Want to grow your business? Millennials are the answer.
The millennial generation, born between 1981 and 1996, might not be the first group you think of when it comes to financial wealth, but they’re now the largest generation employed in the workforce — even more than baby boomers and Generation X.1
Millennials, like every other age group you serve, have their own unique needs and challenges. While still relatively young, millennials need help growing their savings and planning for the future with the right life insurance and retirement products.
Here are seven key things you should know about millennials that may help you grow their wealth, all while building a better business for yourself.
Education isn’t cheap, and while millennials are incredibly educated, they are burdened by a high amount of student debt. According to Equifax’s U.S. National Consumer Credit Trends Report, national student loan debt reached $1.48 trillion in Q1 of 2026.2 Federal borrowers aged 30 to 39 owe an average debt of $42,014.3 They will be looking to you to help them get out of debt with smart financial strategies.
Some financial planners only disclose their fees after meeting with a client, but millennials favor upfront pricing. Most of them want full transparency and want to know what they’ll be paying before scheduling a consultation. In fact, 37% of millennials cited high fees as a major concern about using a financial advisor.4 Consider being upfront with them about your pricing, perhaps by making your rates clearly visible on your website. Then, you can spend your time together talking about their finances, not your costs.
Providing convenience can go a long way to keeping millennial clients happy. Don’t make them go to multiple places for information and guidance. Provide comprehensive services and give them advice across the board, from buying a home to paying off student loans. You’ll make yourself indispensable in the process.
Generally speaking, millennials spend more money than previous generations, research shows, especially when it comes to short-term, discretionary pleasures, like dining out and vacation travel. Help them with budgeting so they can afford to have fun, but also teach them why saving, especially for retirement, is a good idea.
Millennials live life on the go and aren’t going to want to come and sit in your office. Even a phone call might be considered archaic. To better serve them, provide chat services and virtual meetings. You might even want to create or offer an app that will help them manage their money and investments on the go.
Everyone is stressed, but millennials in particular, struggle to find peace of mind. About a third of millennials report feeling anxious or stressed most or all of the time.5 Helping millennials reduce their mental and financial stress will go a long way in easing their overall anxiety.
Millennials are big fans of socially responsible investing (SRI), which seeks to incorporate financial return and social and environmental good with the overall goal of sparking positive social change. A recent survey revealed that 84% of millennials said it was important that their investments align with their values, but 53% said it was hard to do.6 Keep this in mind when offering investment recommendations; you’ll be making your clients happy, while helping them better the world.
Want more information on the millennial generation? Here’s advice on how to convince millennials that they need a financial professional, and additional tips on how to make sure you’re prepared for the future technology demands of your clients.
Sources:
1 Lanteria, “Millennials in the Workplace: Complete HR Guide to Managing Generation Y,” 2026.
2 Equifax, “February 2026 U.S. National Consumer Credit Trends Report,” April 3, 2026.
3 Education Data Initiative, “Student Loan Debt by Age,” March 7, 2025.
5 Deloitte, “2026 Gen Z and Millennial Survey: Progress on their own terms,” 2026.
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