Date Posted: December 20th, 2017
Game on: the potential for gamification in asset management
Millennials, whether fair or not, do not have a great reputation. This group of people, born sometime between 1980 and 2000 are according to some lazy, entitled, narcissistic and more interested in their smartphones than human interaction. Yet, others praise their work ethic and argue that businesses need to recognise their potential.
Mixed perceptions of this ‘Me Me Me Generation’ continue when it comes to their finances. According to a recent report by Merrill Edge, millennials are saving but for different reasons than their parents. They save to live their desired lifestyle rather than to leave the workforce. They are less interested in getting married and becoming parents than older generations, but more desirous of working their dream job and travelling the world.
Financial expectations are changing. For millennial’s short-term goals are much more important than worrying about the future. This goes some way to explaining why they are good at saving but not so interested in investing. For many, growing up during the Financial Crisis and seeing their parents suffer, has engendered significant distrust in investments, big corporations and risk more generally.
Relatability is another issue. The investment industry is not considered ’hip’ and as such, many young people fail to connect to the industry.
This wariness of investing is compounded by high student debt, house price rises and the fact that young adults today earn significantly less than their counterparts in past decades.
