Do you still remember a time before the age of email, the Internet, or social media, but still identify yourself proudly as a digital native? Then the chance is high that you belong to the generation of “Millennials”.
Millennials are born between 1981 and 1996, with their generation succeeding Gen X. Anyone born between 1997 and 2010 is part of Gen Z. Today’s kids that are born from 2010 are called Gen Alpha.
Millennials grew up as the first generation of “Digital Natives”, having access to the internet and new technologies from an early age. Therefore, they are considered the first generation to fully understand and embrace the huge potential of digitalization.
Although fluently speaking the language of the World Wide Web and new technologies, many Millennials still lack behind when it comes to banking. According to a 2018 Gallup study of banking in the U.S., Millennials have a low level of both engagement and loyalty with their banks.
However, Millennials are poised to become the generation where the next big wealth transfer will occur. Millennial spending is set to overtake Generation X soon, and will continue to increase, shaping the direction of the world economy in the years to come.