Millennials More Ethnically Diverse Than Previous Generations, Have Financial Concerns

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December 5, 2012 ‐ By Kimberly Maul

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Consumer insights firm Scarborough recently analyzed millennials to learn more about their attitudes, habits, and digital activities. One-fifth of the US adult population is between the ages of 18 and 29, and of millennials, 43 percent identify as a race or ethnicity other than white. This is a higher percentage than Gen X (38 percent) and Baby Boomers (26 percent).

Scarborough also found that 69 percent of millennials consider themselves to be very sociable, 34 percent said going online is one of their favorite things to do with their free time, and 33 percent said they are usually the first among their friends and colleagues to try new tech products.

When it comes to personal finance and spending, 59 percent of millennials consider themselves savers, rather than spenders. But 27 percent said if they really want something they can’t currently afford, they would use a credit card, rather than saving up money and buying it later. Hmm…

Nonetheless, a new international study from PR firm Edelman finds that what millennials want most for the holidays is economic stability, and about half of the respondents (48 percent) that they surveyed from 11 countries said a life goal is to open their own business.

A Viacom study released a few weeks ago had similar financial findings. Sixty-eight percent of the 15,000 people interviewed from 24 countries said they were affected by the global economic crisis. Financial Times, which reported on the study, says this generation (which they peg as ages nine through 30) is comprised of 2.5 billion people around the globe and has $990 billion in spending power in this country.

Are you a millennial? Does this data ring true for you?

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