Forget austerity: money is back. After almost ten years of economic stagnation and forced austerity, people are tired of depriving themselves. And the restraint of these past few years has given money a new value: once again, we associate it with happiness. The results of our latest Prosumer Study, Money Money Money: Attitudes Towards Credit, Consumption, and Cryptocurrency, reveal that 80% of Prosumers* think they would be happier is they had more money. And that’s true all across the globe: 78% of American Prosumers think so too, as do 78% of the French, 84% of the Chinese and 84% of the Brasilians, just to mention a few. And, surprisingly or not, 77% of Millennials are convinced that they need more money to be happy.

Millennials have long been scrutinized by advertising agencies, and today there’s one thing we can safely say: that they tend value experiences over material possessions and are constantly searching for meaning in their lives. And when it comes to work, they’ll often choose a job that has meaning over one that offers a higher salary… up to a point, that is. Sure enough, 74% of the Millennials in our study believe that life would be better if they had more money.

On the one side, this generation is the poorest and the most in debt: Millennials are thus obsessed with money because they often have to struggle to make ends meet. A recent study by PWC on the financial wellbeing of employees found that 64% of Millennials stated that money was a source of stress, 46% that it was difficult for them to pay their rent on time, and 37% that worries related to their personal finances had already impacted their performance at work.

On the other, Millennials are curious, always on the lookout for unique experiences. That in itself creates a need for more money, to “live more”. These one-of-a-kind experiences need to be paid for, and they aren’t any cheaper today than they were before. The most exclusive, the most authentic and the most original trips have become … the most expensive. Simplicity is now a luxury. Travelling to far away islands for a truly local experience or enjoying the very best Omakase sushi calls for deep pockets.

So yes, Millennials both want and need more money. And the lack of it only exacerbates the craving. But this doesn’t mean we’ll now be entering an era of frivolity and wild consumption. On the contrary, 77% of Millennials admire wealthy people who live simply, and 77% of them believe that people who are obsessed with money fail to recognize the real meaning of life. It’s more about living life with dignity, about living it fully by embracing all the experiences it to offer. Money has taken on a whole other dimension: it allows for simplicity and sophistication, freedom and security.

HOW CAN WE HELP MILLENNIALS IMPROVE THEIR RELATIONSHIP TO MONEY ?

WHAT ROLE DO BRANDS AND COMPANIES HAVE TO PLAY ?

In the world of finance, as well as in other industries, companies should aim to reduce the financial burden that weighs on young people. As employers, they should ensure the economic wellbeing of their employees, understand their needs and address them. They should inspire and motivate, but also offer a fair salary and a reasonable balance between professional and personal life, thereby improving employee satisfaction and reducing staff turnover. But brands shouldn’t just help young people attain their financial objectives, they should also educate them, empower them, and make them proud of their choices. In our study, 66% of Millennials stated that investing gave them the feeling of being intelligent, and 64% said they’d like to be savvier in the way they spend and invest their money.

YET TRADITIONAL FINANCIAL INSTITUTIONS HAVE LARGELY IGNORED THE NEEDS OF THIS SECTION OF THE POPULATION, GENERALLY SEEN AS UNPROFITABLE.

Startups have disrupted a large number of industries, and the financial world is no exception. New products and services have appeared to respond to previously unmet needs. Today several startups offer a range of products and services to individual investors, while focusing on long-term growth via an assortment of different investment vehicles. Stash has a dynamic approach that’s aimed primarily at Millennials, while WiseBanyan has a more passive strategy that focuses on the important stages of life, like retirement. Others serve more specific target audiences, such as Ellevest the first online investment adviser dedicated to women. Ellevest was born from the belief that investing should not be unisex. The company takes into account women’s appetite for risk, their wage gaps, their salary prospects and other issues associated with longer career interruptions… And you, what’s your brand doing to help young people reduce their financial stress?

→ To learn more, download the Money Money Money Prosumer study.

* What are Prosumers? They’re the key influencers and driving elements of the market, who Havas Worldwide and BETC have been studying for over 10 years. Besides their direct economic impact, prosumers play a critical role in the market because they affect the choices made by brands, and the consumption habits of the public. Their behavior is closely monitored as it’s usually mirrored by traditional consumers in the 6-18 months that follow