They are the most prepared generation and many of the big companies that have changed the current world have been created by them. Millennials, the sector of the population born between 1981 and 1999, receive a multitude of appeals every day, such as “the millennium generation”, “the smartphone generation” and even “the lost generation”. But, what about your economic future? When it comes to their finances, do millennials care about saving?
The new that Spain fails in financial education may well be extrapolated to any other country. Especially if we talk, specifically, about their younger generations.
The reality is that young people (and not so young) are uninformed about financial products at their fingertips, but is it lack of interest or disaffection with the current system?
The millennium generation has seen how, despite being a much more prepared generation than its predecessors, it cannot reach the standards of quality and standard of living reached by its parents. Many millennials have had to enter the labor market amid a deep global economic crisis; hindering opportunities and making them more precarious.
Therefore, it is difficult to think about long-term financial stability and it is not easy to find the right conditions to save.
The economic crisis and the outbreak of corruption were two triggers for the increasing disaffection of the population towards the political class and financial institutions. And millennials were not going to be less.The alternatives to traditional financial institutions have been a good refuge for this sector of the population. Focused on living the present, with a digital DNA, traveling the world (backpackers or erasmus) and without great economic pretensions for the future, millennials have found products suitable for managing their money, without commissions or ties. Such is the case of easily rechargeable prepaid cards such as Bitsa Card.
Recent studies on the savings habits of this generation confirm that yes, millennials do care about saving.
According to the Santalucía Institute study on “The vital perspectives of the millennial generation”, it indicates that they are very aware of the need to save because they are the generation that has heard the most about the problem of pensions and demographic risk. The majority of the millennial population (86.4%) are concerned that they do not earn enough to save for retirement.
For its part, the VidaCaixa Barometer “Saving habits in the millennial generation”: 22 is the average age at which millennials start to save. In addition, 3 out of 4 young people between 25 and 35 years care about doing so to this secure their future. However, only when the salary allows it. They save but do not risk.
So you know millennial: Regardless of your profile (more stingy, more compulsive, the one who waits at the end of the month or the one who goes crazy with the offers) the reality is that despite living intensely the Carpe Diem philosophy, at the end of the month, the bank receipts always arrive.
Although the future is unpredictable for everyone, make it a little more predictable by saving.
Millennials care about saving and you will not be less.