Millennials are stepping into responsibility at a time of global upheaval. These adults aged 35 and younger came of age along with the advent of the internet. They have extensive access to information and are prioritizing purpose when making decisions. Many align with their values when making purchases, investments, and choosing employment. This generation is saving more but investing less money in conventional ways. The power of this “purpose generation” is fueling a more equitable economy where money is used intentionally.
How are millennials influencing the economy?
“Money-Wise Women” guests Alexandra Douwes and Nellie Morris understand the dynamic preferences and perspectives in this emerging generation. When these two leaders were in their early twenties, they founded the consulting firm Purpose Generation. Now, five years later, their millennial insight, strategy, and content company is serving Fortune 500 leaders, helping them understand this generation.
Millennials are surpassing baby boomers as a percentage of the workforce and financially with their spending and investing power. There are two key behaviors to understand about this generation, developed largely a result of coming of age during the 2008 financial crisis. Essentially, they are saving a lot of money but are weary of investing it in traditional ways. One in six millennials have saved more than $100,000. Many are experimenting with taking mini-retirements and engaging in the “gigging” economy.
Alex and Nellie’s first client was Denise Morrison, CEO of Campbell Soup Company. She is one of only 27 female CEOs in the Fortune 500 list. Together they created programs to support young talent. Through leadership training and mentoring, they prioritized collaboration. Feminine leadership draws on networks of wisdom. Alex and Nellie harvest key insights from surveying their “tribe,” a database of millennials (19-35-year-olds) who give them feedback. All three of these feminine leaders listen deeply, and they evoke the best from others.
Many youth struggle with pursuing their purpose while creating financial stability, in a rapidly changing global economy. They face challenges such as automation, the disappearance of nine-to-five jobs with benefits, large student loan debt, and high housing prices. The millennials’ approach to building wealth is dynamic to adapt to changing job markets.
It can be hard to have important financial conversations. Because of low financial literacy, it is crucial for this particular generation to seek advice about money. Talking openly with peers and experts and hearing a variety of money stories develop confidence and skills.
Alexandra and Nellie’s free “Purpose Playbook” is a step-by-step method for individuals to apply the frameworks that they use with the Fortune 500 companies. It helps them identify and express their unique purpose, the nexus of their strength and passions, and their ability to contribute to the world. With the free Purpose Book Club Host Guide, a group has focused discussion.
Institutions and corporations are adapting to the needs of youth. Sixty percent of Purpose Generation’s clients are financial institutions. The banks hired them as they needed to shift from being not only a service provider but also a partner in education. Purpose Generation translated the financial jargon into terms and educational materials that the youth understand. Millennials are hungry for financial knowledge to help navigate plans for investing and debt repayment.
Listen to this inspiring conversation to understand the economic opportunities and challenges facing this generation as they rise into power. We are changing the landscape of the marketplace to create a more purposeful economy.
Alexandra Douwes and Nellie Morris are the co-founders of Purpose Generation, a millennial strategy and insights firm dedicated to helping big brands understand and engage the next generation of consumers and employees. More recently, the duo launched the “Purpose Playbook,” a digital platform that offers tactics, tools, and inspiration to help individuals live more purposeful. As two female founders, Alexandra and Nellie spend a lot of time on the road but feel fortunate to call California home. They are experts about how their generation works, invests, shops, and communicates, and they are passionate about leveraging this expertise to make an impact on the people and companies around them. Enroll for The Find Your Purpose course at www.purposeplaybook.com.