Broke but not broken. Millennials seek innovations to change the world.
In 2016 Earnst & Young and the Economic Innovation Group polled 1,200 American millennials (ages 18 to 34) for their confidence levels in institutions forming the country. What they found was millennials have very little confidence in corporate America and banks (less than 30%). This is for the world’s largest population demographic ever, even bigger than the baby boomer generation.
Not surprising really. 59% of the interviewed group are worried about paying off the student debt, 74% are worried about paying healthcare bills and 79% are worried they will not have enough money to live when retired. The study also suggests that most of young and capable people are afraid to take a risk with a start-up and prefer to climb a corporate ladder, at the same time as holding corporations even at Silicon Valley in low-esteem (only 27% have confidence) and 74% believe that start-up and innovation are essential for the innovation and jobs in the economy.
What does this all mean.
It means that there are many frustrated employees that feel condemned to working in a corporate world for a financial security. Frankly, they’d rather be somewhere else. Guess what this means for a company’s performance.
This research also means that millennials don’t buy into any nonsense or promoted marketing from the media (with only 21% having any confidence in the news). They are aware and clear about the reality.
What this research also shows that those millennials who don’t experience financial burden are ready to support start-ups that bring genuine value to their experience of life.
Want to appeal to millennials, let them build it.
Our company is 90% millennials. The very best of them. In fact, they are so intelligent we have to use all our brain power and foresight to keep the vision genuine, mission significant and goals substantial to warrant their engagement. And we have to show results in order to keep them inspired. And that’s that. We are completely humbled that these high achievers academically and socially chose when they could have a got a high paying position at a Big Four or any other high profile secure corporation. To give you more, we have people on the team who donate their time to drive our sales!!! And these are the millennials who have little confidence and trust in most institutions of the society.
Why do they trust us?
Before this generation, selling an experience rather than a product was something of a revelation. Big corporations were just getting into this idea and the consumer was very confused about experience they want to have over the experiences institutions and business want them to have.
Millennials grew up with the idea that it’s all about the experiences they have in life. As a child you are still close to the simple yet fundamental values that are common world-wide. The experiences millennials seek are genuine despite all the hysterics about social medial influence on their life. Sure, they will post on Instagram their selfie standing on the top of a mountain or share on facebook an “awesome” yoga class they swear by. I think the truth is that all the financial stress in their life made them sick more genuine experiences in life rather than join a “rat race” that, frankly, doesn’t appeal to anyone anymore.
The same principles go for companies millennials invest in. They want to invest into companies that inspire them, that bring innovations and create jobs that they genuinely aspire to. We had young people approaching us saying they’ve emailed their superannuation fund with a question on how sustainable are their holdings after they’ve used sustainableplatform.com. Why? Because they want their money to support their values, to create a real change by supporting companies that bring it forward. They want to be genuine. They are not interested in a stamp, a policy that ticks a box or an eco-friendly office building of an oil & gas company. They see right through it. They want to know what a company does as their core business and how that relates to the sustainable development goals. Why? Because they want to enjoy this planet and not suffer on it. And they mean it.
Some other stats we found show this:
• 84% of millennials are concerned about sustainability and climate change
• 97% of those concerned want to do something about it
• Almost all want clear, actionable information that is authentic
That is 4.5 million people in Australia, 77 million in the US and 1.7 billion globally who care about sustainability starting to enter a $126T+ market.
This is disruptive and is starting to change the world – fortunately it is a change for the better.
Sources: Global Sustainable Investment Alliance, 2016 Global Sustainable Investment Review; UN PRI; UN FPI