Upscale millennials: saving but no collective wealth

Upscale millennials: saving but no collective wealth - yet

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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