Can you remember a time without the internet? Well neither can Gen Y, because they were the first generation to grow up with smart phones and almost-24/7 connectivity. 

Yes, it may have taken 3 hours to illegally download a song from Napster and the dial-up internet may have sounded like a haunted harmonica - but they still grew up with the feeling of nearly-always having the world of information at their fingertips.

‍

In terms of finances, Millennials were graduating into a job market that was still recovering from the GFC, so high unemployment and low wages were kind of the norm. But the tech and social media boom that followed created an influx of jobs that never existed before. Suddenly side-hustle culture was a big thing and everyone was making extra cash driving an Uber or becoming an Airtasker. 🚙💨

💰 Money mindset: Having to crack the tough job market, Gen Y may feel a financial handicap but still take practical steps towards becoming financially secure.

💰 Saving/spending habit: Gen Y tend to value experiences over material possessions and might be more likely than other generations to splurge on dining, entertainment and travel. However, they are also saving for emergencies and retirement at higher rates than other generations. 

💰 Investing mindset: This generation are more likely to invest in cryptocurrencies, passive ETFs and private equity than Gen X. They’re also much more likely to make ESG and ethical investment considerations, and feel sustainability and impact investing is important.

💰 Financial tech adoption: Millennials are very likely to source information from social media (YouTube & podcasts most favoured). They are native users of digital financial tools, and usage of mobile trading apps is significantly higher than Gen X.

Gen Y said “catch flights not fixed mortgages” and that’s a perfectly valid way to live life 😋 Stay tuned for Part 3 where we’ll deep dive into the money minds of Gen Z!