It seems like everywhere you look people are talking about millennials. If you turn on the TV, read a newspaper, magazine or online publication you'll see and hear people talking about millennials.
But what's the big deal?
Why does it seem that people are so interested in this generation?
Today millennials hold 17 trillion of the world's private weatlth and they're on target to control as much as 24 trillion by 2020.
UBS recently authored a paper on this generation and the impending shift of economic power. Millennials are truly different than generations before them and the paper explores three characteristics that set them apart.
1. They're the first generation of digital natives and the way they interact, connect, and desire to receive information is different than previous generations. These early adopters demand even more digital services.
2. They expect a wide variety of content delivered in methods that meet their varied needs.
3. They are increasingly aware of global issues and possible solutions. They're drive for a life of purpose means they're willing to invest their own funds for the public good.
The paper focuses on these three characteristics of the growing generation and discusses how to adapt to their needs and desires. "No stakeholder can afford to ignore the millennial generation, nor can they themselves make false assumptions based on ill-formed stereotypes or near-sighted typecasting. Instead, there must be a widespread adaptation to meet the needs of these next guardians of global capital, to embrace the technological changes that define their demands and to evolve in ways that help transform our world for the better."
You can find the full paper here.