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Millennials and Money
Millennials will be shaping the shaping the 21st century, changing the way businesses function owing to the way they perceive things.
Many millennials would remember those days when parents or grandparents would take leave or put permission in their respective offices because they must go to the bank for any transaction be it opening an account, withdrawing money etc. They would stand in long lines and fill up lengthy forms for getting any services.
But all that has changed, queues outside banks have reduced and have been replaced by apps in the mobile phone. This generation with a different view on money is changing the way banking is done.
Banks too have adopted to this generation by catering to them with an array of apps and web services, payment options and wallets, the drive of e-commerce too have facilitated the emergence of this new banking.
Millennials are also very knowledgeable. They are the people who have got jobs during the great recession of 2007 – 2008 they are very cautious when it comes to their money. They do their research before investing in anything. The following is their behavior towards money.
1. Earlier would go to the bank where they have an account and ask for loans. They will accept whatever the bank says, there were very few people who will negotiate. But millennials before approaching a bank will 'Google' their options, review their credit score, prepare all the documents required and negotiate with the bank for a good deal. They have the upper hand.
2. They keep a habit of investing their money – at least 14% of their salary per month into FD, RD, mutual funds etc. They don't have qualms about investing in mutual funds as before handing over money they do research on the company.
3. Millennials pay their bills using net banking or ECS payments.
4. They want complete transparency – When the banks, NBFCs are asking for so many details and documents from customers they are expected to be completely transparent about offers.
5. On the other hand, the generation which is staring at an increasingly unsecure financial future is more concerned about rising prices and saving less than their parents, braving uncertainty is in the millennial's DNA.
Millennials on the whole try making life simple for them. They want to follow their passion and spend more time on what they love doing – Work, art or travelling. They hand over things to others or automate things keeping a close watch over their finances.