Open a UK banking account instantly with the award-winning Monese mobile app. You don’t need a UK address and there are no credit checks. Try it free now.
We’ve all heard the stereotype about millennials. Like how millennials belong to the ‘want it now’ generation, how they’re entitled, overeducated and apathetic about most things in life. But I think that’s more than a little harsh. I mean, we’re all living in an age where homeownership is at it’s the lowest level in 30 years, one in four recent graduates are having to work in low or medium skilled jobs (not in their career field) and one in five millennials are living in poverty. But what about the stereotype about how millennials make and spend their money? Let’s take a look at some of the most commonly used stereotypes about millennials to see how accurate they really are…
They are materialistic
The idea that millennials love shopping and buying material things is a strange one. Yes, you’ll find that a lot of them will own laptops and smartphones and probably have a few other gadgets, but does that make them really materialistic (especially as most people will be using them for work)? In fact, millennials are one of the poorest generations in years. Millennials earn around 20% less than their parents did at their age, despite being better educated. They also have higher student debts and the pressures of unemployment to tackle, so overall they actually own fewer things than older generations did at their age, especially larger and more expensive items like cars and houses.
There does seem to be a view that some millennials give up too easily; that they are always prepared to jump ship if things aren’t going their way. This stems from the fact that millennials move jobs far more often than their parents did, but for good reason. Finding opportunities to move up a pay grade or move up the ladder quickly is easier if you change jobs, rather than staying in one company. So often, if you want to get more money or take on more responsibility at work you have to change company.
They don’t save
Actually, this one is actually true, but it’s not just millennials who don’t save. Most young adults are bad at saving, no matter the generation they belonged to. Also, like mentioned above, millennials don’t have as much spare cash to save. There has also been a rising distrust of traditional high street banks in recent years which have put some millennials off of seeking financial advice. Luckily we now have companies like us here at Monese who offer a great service without you having to spend hours (that you don’t have) standing in bank queues!