Trends

Gen Y or Millennials were born between 1981 and 1996, putting them currently between 25 and 40.

Millennials are the most educated generation ever meaning more than 1/3 of this generation have a college degree. Despite this, this generation is not necessarily wealthy. They have high debt costs, low levels of savings, high daily expenses and falling wages due to inflation.

What’s important

A few key factors in this generation- first being they are focused on a healthy lifestyle.  They are willing to spend the extra money on a gym membership rather than saving to buy a house. They too are putting off marriage sometimes all together and even refraining from having children. All of these and more have to do with the amount of money they have saved. This generation is more interested in traveling and experiences than having things.

Main Difference

This generation is making their own way in life, doing things differently than their parents and have endured the most uncertain times like the Great Recession and Covid. This too is a generation to watch as we see how they mature and make their choices going forward.