The Paradox of Affluent Millennials: Wealthy But Wary
Oct 07, 2019
Want to connect with affluent Millennials? Focus less on their income level.
The 2008 financial crisis was a coming-of-age moment for all millennials. Even if they went on to successful, high-income careers, many have friends and relatives who struggled—and may still struggle. Bearing witness to a generation’s financial difficulties affects spending habits.
Affluent millennials with household incomes above $250,000 feel financial anxiety that leads them to save more and spend less than older consumers. 58% say they’re always concerned about having enough money, compared to only 45% of affluent Gen Xers and 41% of affluent Boomers. Their top financial goal for the next year and for the next decade is to save for retirement.
Marketers may find it hard to square the objectively high incomes of affluent millennials with their conservative spending habits, but the anxiety is real. The best marketing approaches recognize the generational uncertainty that millennials feel. Sincere messages about long-term value, safety, and risk reduction will resonate more than bold assertions that there’s enough to spend.