Capital firm Accel and research software company Qualtrics recently partnered to conduct a study on 8,000 US millennials worldwide to better understand generational views across a wide range of subjects including
moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More, technology or work preferences. The results are presented in a “Millennial Series” consisting of several articles organised by topic.
Designed to study millennials’ purchasing behaviour, the first survey demonstrated that young people are not actively supporting online shopping. Indeed, 73% declared shopping in person for groceries, 62% for clothes and 34% still go to physical stores to buy books. Wages play a role in their purchasing behaviour. For example, high-income millennials are less likely to go out to buy groceries, but much more likely to shop in person to pay for expensive goods such as cars, jewellery and travel.
When it comes to paying, not less than 80% of millennials might use
cashMoney in physical form such as banknotes and coins. More and 64% declared carrying banknotes most of the time. As a result, more millennials pay with
paperSee Banknote paper. More money than with debit cards. Furthermore, figures show that millennials are 4 times more likely to use cash than mobile
paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More platforms. However, this generation is 16 times more likely to adopt Apple Pay and Android Pay than boomers are, mainly because of social media and the influence of advertising.