In this blog, we’ll dive into the habits and preferences of Millennials (1981-1996), the largest generation. This group is more likely than the previous generations to have college degrees but also tends to have lower net worth due to student loans. How do they think about their debt? How do they prefer to learn? Are they thinking about retirement planning? Let’s dive in. 

‍Technology PLEASE

To reach this group, rely on technology-based learning, as millennials don’t usually resonate with more traditional “teaching” structures. They are self-starters and much like Gen X, they prefer to explore concepts on their own. They like using online portals and spaces that allow for individualized and on-demand learning. 

‍Top Concerns 

Student loans, student loans, student loans….did we say student loans? Most millennials are saddled with tons of student loan debt and have less than $5,000 in savings (not including workplace retirement accounts). Millennials are also generally behind on retirement savings and are facing an impossible dilemma. Do I save for retirement or focus on paying off my student loans?

To help them make wise financial decisions, you’ll want to educate them on interest accrual, especially how to assess the interest on their loans compared with the potential interest they could earn on their retirement savings. Take time to explain the magic of compounding interest and offer education about the match (if applicable) as they may not know how it works. 

Messaging Best Practices ‍

Millennials can be reached effectively via email - 74% of millennials check their email multiple times per day, but use caution. This group receives a lot of emails, so it’s easy to get lost in the shuffle. 

More than older generations, this group is heavily influenced by word of mouth, online reviews, and content on social media. If you can, leverage positive peer pressure by sharing how other Millennials have positively benefited from your service or product. This will help them see themselves in the story. Millennials greatly appreciate anything that feels personalized to them because they’ve grown up in a very individualized world. And remember, casual, playful messaging will go a long way, as they grew up in a digital world and are very familiar with texting and social media platforms.

‍Want to read more about generational differences? Click here to read our full article.