When it comes to money, Millennials are no different to anyone else. Except when they are. October 04, 2016

When it comes to money, Millennials are no different to anyone else. Except when they are.

It's no secret that Millennials get a bad rap. The stereotypical image of this group is that they are lazy, unmotivated, materialistic, demanding, and entitled in the workplace. But how true is this?

To find out the truth, Edentify recently ran a "pop-up" online research community to talk to Millennials on their own terms, and in a research environment that is ideally suited to them. We invited over 70 people aged in their 20s from Sydney and Melbourne to participate in a qualitative discussion about money and careers over 3 days. This research has unearthed some insights that expose some of the myths about Millennials in Australia.

This is a group often criticised for their attitudes towards their careers and money. However the research reveals that in many ways the fundamental attitudes of young people in Australia are greatly misunderstood.

Common financial goals
It's clear that the financial goals and ambitions of the Millennials are not so different after all: they want to have a successful and stable career, and long for the financial security that this brings.

Far from feeling entitled, they know they need to work hard to get there, so going to university and working hard is a priority. They are willing to dedicate time and money towards setting themselves up for their career.

What's different?
So why are these Millennials seen as entitled and materialistic? Perhaps it stems from the unique set of circumstances they find themselves in.

The most notable of these is the cost of housing, and in particular the high cost of buying a house. Whereas their parents' generation were able to buy houses in their 20s, today that is an unrealistic dream in the major cities, despite their strong desire to do so.

For some, this is motivating, and sets them on a course of saving and sacrificing to reach their goal. For others, it pushes this goal further into the future or even prompts them to forego the idea of home ownership altogether.

With the burden of home ownership looming large, the effect of this is seen in attitudes towards purchase decisions generally. With limited resources, they are discerning with how they spend their money.

So what?
It's important to remember that whatever differences there are among the Millennials, they are less to do with who they are, and more to do with their experiences and circumstances.

For marketers, there are several implications.

Experiences are valuable
The material things that older generations see as important aren't always important to Millennials. Buying a house or a car is a serious commitment that could get in the way of them travelling or working overseas. You need more than just a product – a story or a cause will appeal to their emotional needs.

Utility is paramount
Their decisions aren't as materialistic or superficial as they seem. That new phone? It has a dozen different apps to help their lives run more smoothly. Your product needs a purpose to give them a reason to justify choosing it.

They're not kids
Perhaps the most important thing to remember is that the Millennials aren't kids any more. They are working hard and building serious careers. They have their own priorities now and even though they might be different to older generations, they are every bit as important and legitimate. Treat them with respect.

They aren't all the same
As convenient as it is to generalise about an entire generation, there is still a great deal of difference among Millennials. These broad trends and insights can vary significantly – stereotype at your peril!

To find out more about Edentify's pop-up research communities contact us.

Our latest thinking

September 13th, 2022
Why brand goodness is important

In a trend that has emerged over the past few years, more and more brands are jostling to position themselves not just as products and services, but as responsible citizens. At the same time, consumers have become more focused on the impact that the brands they purchase have on the world, whether...

Read more
August 05th, 2022
COVID-19 and the Great Resignation

The COVID-19 pandemic turned many aspects of our lives upside down. One of the biggest disruptions was to how we worked.Frontline workers bore the brunt putting in shift after shift in our busy hospitals, supermarkets and essential services.Those who work in hospitality, retail and tourism among...

Read more
May 25th, 2022
Is the Australian Dream still a reality?

One of the hottest issues of the 2022 election was home ownership. All sides of politics put forward new policies to address calls to make buying a house more achievable.This issue is nothing new: buying a home has been a hot topic on Edentify’s Café Chat for a while now. We asked...

Read more
September 17th, 2021
Brand Goodness

There is a lot of talk in the marketing world about brand purpose: the reason for being that goes beyond just selling a product or service.There is no doubt that a lot of people prefer brands that behave as good corporate citizens. In a recent study, we found that 3 out of 4 Australians prefer to...

Read more