Younger generations, while certainly more tech-savvy than their older counterparts, are complex in their own right and may surprise insurers in terms of expectations. (Credit: one photo/Shutterstock.com)
Millennials have overtaken baby boomers as the largest living generation, and while this group is still lumped into the "younger generation" category in many circles, the reality is that the oldest millennials are now in their 40s and are projected to earn 46% of all income in the United States by 2025.
Of the 78 million millennials living in the United States as of 2019, 45% own a house, and 80% own a car. It's safe to say that this group has come of age as the first digitally native generation, with Gen Z following in rapid succession. Consequently, the demands and expectations of younger generations — of which 85.9% of millennials were digital buyers in 2020 — should be front and center for today's insurers.
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