There are many, many truisms that older generations love to throw at the two youngest adult cohorts: Millennials and Gen Z-ers are addicted to screens. Millennials and Gen Z-ers are killing industries. Millennials and Gen Z-ers just don’t know how to behave in a working environment.
And while many generational stereotypes are based on flawed assumptions and faulty data, there is one that seems to be incontrovertibly true. Millennials and Gen Z-ers vastly prefer experiences to objects.
Knight Frank recently surveyed 1,788 adults between the ages of 18 and 35 on their spending habits and financial ambitions. All of the survey respondents had a household income of at least $125,000 annually – though many earned far more than that.
When asked how they would spend a sudden windfall, nearly half of the respondents said they would use the money on an experience rather than material objects. Of those who prioritized experiences, 22% percent said that international travel topped their wish list, followed by 20% saying they would spend the money on health and wellness.
Among the upper echelons of the wealthy young people – those earning more than $1 million annually – health and wellness experiences are the number one priority. Twenty-four percent of ultra-wealthy young people said they would spend a sudden windfall on their wellbeing, followed by 19% on international travel. This is in keeping with broader trends, among wealthy people of all ages, who are increasingly prioritizing longevity.
While affluent young people seem to prioritize experiences over everything else, Knight Frank did press the survey’s respondents on what they would buy if they had to spend a sudden windfall on material possessions.
Continue reading to learn the top five most desired assets for wealthy 18 to 35-year-olds.
