Boomers banking on the millennial mindset
Millennials are getting older everyday and are the most optimistic generation in history. Nearly 89% claim to becoming a millionaire before age 30 and yet the vast majority have no financial plan in place. 86% have never even had a conversation with a financial advisor.
Why the discrepancy? Why is this important?
When it comes to where you put your money, 61% of a consumer’s change in primary bank is driven by a life altering event, and yet we have no control over when those windows of opportunity present themselves. However, millennials are 40% more likely than boomers to experience a major life change in the coming 36 months.
In addition, boomers and the greatest generation are embarking on a multigenerational transfer of wealth–$59 trillion in assets, estates, property, automobiles, investments and cash accounts that millennials will inherit before 2020.
Impact on consumer spend. The largest single mass of divorcee in America is between the ages of 55 and 65. They are the ones still sitting on 70% of America’s wealth and they are poised to relocate, refine the ‘first impression’, and reinvent their overall ‘look’. This opens the door for a revitalized, reinvigorated generation motivated to walk, talk, and spend what it takes to appear 15 years younger.
There is an undeniable relationship between a boomer’s financial motivation placing a prominence on aggressive spending that attracts the desired companion, while simultaneously providing a vacuum for millennials to acquire the necessary building blocks that reveal the ideal environment for their growing responsibilities and budding family. This is a consumer trend that is already revealing itself in the increased activity within the housing market and as a result, The Home Depot’s best financial numbers to date.