What's the opposite of a baby boomer? Answer: an upscale millennial. Baby boomers are those born post war, from 1946 to 1964 – a “bulge” of births – whose generation introduced family planning and contraception, and are currently moving into their “retirement” years. They are the group with the most disposal income and influence in society. Their voice, as the globe fades to grey, is heard amongst discussions on ageing, retirement, health, extended care, dying and death.
But,
to rival the baby boomers are the “upscale millennials” – the cohort aged
between 18 and 34 years – that grew up with Internet access and high household
incomes. Globally the upscale millennials make up 25% of the world’s
population. And their impact as consumers is considerable. In America, the
cohort are 24% of the country’s population, while in China they are 28% of the
population, and in Brazil and India they comprise 30% of the population. The
Nielsen Company says that these are the ones who, through the global financial
crisis and high youth unemployment, have done exceedingly well (The Financial, Finchannel.com, 21 April 2014). However, they collectively have not amassed much wealth.
The
Nielsen Company conducted a survey across America, China, India, and Brazil to
learn about the financial plans and aspirations of the upscale millennials.
Not
surprisingly, money matters to the upscale millennials. More upscale m’s are
actively saving their money than any other age group – so that they can reach
their goals for higher education, home purchases, etc. Each month they put some of their income into a saving pool.
Their
confidence levels regarding future financial security are high – but this
depends upon their country, background, stage in life, and financial
institution.
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