LIMRA — the Life Insurance and Market Research Association — checked in with Millennials and found less than half of them like being called a Millennial. Only 44% said the term fits. LIMRA’s Cecilia Shriner said the reason is likely because it’s a relatively new term.
“This generation has had a variety of labels: echo boomers, boomerang generation, Gen Y. It’s so new, and it takes time for these labels to sink in. Baby boomers weren’t called baby boomers since the beginning,” she said.
This compares to 2/3 of Gen X who gladly embrace the moniker.
Shriner also said Millennials — who are now the largest of all the age groups in the U.S. — get a bad rap. “We do see an extended young adulthood with millennials. I think that has influenced how they’re viewed, as well as the perceived entitlement issue.”
But that bad rap does come with some evidence. A huge percentage of Millennials in the survey do agree they are entitled. That comes — Shriner said — with a caveat. “I think as this group ages, those kinds of negative associations will diminish,” she said.
By the way:
• Millennial women are less likely than Millennial men to agree with the positive description of their generation
• Male Millennials are more likely to say the age group is optimistic, cooperative and realistic
• Less than 25% of women will say Millennials are smart, responsible, hard-working and self-reliant
• 30% to 40% of men say that describes the generation very well
In case you don’t remember. LIMRA defines Millennials as those born between 1982 and 1999. Pew Research makes it a bit broader and says everyone born after 1980 is a Millennial. And the U.S. Census Bureau puts the category as those born between 1982 and 2000.
Knowing this information, how do you approach Millennials? Carefully. Shriner suggests defining them by “life stage” and not more broadly. “I think that approach is better, even beyond [discomfort with] the term ‘millennial,’ because the millennial generation also has a divide,” Shriner said.
Her reasoning is “the number of years that keep dripping into the millennial definition. You have the oldest millennials, who are married with children and mortgages, [and] the younger counterparts who are in college, or sometimes, depending on the definition, just entering college. Those are huge life-stage gaps,” she said.
And the bottom-line if you’re approaching them as clients. Shriner said you’re, “really talking to clients about not only people their age, but people in their life stage and those kinds of elements, will strengthen the recommendations they’re able to give.”
Source link: PropertyCasualty360.com