By 2030, Millennials are expected to control as much as 25 trillion dollars of wealth globally; their parents are expected to pass down another 30 trillion dollars by 2050 in North America alone. Companies that position themselves to be the trusted financial advisors to Millennials today, stand to reap enormous benefits over longer periods of time.
Cheddar investor Ribbit Capital published the graph above and text below in a recent larger report it shared with its portfolio companies and partners. I asked Micky Malka of Ribbit if I could publish it because it is so relevant to the trends we are seeing at Cheddar amongst our leading advertiser partners, who recognize the necessity of helping millennials save, invest, and prepare for the future:
By 2030, Millennials are expected to control as much as $25T of wealth globally; their parents (the baby boomers) are expected to pass down another $30T by 2050 in North America alone. While it is not unusual for young customers of technology services to become more valuable over time, it is also not always the case; a 25 year-old Facebook user is likely to be worth more than a 45 year-old one, and a Netflix subscriber is likely to be worth only marginally more when they are 50 than when they are 30. But in digital wealth management, the magnitude of change in the value of young clients today — especially clients positioned by family or career trajectory to come into money over time — may prove surprising…[read the full article at medium.com]