Generation Y, widely referred to as Millennials comprise the group of people born between 1982 and 2004. Currently, the millennials have edged out the baby boomers as the biggest generation worldwide. They are named millennials because they were born near or immediately after the dawn of the 21st century – the new millennium. The members of this age group are considered tech savvy and digital. Technology is part of their daily lives. Research shows that millennials check their mobile phones approximately 43 times daily. Technological hubs such as the Silicon Valley have gained popularity and tremendous growth due to the increase in the population of the millennials.
There is an increasing trend of millennial using various online platforms to get into trading in different financial markets. This includes trading in foreign currencies on various Forex sites or simply playing the ever changing stock market using online platforms such as CMC markets.
This group of people has grown up with e-commerce and access to various instant communication channels that they enjoy using. Millennials have a different attitude to finances and financial security than the baby boomers that came before them. They are exposed to a working culture where the concept of a job for life is a past thing. They lean towards freelancing and entrepreneurship. In the modern society, things like crowdfunding are becoming a common phenomenon.
No more coupon clipping
Clipping coupons is a past practice because millennials desire quickness and efficiency in every trading activity. Rebates are fast becoming popular. Some apps have been developed to link loyalty cards while others have the ability to scan QR codes on receipts and connect them directly to customer loyalty cards. Millennials tend to choose the less time-consuming option when utilising their coupons and rebates.
The rise of the Freelancing community
As noted above, Millennials don’t embrace the idea of work for life like the baby boomers. They seek freedom and independence hence the rise of the freelancing community. Over the past ten years, the freelance economy has been on the rise. They embrace this type of work because of its flexibility compared to the traditional careers. Despite the fact that millennials represent the most educated generation, the lack of jobs over the past one decade has led to the rise and thriving of the freelance work.
Digital currency is real currency
During its conception, people laughed off Bitcoin as a baseless idea that would not survive for long. The past three years have seen this narrative change sharply thanks to the Millennials. From a mere $5 per Bitcoin at the start, the cryptocurrency is now valued at approximately $1000 with so many imitators and competitors in the market. Digital currency is a common thing among the millennials; you can use whenever it is accepted which makes it a real currency appreciated largely among this group of young adults. Scientists argue that the rise of millennials shall soon force cities to create their form of digital currency to remain relevant and sustainable. True to this prophecy, Liverpool introduced its digital currency early this year which is based on an app which records transactions on the Bitcoin blockchain network.
Banks are forced to change the manner in which they interact with customers
The traditional brick-and-mortar banks have been compelled to reinvent themselves and look for ways of serving millennials who have grown up with computers all their lives. They don’t expect Generation Y to walk into their physical building to transact. The millennials expect digital services from the banks which they can comfortably access at the comfort of their bed by simply tapping a button. Banking apps and mobile banking services have been developed to satisfy the millennials. To cater for the need of instant money, banks have introduced real-time payment services that are easy to access anywhere on any device.
Millennials don’t like waiting, and that is why applications such as PayPal facilitate instant sending and receiving of money. Whether it is being paid or paying for something that you are buying from an online store, the transaction is completed instantly.
Things will be different for sure, interested to see where things are changing.