Results of a survey commissioned by public relations agency Vested show millennials most definitely do not act as one when it comes to matters of finance.
Take their attitudes toward Donald Trump for example. More than half (55 per cent) of men trust Mr. Trump’s ability to set fiscally responsible policy, only 33 per cent of women do (the survey was conducted just past the Trump administration’s 100-day mark).
Younger millennials said they were not impacted by the recession, while older ones still feel its impact. Female millennials are less likely to take a credit card than males. Might-income, urban males have the highest interest in cloud banking and other types without physical branches.
Other interesting millennial tidbits include:
88 per cent would adopt more financial products if they offered perks.
They trust the government and the press more than banks.
92 per cent “significantly trust” big technology firms.
They care about data safety but not about data privacy.
17 per cent use Bitcoin and that is relatively consistent across the spectrum.
Social media influences the financial decisions of men and the affluent more than those of women and people with lower incomes.
“It would be a mistake for financial marketers to treat millennials as a homogeneous group,” Vested cofounder and CEO Dan Simon said. “Quite often they are divided dramatically by age or sex. Our goal was to learn how these people truly think and act, and to add facts and statistics to the craft of financial marketing. We look forward to seeing how this data changes over time.”