Mass media often brand millennials as the avocado toast loving – social media obsessed generation, who aren’t into homebuying or staying in one steady job.
But at AIESEC, we believe that millennials are ambitious risk-takers. A generation of forward-thinking individuals who fight for what they believe in and aren’t afraid to question the expected norm, because – why shouldn’t we book that one-way flight and, why can’t we have a great work-life balance?
As the first truly digital generation, the way millennials live, work and consume is truly unique due to their life experiences and ability to adapt quickly to technological advances. Research also shows that they spend up to 54% of their disposable income on dining out and socialising, which would be unimaginable for the more frugal baby boomer generation who grew up with the ‘saving for a rainy day’ attitude.
However, the economic stresses that millennials face can’t be ignored. This group will spend £44,000 more than baby boomers and £25,000 more than Generation Xers on rent by the time they’re 30, and with the cost of living continually rising, they don’t have it easy.
Check out the visual below by Sainsbury’s Bank to find out more about how millennials spend their money compared to their grandparents’ generation.