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Whether you are one, you know one, or you live with one, that word may conjure up a few images, emotions, and thoughts.
Millennials, born between the years 1981 to 1999, are the biggest generation ever in North America. They are the first to be raised in the Internet age and are often referred to as “digital natives.” This generation will see their wealth grow faster than other generations through accumulation and inheritance—much of an estimated $30 trillion1 in generational wealth transfer will eventually pass to them.
Beyond their economic power, Millennials provide insight into how companies should prepare for the future due to their influence on their elders and the overall marketplace – both at work and home. Leading companies are learning to leverage this significant influence but they realize Millennials must be understood in order to be reached.
In order to better understand this demographic and its influence on a substantial portion of your entire customer base, Broadridge and Roubini ThoughtLab, an independent thought-leadership consultancy, conducted a rigorous study, Wealth and Asset Management 2021: Preparing for Transformative Change, and created a white paper based on the study. (Download the white paper, Targeting the Digital Generation.)
Our study reveals that Millennials are more diverse, better educated, socially responsible, and more investment- and technology-savvy than older generations. They want omni-channel communications and tech-assisted platforms, but they also seek “high-touch”, personalized communications (e.g., face-to-face meetings).
To position your company for success, you must learn to understand this generation, including their priorities, future life goals, and digital expectations. Understanding Millennials will not only allow you to build relationships with this fast-emerging segment, but it will also position your company for success across all generations in the coming decade. My next post will explain how Millennials are game changers and why all companies should take notice.