Game Changers: How Millennials Are Changing How We Use Money

Game Changers: How Millennials Are Changing How We Use Money

They’re creating an overhaul of the financial landscape.
19
views

Each generation makes its mark on the world, and millennials are no different. They’re creating an overhaul of the financial landscape. Digital currency wasn’t talked about 10 years ago, and instant financial transactions are becoming more and more popular. Millennials are totally changing money. Here’s how.

Crowdfunding and Side Hustling Grow

Millennials are making money in ways people never imagined. Crowdfunding lets entrepreneurs get their business started with funding campaigns instead of more traditional methods. It’s a great test of the market for their product as well, seeing the popularity and the types of people who are interested in buying.

Side hustling has become popular to make extra cash among young adults. You don’t have to take on a structured part-time job for an income boost anymore. Things like Uber and AirBnB let you use things you own — like your car or house — to make your extra money. There are jobs where all you need is a smartphone or computer. There are almost limitless opportunities to make some money on the side.

Money Comes Instantly

Millennials aren’t patient when it comes to getting their money. Services like Venmo and PayPal send and receive money instantly. Whether it’s a friend who owes you money or you’re buying something off of eBay, the transaction can be completed in an instant. While it’s mainly domestic at the moment, there are sure to be more and more international features soon enough.

Digital Currency Is Real Currency

People laughed at Bitcoin in the early days, but recently hit a three-year high, being valued at $1,000 in trading. Bitcoin also launched the starts of a ton of imitators and competitors. You can spend cryptocurrency wherever it’s accepted, making it actual currency that’s used largely by young adults. And it’s still in its infancy.

Recently, Pavel Bains wrote a piece for CoinDesk saying he believes individual cities will soon create their own digital currencies. He argues many cities would strengthen by having a currency that meets their own interests rather than the national ones. In fact, Liverpool, England just introduced its own digital currency in early February. It uses an app-based service that records transactions on the Bitcoin blockchain network.

Because millennials are partial to it, digital currency could get even more widespread with these implementations. Though it might not ever replace credit cards or cash, it could establish itself as a popular form of money.

The Relationship With Banks Is Changing

Most millennials have grown up with computers all of their lives. Therefore, it makes sense they want digital services from their banks. They don’t want to have to walk into a brick-and-mortar bank branch to make a deposit. Therefore mobile depositing and banking apps have been growing more widespread. Even small local banks are getting in on it.

Banks are also trying to satisfy the instant money desire by introducing real-time payment services. Virtual wallets and cardless ATMs are on the horizon, too, if they aren’t already in place at institutions. With millennials’ desire for digital, banks are adapting to keep attracting new customers.

Coupon Clipping Is In the Past

Millennials don’t want to waste their time clipping coupons to take to the store. They’re all about quickness and efficiency. Therefore, rebates are becoming super popular. Instead of saving money upfront, they get cash back after shopping.

Some apps link to your loyalty cards, while others work by submitting a picture of your receipt or scanning the code. You can get straight up cash or use the rebates you earn toward various gift cards.

While utilizing both coupons and rebates could save the most money, millennials choose the less-time-consuming option. They value their time more than they value getting an extra 50 cents off of a carton of orange juice. Not to mention, this generation will travel in order to pay less at a different store, having done their complete research beforehand.

Less Haggling, More Fixed Prices

The dreaded days of spending your whole day at a car dealership trying to agree on a price for a vehicle are hopefully coming to an end. Millennials are used to researching and buying everything online. They do their research before they get to a dealership and usually have their mind made before they get there. They aren’t looking for a salesman. Sometimes they don’t even want to go into the dealership.

It’s tricky to eliminate all the negotiating, like when trade-in values come into play, but car dealerships are molding to the demands of millennials. Tesla has already been selling cars at fixed prices, and General Motors and other brands are starting to follow.

Money is changing, and that’s a fact. The world is shifting to accommodate the demands of a new generation. Who knows what’ll come next?

Cover Image Credit: Pexels

Popular Right Now

I Blame My Dad For My High Expectations

Dad, it's all your fault.
35449
views

I always tell my dad that no matter who I date, he's always my number one guy. Sometimes I say it as more of a routine thing. However, the meaning behind it is all too real. For as long as I can remember my dad has been my one true love, and it's going to be hard to find someone who can top him.

My dad loves me when I am difficult. He knows how to keep the perfect distance on the days when I'm in a mood, how to hold me on the days that are tough, and how to stand by me on the days that are good.

He listens to me rant for hours over people, my days at school, or the episode of 'Grey's Anatomy' I watched that night and never once loses interest.

He picks on me about my hair, outfit, shoes, and everything else after spending hours to get ready only to end by telling me, “You look good." And I know he means it.

He holds the door for me, carries my bags for me, and always buys my food. He goes out of his way to make me smile when he sees that I'm upset. He calls me randomly during the day to see how I'm doing and how my day is going and drops everything to answer the phone when I call.

When it comes to other people, my dad has a heart of gold. He will do anything for anyone, even his worst enemy. He will smile at strangers and compliment people he barely knows. He will strike up a conversation with anyone, even if it means going way out of his way, and he will always put himself last.

My dad also knows when to give tough love. He knows how to make me respect him without having to ask for it or enforce it. He knows how to make me want to be a better person just to make him proud. He has molded me into who I am today without ever pushing me too hard. He knew the exact times I needed to be reminded who I was.

Dad, you have my respect, trust, but most of all my heart. You have impacted my life most of all, and for that, I can never repay you. Without you, I wouldn't know what I to look for when I finally begin to search for who I want to spend the rest of my life with, but it might take some time to find someone who measures up to you.

To my future husband, I'm sorry. You have some huge shoes to fill, and most of all, I hope you can cook.

Cover Image Credit: Logan Photography

Related Content

Connect with a generation
of new voices.

We are students, thinkers, influencers, and communities sharing our ideas with the world. Join our platform to create and discover content that actually matters to you.

Learn more Start Creating

Minimalism Addresses Our Culture Of Consumption

Decluttering your life and consuming less allows you to live in the moment.

100
views

Most of us, at some point in our lives, have become trapped by our culture of consumption. It's a disgusting display of wealth and social status that social divides us. This social divide does a great job at inhibiting our potential at building objective, meaningful relationships. Material possessions become our identity and we begin to lose a true sense of who we really are. It's entirely possible for us to exist as content, beautiful human beings without participating in the culture of consumption we have been duped into believing in.

The problem with our culture of consumption is that it has become a key aspect of every activity. We give too much value to "things," focusing less on their contribution to our overall wellbeing, passions, or happiness. We may experience temporary contentment or pleasure, but it seldom lasts forever. Minimalism eliminates the "things" from our routine, allowing us to find contentment from the simple things in life.

Minimalism is not an expensive hobby one takes up on the quest for self-discovering and happiness. There is this huge misconception that being a minimalist requires a fat wallet and that your life is now restricted by rules and limitations. This simply is not true. This misconception comes from the elitist culture which has emerged through social media outlets. This distorted perception has blurred the individualistic nature of minimalism. A lifestyle often associated as a fad is actually a lifestyle that de-clutters your physical and mental state.

Minimalists are people who…

  • Make intentional decisions; that add value to their lives.
  • Focus on personal growth and the quality of their relationships.
  • Live in the moment.
  • Discover personal potential by eliminating obstacles standing in our way.
  • Consume less and intentionally.
  • Gift experiences rather than material possessions.

There isn't anything necessarily wrong with owning material possessions. If you find importance in an object that genuinely makes you happy then, great! Minimalism doesn't have to look like white walls behind aesthetically placed black furniture. This concept focuses on the internal value system we all forget we control. Start small; declutter your thoughts. We easily get stuck in our routines that we forget to look slow down and just breathe. Living in the moment is by far the most valuable aspect of minimalism because it allows us to feel and experience every minute of our existence.

If you're someone who enjoys nature, there's more value to be found in the adventures we seek out and create than those created for us. Discover birds you've never seen before, wander down trials in your neighborhood, or uncover beaches no one else knows about. You'll find more value in the creation of your own adventure because those experiences are completely your own.

Related Content

Facebook Comments