Who Are the Millennials? Identifying Millennials’ Attitudes and Behaviors Marissa Valente, Market Research Analyst
Transcript
1. Who Are the Millennials? Identifying Millennials Attitudes
and BehaviorsMarissa Valente, Market Research Analyst
2. Proprietary NoticeThe material contained in this
presentation has been prepared solely for informational purposes by
Gen Re. The material is based on sources believed to be reliable
and/or from proprietary data developed by Gen Re, but we do not
represent as to its accuracy or its completeness. The content of
this presentation is intended to provide a general guide to the
subject matter. Specialist advice should be sought about your
specific circumstances. Who Are the Millennials? | Marissa Valente
| 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 2
3. Who Are the Millennials? | Marissa Valente | 08/05/2014
Proprietary and Confidential | General Re Life Corporation 3Source
Idea: Immersive Youth Marketing Blog by Lauren Gourley & Katie
KutskdTHE MILLENNIALIm one of 6080 million people born roughly
between 1980-2000. Youre going to want to get to know me.H E L L
Omy name is
4. Millennials and Major Life HurdlesChanging the Time Table
Who Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary
and Confidential | General Re Life Corporation 4Source: YouTube
TedxSF Scott Hess Millennials: Who They Are and Why We Hate
ThemNeed to understand their current interests and how to target
them based on the idea that they have prolonged their life
stages.
5. Millennials in a Nutshell Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 5DIVERSEEDUCATED59% White20% Hispanic14% Black5%
Asian2% Other63.3%16.9%12.2%3.0%3.0%1.3%0.2%Bachelor's
DegreeMaster's Degree (including MBA)Associate's DegreeHigh
SchoolPh.D., J.D., M.D.Some CollegeNo DegreeSource: Pew Research
Center - Millennials: Confident. Connected. Open to Change, 2010,
The Generation Gap and the 2012 Election, 2012, Payscale Gen Y on
the JobImmersive Youth Marketing Blog by Lauren Gourley, 2014 Image
Layout: Katie KutskdUNIQUEWe consider ourselves unique based
onTechnology (24%)Music/Pop culture (11%)Liberal/Tolerant
(7%)Smarter (6%)Clothes (5%)
6. 87%72%64%63%49%RecycledEducated familyand friends abouta
causeDonated moneytowards a causeVolunteered timeto support
acauseParticipated infund-raisingevent for a causeMillennials in a
Nutshell Who Are the Millennials? | Marissa Valente | 08/05/2014
Proprietary and Confidential | General Re Life Corporation 6Source:
CONE, Millennial Cause Study, 2006Have a strong desire to be a part
of the bigger pictureUnderstand the connectedness of the world and
want to help make it a better placeTend to overshare opinions and
question authorityPro-Social Activities Millennials Have
Participated in During the Past YearMillennials.
7. Millennials in a Nutshell Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 7Millennials. Are less trusting of others when compared
to previous generationsSource: Pew Research Center, Millennials in
Adulthood,
201419%31%37%40%10%20%30%40%50%60%198719921997200220072012MillennialsGen
XBoomersSilentMillennials Less Trusting of Others(% saying that,
generally speaking, most people can be trusted)
8. Millennials as ConsumersMillennials as EmployeesGovernments
Role vs. Employers RolePlanning and Financial Intelligence Who Are
the Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 8
9. Who Are the Millennials? | Marissa Valente | 08/05/2014
Proprietary and Confidential | General Re Life Corporation
9Millennials are spenders who are used to being able to customize
what they buy.Millennials can be considered job hoppers who prefer
not to be confined by their location or role.Millennials more than
any other generation appear to have a higher level of comfort with
government involvement.Millennials have a limited understanding
about finances but that could be due to lack of experience they
have relied on Mom and Dad.Millennials are cause-driven, both as
consumers and employees.
10. Millennials as Consumers
11. Millennials as Consumers Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 11Source: Social Media Today, The Rise of the
Millennials, 2013SPENDING POWER$600 BILLIONPER YEAR$1.4 TRILLIONBY
2020Millennials are predicted to surpass the spending power of baby
boomers by 2018MILLENNIALS LOVE TO SPEND MONEY58% love to shop
compared to 40% of adults overall.Millennials spend 8% more on
apparel than those aged 35-44, even though they earn 22% less.65%
are more likely to eat out with friends and coworkers than
non-MillennialsTravel spending rose 20% in 2010, making Millennials
the fastest-growing age segment for travel
12. Millennials donate more to brands that support causes
and/or are socially responsible like Ethos, Toms, Warby Parker,
Patagonia, and Roozt.Millennials as ConsumersCause-Driven Who Are
the Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 12Source: Static Square
Space Millennials: The Next Generation of Consumers, 2012Shopping
Habits86%85%want to learn about the relevant environmental issues
from the brand itself.correlate their purchasing decisions (and
their willingness to recommend a brand to others) to the
responsible efforts a company is making.are willing to try a new,
unfamiliar product or service if it supports a cause.73%Source:
CONE, Millennial Cause Study, 2006
13. Millennials as ConsumersUser Generated Content Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 1373% of Millennials
believe other consumers care more about their opinions than
companies do; that's why they continue to share their opinions
online. They view companies that include customer feedback on their
websites as honest, at 66%, and credible, at 53%.-Online Media
Post, 2012Source: Social Media Today, The Rise of the Millennials,
2013Top purchases Millennials wont complete without user generated
contentMAJOR ELECTRONICS44%40%CARSHOTELS39%32%TRAVEL
ACCOMODATIONS29%CREDIT CARDS29%INSURANCE
14. Millennials as ConsumersMillennials have grown up with
brands like Apple, Build-a-Bear, iTunes, Netflix, Pandora, Google,
making it almost instinctual that everything can be
customized.CustomizationWho Are the Millennials? | Marissa Valente
| 08/05/2014Proprietary and Confidential | General Re Life
Corporation14They [Millennials] expect them [products and services]
to have as much personalization and customization features as
possible to meet their changing needs, interests and
tastes.-Richard T. Sweeney in Millennial Behaviors &
Demographics, 2006YOUR NAME HEREMillennials grew up with two unique
influencers: Technology and Choice. While some might mistake this
for a sense of entitlement, its simply the result of growing up in
a world that now offers more choices and possibilities than ever
before.-Business 2 Community, Millennials Favor User Generated
Content, 2014
15. Millennials as EmployeesWork Environment and
Expectations
16. Millennials as Employees Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 16Source:
http://socialmediatoday.com/irfan-ahmad/2023461/rise-millennials-infographicBUSINESS
IMPACTGLOBAL WORKFORCE75% OF WORKFORCE BY 2025Median salary is
$39,7001 IN 10 MILLENNIALS MAKES OVER $100,00015%are already
managersMore than 85% of hiring managers and human resources
executives believe this group has a stronger sense of entitlement
than older workersMYTH VS. REALITYMillennials dont want your advice
theyve got it all figured out.Millennials crave coaching.MYTH VS.
REALITYMillennials are all about the money.Benefits trump
salary.Source: Capstrat The Truth About Millennial Workers, 2012
research sample: online survey and in-depth interviews with 402
adults ages 22-30 in U.S.
17. Millennials as EmployeesCause Driven Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 17Source: NPR Debate:
Millennials Dont Stand A Chance, April 2014Millennial: David D.
Burstein 56% of Millennials would take a pay cut to work somewhere
that is changing the world for the better.-Brand Channel, 201287%
of Millennials consider a companys commitment to social and
environmental causes when deciding where to work.-CONE, Millennials
Close at Moms Heels: 2010 Cone Cause Evolution Study, 2010
18. 43%36%21%the start of my careera job to earn money, but
nothingto do with my careerjob at a company I want to workfor but
not what I want as a career.It's only to get my foot in the
doorMillennials as Employees Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 1872% say their career is essential to their
identity-Barna Group: 20 and Something, 2013Who am I?50% of
Millennials surveyed want to work for a business with excellent
ethical practices.-The Deloitte Millennial Survey, 2014Describing
their first job out of college:Source: The Hartford - Generation Y
Grows Up, 2014would prefer to choose when and where they work
rather than being placed in a 9-to-5 position89%Source: Odesk,
Announces New Study on Millennials and the Future of Work
19. Work Environment and Expectations Who Are the Millennials?
| Marissa Valente | 08/05/2014 Proprietary and Confidential |
General Re Life Corporation 19The vast majority of Millennials
(90%) do not plan to stay with any given employer for more than
five years.Source: New Direction Consulting A five year survey of
Millennials conducted by Adam Kingl and Richard Hytner printed in
the GuardianMillennials are motivated by social needs as opposed to
transactional desiresStrong desire for work/life balanceWilling to
take a pay cut to have that balanceMillennials plan on having many
careers and are looking for experienceMillennials will have an
average of 15-20 careers over the course of their working
lives-Forbes Magazine, Job Hopping the New Normal for Millennials,
2012
20. Work Environment and Expectations Who Are the Millennials?
| Marissa Valente | 08/05/2014 Proprietary and Confidential |
General Re Life Corporation 20Companies that truly get Millennials
and engage with them appropriately [as employees and as consumers]
can differentiate themselves in the marketplace and forge long-
term relationships with their customers -Boston Consulting Group,
The Millennial Consumer, 2012Millennials are well educated, skilled
in technology, very self-confident, able to multi-task, and have
plenty of energy. They have high expectations for themselves, and
prefer to work in teams-Ivey Business Journal, 2011Millennials
NeedsEngaging experienceWork life balanceSocial
interactions/collaboration/teamworkImmediate resultsSense of
purposeShared workspaceHome office/flexible scheduleMake work
always presentLearn differentlyTo be challengedSource:
http://danschawbel.com/ADD PODCAST AUDIO FROM INSURANCE JOURNAL
WARREN WRIGHT MILLENNIALS SEGMENT ONCE IT IS DOWNLOADED
21. Governments Role vs. Employers Role 21
22. Governments Role / Employers Role Who Are the Millennials?
| Marissa Valente | 08/05/2014 Proprietary and Confidential |
General Re Life Corporation 22Source: Pew Research Center,
Millennials in Adulthood, 2014Note: Figures may not add to 100%
because of rounding and the depends/dont know category has been
omittedMillennials believe that government should be larger and
provide more services to the people.Millennials also believe that
government has more potential to solve issues facing society such
as education and healthcare when compared to big
businesses.38%49%59%64%53%43%32%22%MillennialsGen
XBoomerSilentSmaller government, fewer servicesBigger government,
more servicesSupport for Bigger Government Highest Among
Millennials
23. Governments Role / Employers
Role87%90%86%86%81%86%88%85%Healthcare /DiseasePreventionEducation,
Skillsand
TrainingUnemploymentStablilityNationalEconomiesGovernmentBusinessWho
Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 23Government vs.
Business Potential to Solve Societys Issues Percentage Responding A
Great Deal/Fair AmountSource: The Deloitte Millennial Survey with
more than 7,800 Millennials in 2014According to Pews research, a
plurality of Millennials, unlike older generations, mostly disagree
with the statement that government regulation of business usually
does more harm than good.-The Brooking Institute, Governance
Studies, May 2014Most prefer to pay a reasonable single payment
monthly to cover everythingno co-pays, deductibles, premiums and
out of pocket for whats not covered. And many think a single payer,
government run system might be more easy to navigate than the
hodge-podge of programs and plans they see at work and in their
community.-The Health Care Blog, March 2014
24. Reasons Supporting Government Regulation Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 24Government regulation
helps to ensure fairness to the people it is responsible for
governing and helps generate operations that are in the best
interest of the population.TrustUniversalRegulationPrevent
Exorbitant FeesPrevent CorruptionComprehensiveSecurityConditionKeep
competitiveFairAttainableTaking advantageProtect &
ServeFairnessEasierPre- ExistingWhy Millennials want government
regulation of health insuranceI think that involving government in
big business of any sort will help regulate for fairness and
prevent financial abuse from within. The economic disparity in this
country needs to be mediated. Conversely, the government needs to
also be kept in check. There should be no absolute power in any
regards.It's important to me that government closely regulates
insurance companies, to prevent them from taking advantage of
vulnerable populations (i.e. the elderly).I believe that this is a
path to a more equivalent and fair distribution of healthcare.There
needs to be regulation so that people who do not understand
insurance have safeguards.Populations Best InterestSource: Gen Re,
Online Survey of Millennials, July 2014 *Note: Question was asked:
Which of the following statements do you agree with more?1.I want
government to regulate what insurance companies can offer for
health insurance2.I do not want government to regulate what
insurance companies can offer for health insurance.
25. Reasons Opposing Government Regulation Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 25Source: Gen Re, Online
Survey of Millennials, July 2014 *Note: Question was asked: Which
of the following statements do you agree with more?1.I want
government to regulate what insurance companies can offer for
health insurance2.I do not want government to regulate what
insurance companies can offer for health insurance.I prefer to have
a market that can be allowed to freely compete for business. I
believe this allows for more free movement of capital and naturally
regulates prices.DistrustVery ShadyCannot Handle ResponsibilityDont
Feel ComfortableToo Much ControlLimits SelectionClass
DiscriminationTaking advantageNot AccurateNo InvolvementNot
ReliableNo RightWhy Millennials do not want government regulation
of health insuranceI am kind of split on this question because
there are benefits of both, but as a general rule of thumb I will
always vote for the government to have less power than they need.I
have not found the government to do a good job managing almost any
venture regarding finances and human benefits, at least
federally.This is not the government's responsibility.They are not
looking out for me as an individual.Limits ChoicesPeople Should
DecideFree MarketOpen Competition
26. Governments Role vs. Employers Role Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation
266%39%51%9%36%50%26%42%28%Benefits at current levelsBenefits at
reduced levelsNo benefitsMillennialsGen XBoomersHalf of Millennials
and Gen Xers Doubt Theyll Receive Any Social Security BenefitsWhen
you retire, Social Security will provideSource: Pew Research Center
Millennials in Adulthood, 2014
27. Planning and Financial Intelligence 27
28. Planning and Financial Intelligence Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 28Source: Gen Re, Online
Survey of Millennials, July 2014To me, financial planning means
preparing myself financially for the future, that is, how much I
will save/spend, what type of retirement plan I will have, what
kinds of insurance, etc.Forecasting future expenses and preparing
for them.Financial planning is tough... I feel my entire life will
be working to
survive.FutureFinancialMoneyBudgetingRetirementGrowthPreparingSecurityStartHouseNeedsRentPlanning
AheadStudentLoansLong TermPaycheckDebtFinances1. Paying off student
loans2. Planning for my future (kids, house, life insurance,
etc.)3. Growing my small business.When asked What does financial
planning mean to you, Millennials provided the following
responsesOverall, Millennials consider financial planning to be
budgeting and preparing today, to be able to fund planned future
expenses.
29. Planning and Financial Intelligence Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 2968%Think their
financial planning needs improvementBarriers to Improving Financial
PlanningSource: Northwestern Mutual, 2014 Planning and Progress
Study Millennials Approach to Money Management, 2014Note: Qualified
Respondents between ages 18-29 (n=226)13%Have a financial
advisorSource: TIAA-CREF Institute, College-Educated Millennials:
An Overview of Their Personal Finances, 2014Note: Percentages are
calculated over the total sample of 2,124
respondents.38%35%15%Savings orInvestmentsTaking out amortgage or
aloanDebt counselingIn the last 5 years, have you asked for any
advice from a financial professional about any of the
following?28%28%15%15%4%Dont know where to find helpNot enough
timeNot enough interestFind it too confusingLack of
money/finances
30. Planning and Financial Intelligence Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 30Source: Granum Center,
2014
http://granum.theamericancollege.edu/white-board/flashpoint-financial-principles-for-millennials0/9%16%14%5%28%32%34%22%63%51%52%73%SilentBabyBoomersGen
XMillennialsLiterateIn BetweenIlliterateFinancial Literacy Across
Generations
31. Planning and Financial IntelligenceFinancial Literacy Who
Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation
3181%59%38%29%53%Advanced Literacy: Answered all questions
correctlyNumeracy questionInflation questionRisk diversification
questionBond prices questionSource: TIAA-CREF Institute
College-Educated Millennials: An Overview of Their Personal
Finances, 2014Note: Percentages are calculated over the total
sample of 2,124 respondents.Percentage of Respondents Answering
Correctly81%Mortgage questionBasic Literacy: Answered Numeracy,
Risk diversification and Inflation questions correctly14%38% of
Millennials who are college educated have basic financial literacy,
while only 14% show an advanced level of financial literacy.Suppose
you had $100 in a savings account and the interest rate was 2% per
year. After 5 years, how much do you think you would have in the
account if you left the money to grow?Imagine that the interest
rate on your savings account was 1% per year and inflation was 2%
per year. After 1 year, how much would you be able to buy with the
money in this account?Please tell me whether this statement is true
or false. Buying a single companys stock usually provides a safer
return than a stock mutual fund.A 15-year mortgage typically
requires higher monthly payments than a 30-year mortgage, but the
total interest paid over the life of the loan will be less.If
interest rates rise, what will typically happen to bond
prices?
32. Planning and Financial Intelligence Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 32Source: Wells Fargo
Millennials & Money Highlights from the 2013 Wells Fargo
Millennial SurveyNote: Qualified respondents age 22-32
(n=1,400)According to a 2013 Wells Fargo survey, Millennials have
no idea where to find guidance when dealing with financial
services.Lack of financial literacy among MillennialsInterested in
learning4%5%7%10%11%62%Online brokerageMutual Fund
companiesFinancial ServicesBrokerageRegistered InvestmentAdvisor
(RIA) FirmsBanksNo Idea/All the SameTypes of firms that best know
how to provide financial services to
Millennials37%30%22%44%49%45%12%11%15%7%10%18%MillennialsGen
XBoomersNot at all interestedSomewhat uninterestedSomewhat
InterestedVery InterestedInterest in Learning Savings
Options/Strategies (by age
segment)29%24%18%46%47%40%15%16%20%9%13%22%MillennialsGen
XBoomersInterest in Learning Investment Basics(by age
segment)Source: LIMRA, U.S. Consumers Today Series 1 and 2,
2014Note: Age ranges for generational segmentation varies from
study to study, for this analysis Millennials refers to respondents
age 25 to 34, while Gen X refers to those age 35 to 44 and Boomers
refers to those age 45 to 64.
33. Wrap - Up
34. Key Takeaways Who Are the Millennials? | Marissa Valente |
08/05/2014 Proprietary and Confidential | General Re Life
Corporation 34Millennials want to be able to have the ability to
customize and use technologyMillennials are cause driven and want
to support their peers, communities and greater goodFor
Millennials, salary is important but it is NOT the most important
aspect of their careerMillennials need to be engaged, they are
focusing on building their own portfolio and reputationMillennials
tend to be more accepting of government involvement than previous
generationsMillennials need to increase their understanding of
financial planning and benefits education123465
35. How to Communicate with Millennials Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 35Source: YouTubeWhat Is
Roozt?Make it Fun: Ever on the hunt for a game.Researchers:
Shoppers rely on online reviewsMoney Managers: Are anxious but
aspire to be responsibleSource: rDialogue, How to Gain the Loyalty
of MillennialsRoozt.com is the Worlds Marketplace for Cause-Brands.
Were an innovative and fun e-commerce company that curates the most
fashion forward brands who are all committed to making a difference
around the world.Source:http://roozt.theresumator.com/
36. Visit genre.com for more info.Questions? Please contact
me.Marissa ValenteMarket Research
[email protected]
37. Appendix 37
38. Social Media and Inclusiveness 38
39. Social Media and InclusivenessA lot can happen in 200
seconds Who Are the Millennials? | Marissa Valente | 08/05/2014
Proprietary and Confidential | General Re Life Corporation
39Source:
http://venturebeat.com/2014/05/27/heres-the-entire-internet-live-in-one-real-time-infographic/36,946
user searches on LinkedIn935,424 searches on Google and $325,206 in
ad revenue10,353 items purchased on Amazon128,702 app downloads
from Apple250,908 app downloads from Android469,742 hours of
YouTube watched and 406 video hours uploaded10,595,788 likes,
11,160,128 posts and 1,218GB of data transferred on
Facebook4,699,044 minutes used on Skype690,763,934 emails
sent78,358 hours of Netflix watched206,857 hours of Pandora
streamed140,882 photos uploaded and 203,000 comments on
Instagram2,349,522 files saved on DropboxAnd with Millennials
spending an average of 18 hours a day consuming media
40. Social Media and Inclusiveness Who Are the Millennials? |
Marissa Valente | 08/05/2014 Proprietary and Confidential | General
Re Life Corporation 40Millennials Prioritize Social Networking
Above Other MediaDaily Use of Media
Types12%15%15%17%18%18%29%35%37%39%46%47%49%53%60%71%Banner adBlog
online, post to bulletin boards, etc.Read professional reviews
(CNET, etc.)Get product info/buy from a companyRead peer reviews
(eg. Epinions)Read print magazines or newspapersRead blogs,
bulletin boards, etc.Watch video clips (eg. YouTube)Visit news
media sitesTalk about products/brandsWatch TV
(pre-recorded)Retrieve news, weather, scoresE-mail, text, gchat,
texting, appsListen to Radio (broadcast/streaming)Watch TV
(live)Social Networking (eg. FB, LinkedIn, Inst..)KeyPeer
GeneratedOther Media
41. 10%7%20%3%7%10%13%18%6%6%Social Media and InclusivenessA
New Generation of Connectedness Who Are the Millennials? | Marissa
Valente | 08/05/2014 Proprietary and Confidential | General Re Life
Corporation 41Source: Crowdtap, Social Influence: Marketings New
Frontier, 2014All Media TypesUser Generated ContentPlay computer or
video gamesGo to the moviesBrowse the internet / go onlineRead
print magazines / newspapersListen to the radioWatch TV
(pre-recorded)Watch TV (live)Social networking & content (FB,
Instagram, LinkedIn)Use e-mail, text, gchat and texting appsTalk
with others about news / products / brands30%
42. Social Media and Inclusiveness Who Are the Millennials? |
Marissa Valente | 08/05/2014 Proprietary and Confidential | General
Re Life Corporation 42They want to be able to review their benefit
options online but have a real-life person available to answer
their specific questions.-Lindsey Pollack, 5 Myths about
Millennials and Benefits, 2013 (Benefitspro.com)Source: Norah
Denley, LIMRA 2013 Insurance Barometer Study*Note: Not Millennial
specificof respondents would like to be able to research and/or buy
life insurance policies online86%44%33%4%18%Yes, I have alreadyYes,
but I have not yetYes, but my company does notoffer itNo
interestMillennial Policyowner Interest in Obtaining Service Online
for Life InsuranceSource: LIMRA 2014 Digital Service Preferences:
Life Insurance Policyowner Service Preferences Through Web, Mobile,
and Social
43. Planning and Financial Intelligence Who Are the
Millennials? | Marissa Valente | 08/05/2014 Proprietary and
Confidential | General Re Life Corporation 43Source: Pew Research
Center The Generation Gap and the 2012 Election, 2011Millennial
generation has the highest belief that parents are responsible for
saving money to hand down to children.Millennials are optimistic
about their future earnings and financial
situation.46%71%93%36%64%91%26%60%83%22%48%73%Parents saving money
to hand down to children isa responsibilityAdult children taking in
an elderly parent is aresponsibilityAdult children taking care of
parent needing helpis a responsibilityMillennialsGen XBaby
BoomersSilentGenerational Views on Family Responsibilities% of
respondents agreeing with the given statementMill-Silent diff:
+24%Mill-Silent diff: +23%Mill-Silent diff: +20%