10 Places Millennials Aren't Putting Their Money

If millennials are known for one thing, it's for changing the way everything is done. If we don't like the way our parents did something, we're going to do it differently (and we're going to do it better). That means the consumer market is scrambling to keep tabs on what we like and don't like, and it's kind of hilarious to watch. So, according to experts and all the latest research, here is what we, millennials, refuse to spend our money on.

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  1. News.
    Our parents read the paper every morning. We check Twitter. It is faster, tailored to us, and (most importantly?) free. But traditional news organizations feel our loss: Only 40 percent of millennials pay for at least one news-specific service, app, or subscription.
  2. Health care.
    Under Obamacare, children can stay on their parents' health care until they're 26. And many millennials do just that: Less than half of all eligible employees under the age of 26 were enrolled in an employer-provided health plan in 2015. If our parents have better plans than what we're being offered, or if they're already paying for health care for younger siblings, why wouldn't we join their coverage? In many cases, they won't be paying extra, so it makes financial and practical sense.

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  3. The shopping experience.
    Or, to be more specific, the in person shopping experience. An Intelligence Group study found that 72 percent of millennials research and shop their options online before going into a store.
  4. TVs.
    The "zero-TV" household is on the rise, and studies show that millennial households make up 44 percent of the total. We also watch fewer hours of television per day -- though that stat is true for the whole population, not just young people. Of course, we probably more than make up for this with time spent streaming shows on our computers, but whatever.
  5. The stock market.
    It probably has something to do with witnessing the last stock market crash and being raised in a recession, but millennials are terrified of the stock market. Even though we know we should be investing, more than half of millennials said they're "not very" or "not at all" confident in the stock market as a place to invest for retirement, and most of us won't put our money there.
  6. Cars.
    To us, cars just aren't a good investment. Not only do fewer young people have licenses than ever before, but in 2010, adults between 21 and 34 years old were only responsible for 27 percent of new car purchases. That number peaked in 1985 when 38 percent of new cars went to adults in that same age range.

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  7. Soda.
    It seems that the "soda is poison and will make you obese" narrative is working -- cola sales are down, and big brands like Pepsi are relying on snack sales to stay afloat. But they're not giving up: Pepsi is re-branding some of their soda as "artisanal" in an effort to reach millennial consumers.
  8. Brands.
    It's hard for brands to earn millennials' love, and for the most part, we don't feel much loyalty. Sixty-three percent of millennials would rather buy something on sale than from a brand they like, and more than half will switch brands just because of a coupon.
  9. Buy-in-bulk membership stores.
    Didn't you hear? Millennials are killing Costco. We don't have cars or tons of extra storage space, and we don't love the suburbs, so the Costco model just doesn't work for us.
  10. Their own homes.
    Whether it's because we'd rather pay for our education than for our own apartment, or because we really just can't afford it, home ownership among young people fell a sharp 12 percent between 2006 and 2011. It's not that we don't want to own homes, it's just that we ... can't.

 

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