At Worth, we continue to navigate the ever-evolving landscape of wealth and economic influence, so it was imperative to examine the current generational wealth transfer and its massive impact on millennials. Our latest research underscores a significant shift in the financial paradigm, driven by a potent combination of this wealth transfer and entrepreneurial success. This rise in Millennial wealth not only reshapes our economy but also redefines the societal values and priorities that underpin it.
We were proud to collaborate with Boston Consulting Group on this project. BCG’s extensive experience conducting research for leading organizations across industries, combined with Worth’s direct access to an affluent millennial audience, creates a powerful partnership for this pioneering study.
This exclusive research is highlighted throughout this issue. It will inform our ongoing content strategy and help us better serve our brand partners with unique insights that will assist them in refining their messaging and engaging with this influential generation.
In addition to exploring how Millennials earn, invest, and spend their money, we studied their attitudes toward philanthropy, purpose, and other interests and attitudes that influence their decisions.
Now 28-42 years of age, millennials continue to emerge as a powerful economic force. While a significant portion of their wealth is inherited, Millennials are also distinguished by their entrepreneurial spirit; many are building substantial wealth through innovative ventures and investments. This generation prefers to self-manage their investments, with a significant focus on alternative assets like private equity and cryptocurrency. Their investment strategies are diverse and reflect a forward-thinking approach.
While wealth accumulation is a priority, Millennials are notably more engaged in social justice initiatives and political activities, with many valuing involvement in social causes. This highlights a shift towards a more socially responsible and politically active generation. At the same time, fewer millennials donate money compared to older generations; they prefer to contribute their time and expertise to philanthropic causes.
Findings like this represent a broader narrative about the future of our economy and society. Millennials’ emphasis on sustainability, social justice, and health is driving new market trends and setting the stage for a more conscientious and dynamic economic environment.
As we look ahead, it is clear that the financial decisions and values of Millennials will play a crucial role in shaping the economic and social landscape. Their innovative approach to wealth generation and investment, coupled with their commitment to societal well-being, promises to foster a more inclusive and forward-thinking world.
At Worth, we are dedicated to exploring and understanding these trends to better serve our readers and the broader community. We believe that by highlighting the transformative power of Millennial wealth, we can contribute to a more informed and inspired discourse on the future of our economy and society.
For more about our Millennial research, visit Worth.com/millennial.
