Faced with unaffordable housing and education, an overcrowded job market and political marginalization, millennials have had a raw deal thus far. But as the “jilted generation” turns 30, more millennials are turning their attention toward long-term financial goals.
According to the Deloitte Center for Financial Services, millennials will experience the fastest growth rate of net wealth over the next decade. Their wealth will rise from $4 trillion in 2015 to $20 trillion by 2030, “affirming their status as the new drivers of consumption going forward.”
Spotting the dollar signs, more media brands are launching new visually driven verticals that reshape business and finance issues for this increasingly powerful and money-conscious audience.
This week, Dow Jones Media Group unveiled Moneyish, a new lifestyle website that aims to redefine finance-driven storytelling. Speaking to Digiday UK, senior content development editor Raakhee Mirchandani said the site was about “the conversations and feelings that surround money”; a home for “pieces that were a little more irreverent, a little more expressly aimed at its social media audience, and a bit further removed from MarketWatch’s core voice [Dow Jones’ Wall Street-focused brand].” Its Buy Cycle comic strip, for example, focuses on the relationships people have with their purchases.
The site follows the launch of video-first brand Coinage by Time Inc. in February 2017. Tapping into millennials’ desire for shareable visual content, Coinage is set to run 600 short-form videos during the course of 2017, under its tagline “Life, well spent,” offering practical tips on spending, saving and investing at different life stages alongside infographics, in-studio interviews and other news pieces.
Youth media juggernaut Vice expanded its global empire further in October with Vice Money, a new finance and business news and video website targeting “generations of readers and viewers who are intensely interested in the role that business and finance play in the world,” according to its editor-in-chief Matt Philips, speaking to Variety.
Half of the channel’s content output is pegged for video, with useful information that will resonate with a younger audience. “We’re not interested in the S&P 500 going up 4%,” explained Philips. “We’re trying to tell people things that matter to them.”
Despite proclamations that they are reckless when it comes to money, millennials are actually better than their older counterparts, according to a recent Experian study, which found that almost half (45%) of 18- to 34-year-olds save a quarter of their salary each month, compared to a third (34%) of 35- to 54-year-olds. The research found that members of the millennial cohort are showing signs of building better money habits than their predecessors, generation X.
Perhaps this is out of necessity. According to McKinsey, millennial workers saving for retirement today may not get as much back from their portfolios over the long term as previous generations did—and may need to save twice as much, in some cases, to cover the shortfall.
As millennials make up for lost time when it comes to money, brands still have an opportunity to educate this generation in financial matters and earn their trust. For more trends in media, finance and more, download The Future 100: Trends and Change to Watch in 2017.