According to Pew Research, 2015 is the year that the Millennial Generation surpasses the Baby Boomers in size. At 80 Million plus, there are many reasons why marketers want to get into their pocket books. But we have to ask ourselves: Does the Millennial Mindset matter?
I do believe there are differences between generations, but it takes more than a representative cross-section to determine what those values truly are. This is because individuals change over time. I discuss this at length in my recent post on demographics. Without this information, we cannot account properly for the influence of individual differences, life events, and generational characteristics.
We’ve held many Millennial Think Tank panels and have learned a great deal about our participants. One of the areas of great interest is related to mobile banking, payments, and personal financing. Weekly, our panels respond to market research and tell us from their own perspectives how well those results define them. We are often surprised by their statements because they don’t seem to mesh with what we hear from other marketers. They bring a balance and perspective which we sometimes lack as we discuss these topics.
In the following infographic, we have summarized their responses in four categories:
- Spending and Customer Service
- Student Loan Debt and Higher Education
- Mobile Banking and Payments
- The Remote Workforce
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