. However, they also have very high confidence in the country’s economic growth. Additionally, belief in the American Dream is much stronger among Affluent Millennials than any other group studied.
Sacrificing Today for a Brighter Tomorrow
Affluent Millennials want to do whatever it takes to realize their vision for a brighter tomorrow. Seventy-two percent of Affluent Millennials agree that making sacrifices today will pay off later as they pursue their big dreams.
Subscribe to our blog now to ensure you receive parts two and three in this series. Next week’s post will examine what Affluent Millennials are doing today to prepare for their financial futures.
For a complete summary of the research, download Winning Affluent Millennials: How This New Power Persona is Reshaping The Finance Industry.