Upscale Millennials represent the future of economic growth and prosperity. These consumers are a subset of the Millennial generation with household incomes over the 75th percentile in their countries—that means households earning $30,000 or more in India and above $70,000 in the U.S.
This young segment of the population is actively saving and investing, and these consumers feel confident in their financial futures. In contrast to the global population, the proportion of upscale Millennials actively saving exceeds future savings intentions in areas reflective of their lifestage like higher education and a first-home purchase. And they’re devoting a larger portion of their monthly income to savings than the general Millennial population. Financial institutions should look to consumer sentiment and savings intentions country by country to develop strategies to educate and connect with upscale Millennials. In an effort to better understand this group and its consumer prowess, Nielsen conducted a study across the U.S., China, India and Brazil to learn about their financial plans and aspirations.
Upscale Millennials are devoting a larger proportion of their monthly income to savings than the general Millennial population. Upscale Millennials in the U.S. are saving to meet their financial goals each month at the highest rate, with 17 percent indicating they are saving more than 50 percent of their monthly paychecks. Meanwhile, those in Brazil are saving the least each month, with over 60 percent of both upscale Millennials and the general Millennial population saving less than 20 percent of their monthly paychecks.