American adults under age 30 hate cash so much that 51 percent of them will use plastic, even for purchases amounting to less than $5. That’s according to a survey released on Wednesday by CreditCards.com.
The older you are, the likelier you are to whip out cash, rather than a debit card or credit card, the study found. Seventy-seven percent of Americans 50 or older prefer cash for purchases of under $5.
Republicans and Democrats are equally likely to use cash for small purchases, and both parties’ followers are more favorably inclined toward cash than political independents. That may have less to do with political inclinations than the fact that independents tend to be younger.
A panel of experts was assembled last week at the Cannes Lions International Festival of Creativity, who gave us their take on marketing to Millennials in 2014.
The panel, of course, agreed that brands must resonate with their target audience and have a realistic understanding of societal needs in order to have the kinds of conversations deemed to be relevant by millennial consumers.
In order to engage with Millennials, it was noted that brands must be willing to loosen up and give up control, which is a scary idea for most brands.
As it has been pointed out countless times in the media and through anecdotes, millennials in the workplace feel entitled to undeserved promotions and raises, are addicted to their smartphones and job hop every few years. The litany of complaints goes on, but of course no generation is as bad — or as good — as reported: Generation X was more than just a bunch of slackers and Baby Boomers’ strengths shook off their juvenile delinquent label.
In the case of Generation Y, twenty-somethings bring new perspectives and habits to the workplace that add value to their employers, even though those strengths also carry inherent weaknesses.
Whether you’re managing millennials or are a twenty-something yourself, here are the unique and creative talents Gen Y brings to the table, the lessons they still need to learn and the opportunities they have to establish themselves as the next generation of leaders.
Yang belongs to the age group, adults under 35, that’s traditionally the most mobile part of an American work force constantly on the move since the 19th century. Now, that’s changing as members of the millennial generation, the estimated 85 million born from 1981 through 2000, prove less restless than their forebears. The standstill may be holding back recovery in the labor and housing markets.
“They remain stuck in place,” said William Frey, a senior fellow at the Brookings Institution in Washington who specializes in migration issues. “The recent slowdown is really an interaction of demographics and a continued housing- and labor-market freeze. Millennials are mired down, very cautious about buying a home or moving to new areas.”
2014 was supposed to be “the year of wearable tech,” but four months in, it seems clear that it’s going to take some time for wearables to go mainstream. The majority of attention is being paid to smartbands and smartwatches, and new entries to the market keep coming. Google has announced their expansion outside of Glass with smartwatch Android Wear, Nissan has unveiled a watch concept that would pair wearable tech with the car industry, Disney has made headlines with their new smartbands for guests, even Will.i.am is developing a smartwatch. The competition to be the star of tech that lives on our wrists is intense, but so far it is unclear whether consumers—even tech-hungry Millennials— are going to embrace these innovations. Research suggests that one-third of those who have purchased wearable tech abandoned their devices after just six months of use, causing some to wonder if the “next big thing” in tech is a harder sell than brands previously suspected. One of the big issues of wristband and Glass technology is that currently it is very noticeable and not necessarily stylish. We wrote that wearable tech would have to be either beautiful or undetectable to be embraced by a broader audience than the techie crowd, and the makers of these devices are heeding the warning, with Google partnering with glasses-maker Luxxotica for more fashionable Glass frames, and Intel working with Opening Ceremony and Barneys New York to create a wristband that actually looks cool.
So what will the future of wearable tech actually look like?
Youth Advisory Board member Alexis, attended the Glamour Women of the Year Awards earlier this week. She discusses how inspiring the awards ceremony was in honoring women of all ages, across all fields, and in particular, the Millennial women who have made a difference this year. She explains what stood out below and how women are changing the world.
On Monday night, I had the opportunity to attend Glamour’s 22nd Women of the Year Awards. The event took place at Carnegie Hall and was filled with influential people from all over the community, most of whom were women, including many Millennials! As a Millennial woman myself, I was extremely inspired by each of the winner’s speeches and how these individuals are shaping the world.
Ten awards were given to outstanding women who have exhibited some sort of achievement or contributed to a cause they are passionate about.
Ronco Johnson knows financial planning. But when it comes to planning how to reach a critical set of potential customers, he mostly knows that he needs a new plan. That group is the Millennial Generation. Also known as Generation Y, this 80-million-strong legion of Americans born between 1982 and 2000 already exceeds the baby boomers in size and influence — and someday will rival them in affluence. Its a market no small business can afford to ignore.
Johnson, president and chief executive officer of L.R. Johnson & Associates, an insurance and financial services provider in Marietta, Ga., realized awhile back that his marketing tools and strategies would need an overhaul if he was going to have any hope of successfully reaching this huge market. “There is a big difference marketing financial services to Millennials,” he said.
For one thing, the pace of interactions is sped up until it resembles a cartoon chase. “They want their information now,” Johnson said. A series of 2-hour meetings in his office to discuss financial planning needs — de rigueur with older clients — is a nonstarter with Millennials.