I attended a webinar about millennials and generation z demographics brought about by the number 1 life insurance company in the country.
I am not much into stereotyping, probably mainly because I have always known I am an outlier, a bit different from the rest. I have the personality of a Western man trapped in a tiny Filipina body. Not to be ageist though, but if I must, I belong to the Millennial group. Let me see if I can relate to the conventional description of the lot.
1. Did you know glow up is Gen Z slang for bloom? Or stan for extreme support? Receipts for proof on a certain claim? And T for gossip?
Nope, I am out.
2. The different generations defined:
|Generation Z||1997 – 2012||9 – 24|
|Millennial||1981 – 1996||25 – 40|
|Generation X||1965 – 1980||41 – 56|
|Baby Boomer||1946 – 1964||56 – 74|
|Silent Generation||1928 – 1946||75 – 92|
Maybe the 2 generation gaps can shed some light as to why my mother and I usually do not see eye to eye.
3. The Philippines is getting younger. Based on national statistics, millennials and Generation Z constitute around 70% of the country’s population. Between these 2 groups, about 40 million Gen Z Filipinos comprise the biggest segment of our population. One-third of the population is made up of millennials.
4. Understanding millennials.
- “I want to do things on my own terms, my own decisions are not influenced by anyone.”
- They want to find out things for themselves. They appreciate advise, encouragement, leads and guides.
- Where better to learn according to one’s own terms than online, from one’s peers. They are tech savvy. They are digital natives.
- “We have to inspire them. We have to give them something meaningful.”
- They value authenticity.
- They favor word-of-mouth recommendation. They trust reviews, they research, they canvass. They share learnings and further recommend to their family and friends.
- They love good content.
- Fillennials (Filipino millennials) like witty, thought-provoking or even simple funny stories that they can relate to. They will likely rely on information from digital platforms to influence their purchase decisions.
- Although millennials might try to limit their time spent on devices, they certainly aren’t leaving the digital world forever.
I would like to believe I do things on my own terms, I appreciate advice and if it makes sense, I let it influence some of my decisions. For the last 14 years that I have been in sales, I have never cold calls, I have relied on referrals and I still believe that is the best way to go.
5. Getting to know Gen Z.
- This is the age of transparency for Gen Z. Never forget how discerning this lot is. They are extremely resourceful at getting the information they want, and at verifying it.
- They prefer to walk the talk rather than just talk. They have grown up during a time of economic uncertainty, and are more than aware that hard work is the key to success.
- They like to research before they shop. They are especially interested in finding deals. They canvass and compare products online.
- They are greatly influenced in their brand selection by video content.
- They rely on social media but are thoughtful about how they engage with it.
- They are paranoid about privacy. They value privacy and communication preferences.
I may be able to relate to some of the characteristics of the Gen Zs. I do prefer to walk the talk and believe hard work is an important part of success. I am very interested in finding deals. I spend time comparing prices of different brands in the groceries and other shops.
6. Millennials vs Gen Z
|Digital natives – technology is enabling and gets excited by it||Digital intuitive – technology is empowering and gets excited by what it can do|
|Motivated by social connectedness, and see the world as theirs for the taking||Motivated by making things happen, and they see the world are theirs to save and change|
|Socially intelligent, a thinker-inward and celebrate individuality||Emotionally intelligent, doer-outward and diversity is their new normal|
|Have contemporary values and aspirations, driven by success||Have traditional values and aspirations, driven by experience and meaning|
7. Digital habits of millennials and gen z amidst the pandemic.
- Increased social media messages but is expected to decline post pandemic due to digital fatigue from multiple channels accelerated by the lockdown
- Increased video calls
- More trying a digital detox, having learned to value in-person interactions more than before the pandemic
- More e-commerce, online shopping and digital wallet
- Gen Z counterbalanced the 2020 negative-news magnet by focusing on positive social media (like TikTok), avoiding trolls, bullying and fake news. They love brands but are looking for authentic real people with relevant content.
8. What are the interests and priorities of people in their 20s and 30s?
- Start to get a job. Begin generating own income.
- Start acquiring assets. Begin having ownership.
- Start building family. Begin expanding goals.
- Start activities or ventures. Begin experiencing full independence.
9. The third behavior is the ideal one. In here, savings and investing is non-negotiable, and what is left is allocated for living expenses.
|Behavior 1||Behavior 2||Behavior 3|
10. Like most goals we have in life, planning is still the key
- What is my goal / target?
- What is my time horizon?
- What is my risk appetite?
- Is it legitimate?
- How do they manage my investments?
- Is is aligned with my preference?
I think irregardless of what generation I am from, being a mother (and a single one at that) my number 1 concern right now is to be able to equip my daughter well to give her a fighting chance in this fast-evolving, cutthroat environment we find ourselves in. I am aware of the fact that it is not all about the money, but it sure does play an important role in shaping the way she develops.
Financially, what is your top priority right now?
#ToABetterSarah #RaisingSophia #ShowMeTheMoney