Fox Business just released a piece on millennials gradually becoming the richest generation ever. What does this have to do with wellness? Read on to find out.
We've known for a while that millennials are the most wellness conscious consumers of our time, and it's extremely changed the way brands respond to their buying behaviors. However, not only are they more likely to spend a premium on wellness activities, but according to Fox Business, those expenditures will be substantial considering they could become the richest generation in history.
So what does this have to do with wellness, aside from their spending behaviors? Wellness of their finances themselves.
According to Forbes' wellness trends 2019, financial wellness took a front seat this year, and will continue to do so for the years to come. Millennials will be turning to more self-management strategies for their finances. And now they have more disposable income, they will be searching for more options and help on how to manage it. They will be changing from spenders to savers, while learning from the mistakes of their past (or parent's past) and avoiding some unnecessary debt like high volumes of student loans.
Employers will be amping up their financial wellness programs in conjunction with their employee health programs, and we will be looking to them to help us with things such as budgeting...so we know how much we have to spend on those Lulu's, or our next vacation.
We all have different needs, wants, and preferences for our spending, but the bottom line is, this generation is more informed than ever before, and their buying behaviors are shifting the way we see finances.
Some people are touting this as a wellness trend that has nothing to do with wellness, I have to disagree. There are extreme side effects of financial stress and they all manifest as physical symptoms.
For example, stress resulting from financial issues can cause high blood pressure, headaches, sleep problems, and unhealthy coping behaviors such as overeating or drinking.
So what does this mean for you? Perhaps you're an employer who needs to rethink adding financial wellness programs to your employee perks. Or maybe you're a college administrator looking to add additional literacy classes to your itineraries. Or to the fellow millennial reading this while they're budgeting next month's vacation...here's to you girl (or guy :) ).
I'm a Phoenix local health and wellness product, brand, food and trend reviewer who's main goal is to improve people's health through informing them of all of their wellness options. Read up on the latest at www.nikkicohnbyrd.com or follow me on Instagram at www.instagram.com/nikkicohnbyrdhealth.