NEWSWIRE: 6/5/17
- Nearly 40% of 25- to 34-year-olds aren’t saving for a home down payment on a monthly basis. Although the vast majority of Millennials (80%) say that they eventually plan to buy a home, student loan debt and rising rents are keeping that dream from becoming a reality. (The Wall Street Journal)
- Paul Critchlow, 70, came out of retirement last year to intern for Pfizer—a gig he will be repeating this summer. While working late into their golden years is a financial necessity for many Boomers, plenty like Critchlow would rather work than drift aimlessly in retirement. (Daily Mail)
- NH: According to a 2013 AP-NORC survey, 80% of Americans over age 50 say they want to work after they retire. Some call these "encore careers," often attracting Boomers who have no economic need for income. Columnist Nicholas Kristof calls this a “give-back revolution” and likes to say of Boomers that “they may just be remembered more for what they did in their 60s than for what they did in the Sixties.”
- The vast majority of consumers believe that two-year community colleges adequately prepare students for success (80%) and are worth the cost (82%), higher than the share who say the same about four-year public institutions (78% and 61%, respectively). Soaring tuition and a tough job market has consumers rethinking the value of a traditional college education. (Ipsos)
- Viacom Senior VP Christian Kurz identifies “dadvertising” as a tactic that brands should use to appeal to Xers. He’s right: In an age when Xer and Millennial fathers are taking a hands-on role in the household, depictions of bumbling dads often used by marketers seem out of touch. (Bizcommunity)
- NH: The examples offered in this article are a bit cloying and PC. For the original award-winning dadvertising ad (by Toronto-based Tribal Worldwide for Cheerios in 2014) see this pilot, which has since inspired a crowd of #howtodad imitators.
- Fully 95% of 13- to 20-year-olds use YouTube—and half say they couldn’t live without it. While first-wave Millennials can remember a time without technology, last-wave Millennials and Homelanders are digital natives who couldn’t imagine life without the myriad digital entertainment platforms they’ve always used. (Adweek)
- Pottery Barn is struggling because its furniture is too big for Millennials’ tiny apartments. But size isn’t the only thing that matters: The brand’s exclusive nature is a major turn-off for Millennials, who would rather spend their money on experiences with friends than an overpriced coffee table. (The Washington Post)
- NH: Just go to the websites of the two Williams-Sonoma brands in question, Pottery Barn (having trouble) and West Elm (doing fine), and ponder their dining room and living room selections. Pottery Barn: grand, old school, a bit pretentious, in exurban houses that look priced at over a million. West Elm: modular, casual, colorful, in photos that could have been shot in a small condo.
- Fully 46% of Millennial women say that it’s a good thing for their boss to see them as a work martyr—higher than Millennial men (43%) and respondents overall (38%). It’s hardly a surprise that the generation of “girl power” is taking their high-achieving mentality to the workplace. (The Washington Post)
- Columnist Derek Thompson argues that Boomers are more “Millennial” than Millennials themselves. He makes several solid points about Boomers: They are embracing the gig economy as they enter retirement and they value meaningful work. (The Atlantic)
- NH: Thompson is correct, but he plays off a double irony. What many people deem to be "Millennial" traits (job hopping, impatient, only interested in meaningful work, crowding into restaurants) aren't really Millennial traits at all--as anyone who has followed our writing will already know. So yes, in this sense Boomers are the most "Millennial" generation. Go figure.
- Although most Americans assume that Millennials aren’t saving money, Millennials are actually saving 19% of their paychecks on average, more than any other generation. Between student loan debt and rising retirement costs, risk-averse Millennials can’t afford to not save for the future. (Merrill Lynch)
- NH: We have shouted ourselves hoarse on this theme: Today's Millennials have significantly higher savings rates than Xers or Boomers did at the same age. Indeed, as this study shows, by some measures they even have higher savings rates than older generations at their current age. Which is even more mind blowing.
- Contributor Madeline Stone argues that Boomers are making it harder for Millennials to buy homes. She has a point: Rather than staying in place or moving to a senior home, many Boomers are choosing to downsize—pitting them against Millennials in an increasingly competitive housing market. (Business Insider)
DID YOU KNOW?
Insurance Startups Reassess the Millennial Market. Millennials have arrived as impactful consumers, and a new wave of insurance companies are gunning for these young adults with unique offerings that blend technology and functionality. One such firm is U.K.-based Trov, which offers a pay-as-you-go insurance product (billed daily) that enables customers to turn their various coverage provisions on or off for the day with a simple swipe. This cost-efficient product is a good fit for Millennials who aren’t afraid to “unbundle” their various policies if it earns them a discount. Other companies like Jetty hope to attract Millennials who want a hassle-free buying experience: Jetty’s website boasts that enrollees can expect, “No agents, no paperwork, and no nonsense.” And then there are startups like Friendsurance that aim to transform insurance into a social endeavor. Friendsurance lets consumers link up through social media, pool their annual premiums, and collect a portion of any cost-savings at the end of the year.
