- Millennials are comparatively poor: Greater student debt and poor job prospects have left this group with less money than previous generations. Having entered the workforce during one of the worst recessions in decades, a sizable portion of the millennial generation started out with distinct economic disadvantages.
- Millennials are digital natives: This group has grown up with the Internet and smartphones in an always-on digital world, and their affinity for technology has shaped how they shop. They are used to instant access to price comparisons, product information and peer reviews, and prefer brands that offer maximum convenience at the lowest cost.
- Millennials have low health insurance literacy: The majority of Americans struggle with health insurance jargon, but according to a study published in the Journal of Adolescent Health, young adults, who generally have little experience managing their own healthcare expenses, are finding it especially difficult signing up for insurance under the Affordable Care Act. They’re not into it, either. According to a recent Aflac survey, 26% of millennials would rather clean their toilets than research their health benefits.
- As a group, millennials are late bloomers and have delayed significant milestones such as home ownership, marriage and children. It’s not that they aren’t interested in getting married and settling down, according to the Pew Research Center, but financial pressures are forcing them to do this later than prior generations.
“Given how much research has been done on millennials, their habits, likes and dislikes are all well documented, and viewed by many as powerful drivers for change.”
