In fact, those born between the early 1980s and late 1990s account for more than 40 percent of the country’s population. Studies show millennials, or Gen Y, are the most self-expressive, diverse, tech-savvy and educated generation in history. Although this generation is nowhere near retirement age quite yet, they represent the next generation of investors and the future of the financial industry.
When it comes to financial literacy, however, many millennials do not know where to begin. Between student loans, unemployment and credit card debt, millennials need financial guidance now more than ever. There are two unique aspects that define many millennials advisors may want to keep in mind as they develop and implement marketing campaigns geared toward this generation.
Millennials interact online. Created by millennials, social media sites like Facebook, Twitter and LinkedIn are two mediums the nation’s youths use to connect not only with friends and family, but with businesses they care about. Using photos, videos and articles in Facebook, Twitter and LinkedIn posts can encourage interaction and improve communication on your pages.
Millennials are generally socially conscious. They grew up learning about global warming, recycling and world hunger, but more importantly, they were taught they could do something about it. Millennials tend to reward or punish a company depending on its level of social and environmental responsibility, often aligning with brands showing commitment to causes they support.
Convert to a green office, go paperless, use recycled products or host charity events. Millennials enjoy making a difference in the world, so if supporting your business helps along the way, you could create loyal customers for life.
As Gen Y continues entry into the workforce, the need for financial guidance will grow. Financial advisors who learn to market millennials now could benefit greatly in the future. While there is still an air of uncertainty surrounding Gen Y, there is undoubtedly more to this dynamic generation than meets the eye.