The Millennials are an on-the-go, tech-savvy, always-on generation. In fact, in order to reach out and survey them, we had to employ one of our mobile research solutions - the Ipsos Global Mobile Omnibus. All of the data collected here was done so through mobile technology. And overall, the results of our Global Mobile Omnibus survey conducted in August 2013 show young Americans are focused on the home…whether they are looking to save for one of their own, or whether they are still living in the one built by their parents.
When asked to consider their saving objectives, 32% of young adults would select saving money for a home if they could only pick one area to save for in the next twelve months. However, there is some savings preference by age - those 25 or older are most likely to select a home (37%) while younger adults see the importance to save for college (23%). Retirement planning was not given much priority (only 3% rated this as their top pick).
While they are saving for that home, they might not need as big of one as their parents, though. Almost half (46%) of Millennials say they expect to have fewer children than their parents while only 19% indicate they plan to have more. Are smaller households and families the way of the future? It appears young adults think so.
Of course, many Millennials are still living at home, or at least staying with their parents for longer periods than previous generations did. Are they coddled or constricted? In their own view, having a low paying job (55%) or not being able to find a job (53%) were the top reasons young American adults gave for why they think their generation is living at home longer. Many other reasons were also cited, such as enjoying conveniences of living at home, paying off college loans and not affording to go away to college. Surprisingly, “love living at home with parents” did not come in last!
As a highly connected, plugged in and mobile generation, it is not surprising to learn that young adults do not want to be without their mobile phones for two days, or probably ever! When asked what item would be worse to go without for two days, it appears Millennials would rather go without access to their car or home than give up their phones. Their addiction to technology and media is quite intense! In fact, we conducted this survey through mobile technology.