Reuters recently wrote an article that discussed the Millennial generation’s approach on making and spending money. According to Reuters, the young adults of today are not following in their parent’s footsteps. Instead of saving, Millennials seem more interested in a “paying it forward” kind of approach.
"The whole idea from the ‘80s - that you'd make some money and use that money to make more money - this current generation isn't looking at money that way," says Chief Operating Officer of Wealthfront, Adam Nash. "The typical software engineer isn't dreaming of the day he can quit the rat race. They use their money instead to gain a little bit of control over what they work on and what they do."
Millennials seem to believe most in investing in themselves. “The money, when it comes, is for breeding new success, not tucking it away until old age.” Says Beth Pinsker, Reuters.
These insights into Millennials are important to consider within the context of employee engagement. Having a better understanding of what they are looking for and how they view money they earn can help employers establish a fundamental guideline of giving this generation what they want, and in return having loyal and engaged employees.
Millennials also seem to care more about experiences. The wealthy of the group spend their money on travel, wine and food. This is something employers also may want to consider when brainstorming better ways to engage their employees. Stay tuned for more Millennial research to come.