The number of millennials in Singapore number about 1.2 million, according to some estimates. It is only a matter of time before Millennials make up the largest proportion of the workforce and customer base.
What do you first think of when you hear the word “millennial”? The caricature of millennials are that they are entitled, avocado-eating hipsters who are on their phones all the time and are actually strawberries inside.
But that’s simply not a true reflection of this diverse generation who grew up in an internet-connected world, where old rules of “study hard, get into a great school, and a fantastic job will be waiting for you” no longer apply.
Those who truly get to know millennials better will also discover the many virtues and strengths they possess. Forward-looking companies, organisations and government agencies have seen the need to adjust their approach to products and services to cater to this demographic.
Not Accepting Things At Face Value
Millennials grew up in the online world, where virtually anyone can publish content online. Ads are everywhere, some of which are sneakily disguised as organic content, and is “fake news”.
More than the generations before them, millennials have needed to cultivate media literacy instincts to evaluate information sources and see if they are “legit”.
You may not identify with the label “millennial”, but as a DollarsAndSense reader, you already are consuming financial news and information in a very distinctive manner. When presented with ad campaigns by banks or financial institutions, for example for a new savings account, your first reaction is probably not “Where do I sign?” but more likely “What’s the catch?”
You probably don’t like to be told what to think, which we never do here. Instead, after being presented with facts, you read analysis from various sources and then are make your informed financial decision based on your own unique situation and needs.
Convenience, But With A Human Touch When You Need It
Millennials love the convenience of online apps and transactions. They buy everything from groceries to wedding dresses online, but that doesn’t mean that they don’t need or want the human touch. In fact, using these technologies frees up their time so they can be with the people they truly care about.
You undoubtedly love the convenience of doing bank transfers, bill payments, and other “mundane” transactions online, but when you have an issue or query, the last thing you want is to deal with an automated call-centre machine or having to wade through pages of Frequently Asked Questions on a company’s website.
At those instances, having a reassuring person on the other side of the phone who is able to assist you is invaluable.
Life, On Your Terms
When you head to town to have a great time, you probably aren’t planning to be accosted on the street for a “survey” or to sign up for a credit card. You have a schedule to keep, and standing for 15 minutes in the sun to fill in a form is probably not on your list of to-dos.
Besides, you would probably want a wide range of cards to choose from after having the opportunity to carefully assess the pros and cons of each card with regard to your spending habits.
You also might want the opportunity to choose more than the colour of your free gift. Perhaps, having the chance to choose what kind of free gift you get.
You Are Not Blindly Loyal
Millennials don’t stick to a company or brand for the sake of it. If another company comes along and offers a superior product or service, then you can be sure they will leave. That’s not being disloyal. Its simply the smart thing to do as a consumer. At the same time, if a company does right by them, millennials can be their fiercest advocate and fan.
Thus, multiple areas, liquidity is important. Whether its your savings, investments or phone carrier plan, you probably don’t like to be tied down. Millennials know this better than anyone else and are sceptical because they know that the terms of a great deal can be changed by companies.
You Appreciate Great Value
Millennials are always on the hunt for deals, coupons and promotions. And they have their own communities and channels to receive “lobangs”.
As a proud Singaporean, you probably also won’t turn down a good deal, especially if you did your homework and know there isn’t a nasty catch waiting for you at the end of it. For example, most credit cards would give welcome offers in the form of cashback, free gifts or bonus miles. They may even give additional promotions on top of the regular welcome offers.
When it comes to millennials, there’s more to meet the eye. The more you get to know them, the more common ground you find. In fact, they have much to teach us when it comes to managing our personal finances. We just need to look beyond their torn jeans, loud headphones and persistent slurping on Gong Cha.
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