How Millennials Are Changing the Way We Look at Money

Published on June 9th, 2016

I’m sure you’ve heard the standard stereotype that millennials are the disconnected generation. Critics claim they’re always on their phones, they’re lazy, unambitious, and even entitled. This criticism comes from Baby Boomers and older generations (AKA their parents and grandparents). Despite the criticism, Millennials have their strengths. They are generally more open-minded and are also the most tech savvy. Because Baby Boomers are beginning to retire, Millennials are making up the majority of the labor force and are currently the largest living generation. Their growing buying power and strong presence is changing the way this country manages money.

To Millennials, smartphones are second nature. Nine out of ten Millennials never leave their home without their smartphone. It’s now more important than ever for retailers and businesses to have a strong mobile presence. Online banking has exploded since most young adults now deposit and withdraw from their bank accounts using mobile technology. If you’re a twenty-something, when was the last time you stepped into a brick and mortar bank? Mobile banking continues to increase across all generations. More than one in eight Americans deposited a check within the last year using a mobile app based on research from the American Bankers Association.

Millennials are also changing the ways to make money. Gone are the days where you need to obtain a part time job with a structured hourly schedule to generate additional income.

Millennials are also now taking advantage of services such as CloudPeeps, Uber, and AirBnB to increase their overall income. They have helped the world to realize that you can earn money with some spare time and a smartphone.

Millennials are able to make these changes due to their ease of navigating technology. They grew up with this technology so it’s second nature to them. Their parents and older counterparts may often struggle with various computer skills and also app/smartphone usage. Millennials constantly help their parents set up their computers, send text messages, and create email accounts. With these second nature skills in their pockets, Millennials can drive innovative ways to do business.

Luckily for Millennials, our mortgage process is even easier using our vLoan app. They are entering the workforce and will soon be settling down into homes with families so why not make the process tailored to them? The process is in their pocket and it provides easy access to message a mortgage advisor, scan documents, check loan status, and see the next step in the process! Want to get started? Contact our team today at vLoan for a free rate quote to begin your digital mortgage process!

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