LESS THRIFTY OR

MORE SHALLOW:

THE TRUTH

ABOUT

MILLENNIALS

Wasatch Peaks Credit Union

4723 Harrison Blvd

Ogden, UT 84403-4448

801-627-8700

Many things have been said about millennials. They have been called fortunate, but also

unlucky; digital, but also social; frugal, but also shallow. They have been called many

things at once, but one of the most striking irony associated with this generation is their

perception and handling of finance. Are they buying all the wrong things, or are they

actually thrifty?

Here is a generation that spends most of their hard-earned money on electronic gadgets.

Here is a generation who grew up on the Internet, in the face of hardboiled American

consumerism. Here is a generation shedding their savings on expensive restoration of

analogue items, products and toys they missed by a few decades. But recent research

and studies say they are the most frugal generation yet.

A Degree of Literacy in Finance

According to research, millennials

are more price-sensitive. Their

knowledge in online advertising and

criticality in terms of marketing and

visual cues aid them better in their

purchasing decisions. More importantly,

they value discounts and pursue deals

diligently. In fact, research reports 54%

of millennials use the Internet to find

cheaper deals compared to only 29% of

overall consumers.

41% use their smartphones to shop for loyalty discounts, a loud contrast to a mere

13% of general consumers. Millennials may be buying more things, but they are

doing so smartly. From being called the least-equipped generation 10 years ago,

they have become a generation that is careful and frugal while being more

indulgent in the ways they purchase their necessities and luxuries.

Where All the Difference Happened

This shift from being least able to being well equipped occurred somewhere in

between all the criticism their older cohorts are fond of giving, and the worst economy

the nation witnessed after the Great Depression. Along the way, they learned nobody is

going to hand it all to them on a silver platter and they have to find a way to get what

they want, cope with what they missed, and survive the next years.

Although they were the most materially gifted generation, they know where to put

their money. They know what is valuable to them personally, culturally and financially—

and this has made all the difference. This is a generation that is more specific and

intentioned in their financial decisions, simply because they have seen their parents

struggle and they’re probably saying, “I will do it differently.”

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RESOURCES:

https://wasatchpeaks.com

http://www.bloomberg.com/bw/articles/2014-04-25/millennials-are-careful-frugal-

shoppers-who-buy- for-the-long-term/

http://www.factsfiguresfuture.com/issues/june-2014/millennials-thrifty-when-they-want-

to-be.html