Our generation is different from the rest. We don't know what it's like to live in a world without the Internet or personal computers. There is even a good chance we've never actually touched a physical Encyclopedia. We do everything differently, from communicating, to learning and experiencing the world around us.
In a new study by the Boston Consulting Group, 4000 Millenials, people ages 16 to 34, were surveyed about their spending habits. The study revealed that our generation has very different thoughts about spending and money in general. Six categories arose from the study, placing Millenials into different stereotypes based on their spending habits and views toward personal finances.
If you can identify which category you fit into, you maybe able to better handle your money. Check out the categories below to see if you might fit these descriptions.
This category has the most members. If you're a Hip-ennial, you probably have a soft spot for products that give back to charity in some way. You might be more likely to buy a pair of shoes that promises to contribute a percentage of their profits to a worthy cause. You don't splurge often, but when you do, its on items that some how benefit charity.
Members of this group have to have the latest technology. They tend to be laid-back, single, and self-confident. Always needing the new technology can really put a strain on the wallets of these Millenials.
Clean and Green Millenials
The spending decisions of 10% of Millenials are motivated by environmentally conscious influences. Clean and Greens love recycled or reused products and will spend the extra money if a product is Earth-friendly.
About 16% of Millenials defy most other stereotypes set by the generation. Anti-Millenials have traditional values, are hard-working, frugal with their money and focus on personal and work goals. Success and comfort is the number one concern for Anti-Millenials. Members of this group probably spend their money on anything that will improve efficiency in reaching their goals.
The Millenial group stretches to age 34 and this category encompasses the older members of the generation. This group spends a lot of time online reading and sharing opinions. Millenial Moms tend to splurge on items that will improve their health and wellness as well as their family.
Tied with Clean and Green Millenials for the smallest group of the six, Old-Schoolers are conservative with their money and care less about technology than the others. This group values in-person conversations over Facebook chats and '@' replies. Old-Schoolers still like to splurge, however, and spend a lot of their money on experiences like vacationing, concerts and going out to dinner.
For more information about these groups and personalized tips on saving money based on your category, check out the article at LearnVest.
I think I'm a mix of several categories. I'll call myself a Hip-Anti-Millenial Guru. What kind of spender are you?