Gen Y forges ahead

We are excited to present our special millennial issue, an in-depth look at what makes this impressive generation tick and how that in turn shapes their attitudes towards their finances.

The latest intergenerational wealth report suggests millennials, or gen Y, are poised to inherit $3.5 trillion in assets over the next 20 years, an average of $320,000 each. While there is a lot of debate about how much baby boomers and gen X will pass on to their children and grandchildren, at least half of this amount will grow or shrink, based on the decisions of the millennial generation. By 2025, up to

75% of the workforce will be millennials.

But with great wealth and opportunity you encounter challenges. The first batch of millennials turns 40 this year, a tough time to be taking on the responsibilities of a demanding career or a young family. Younger millennials will need to work harder to buy their first home and those who graduate in the next few years might suffer career setbacks because of the pandemic.

Despite all this, millennials are still well equipped to shape their financial future

(see our cover story, page

33). They have given rise to a new breed of money educators called “finfluencers” (financial influencers); they can invest in shares with as little as $50 at zero broking costs; and they can grow their income tenfold in a short time as savvy digital entrepreneurs.

The good news is that what’s great for millennials also works for gen X and baby boomers, and some of the tips in this issue can easily apply to other demographic cohorts. After reading this magazine, you’ll see that building wealth is a family affair involving multiple generations.

There will be speed bumps along the way, but the future is bright for the millennial who wants to become financially independent.