Who are millennials, what are their motives and how to classify them? The loan company Lite Credit decided to check this issue.
Who are millennials?
The “group” of millennials includes people who were born in the years 1980-2000. Classifying them is difficult, and opinions about them very often differ from each other.
However, in everything we can hear, one statement is supported by all public data – representatives of generation Y pay little attention to money. It is much more important for millennials what they can buy for their money, than the mere fact and amount of possession.
The ratio of Millenials to loans or credits is not negative. Thirty-five percent of generation Y representatives have borrowed financially over the past two years, according to the ARC Market and Opinion report.
Statistics show that loans between the twenty-fifth and thirty-nine years of age were used more often by 44%. In young people, between the ages of eighteen and twenty-four, the result of their loans was only fourteen percent.
Technological generation Y?
Millennials were the first to be brought up in the era of modern technologies. Still, they remember very well the days before the technical revolution.
Generation Y distinguishes reality from the virtual world and, although they greatly appreciate the latter, the first also plays a very important role for them in many aspects.
For example, they prefer to settle complicated banking operations in a physical branch than on the Internet. They approach online loans more positively than other age groups.
Representatives of Generation Y take their debts very seriously. According to them, the lack of financial debt is a success. However, when taking a loan or credit, they read very carefully the conditions to be completely sure of the contract with the financial institution being signed.
A study commissioned by Lite Credit shows that millennials trust banks and their employees less than other age groups. The financial crisis in 2008, which happened in front of the Y generation, has the main impact on this phenomenon.