Holidays, gadgets, and numerous cups of coffee—to many, these are just some of the things on which millennials splurge. Sure, they may seem to unrestrainedly spend money on these things, but studies show that millennials are actually very careful about their financial future.
A study conducted by Nielsen Holdings, Inc. reported that millennials have learned to be more frugal than the generations before them, despite being exposed to more consumer-driven lifestyles. Despite their lavish-looking Instagram accounts, they are more likely to plan their spending than their parents and grandparents, the study says.
In addition to being always connected and digitally driven, millennials see themselves as young consumers focused on “buying” personal experiences rather than mere physical objects. As a generation that wants to be in control of what they experience, millennials are always planning, motivated by finding that singular adventure that fits their moods, interests, and personalities.
The search for singular experiences with family and friends is pronounced among Filipino millennials. They don’t mind shelling out cash for that next out-of-town trip. In fact, according to a local study conducted by Google Trends in 2017, Filipino millennials are responsible for 52 percent of travel searches, 19 percent of which are attributed to searches on accommodations and attractions.
Filipino millennials also seem to take better care of themselves than any previous generation—high up on their list of necessities are purchases that have to do with self-care and their passions. Dining options, arts and entertainment, and hobbies and leisure also showed a 25 percent search growth driven by Filipino millennials, says the same Google Trends study.
Filipino millennials know that the flipside of going after unique experiences is financial capability and security.
“I want to be able to enjoy myself and still be smart with my money,” said Lester Pile, a long-time BPI Preferred Banking Client. “Banking with BPI has made me realize that I can do both without putting my life on hold.”
“Not a lot of banks understand the young people’s need to have the best of both worlds, but now that millennials are known to be more conscious about financial planning, we’ve made it a point for BPI to create personal relationships with them through Preferred Banking,” said Joey Gotuaco, executive vice president of BPI’s Retail Client Segment Group.
BPI Preferred Banking gives millennials the opportunity to enjoy themselves, and it empowers them to do the things they want most. Every client with BPI Preferred Banking gets a personalized experience—they are given their own relationship manager, numerous perks at different partner merchants and establishments, and a choice of their own scheme of luxury experiences.
Of the perks offered by BPI Preferred Banking client, Pile says what he values the most is the Preferred Lane scheme, where clients may line up for a more convenient banking experience. “I spend less time in the bank, so I get more time to actually live.”
“At the end of the day, Filipino millennials spend their money as they see fit,” says Gotuaco. “They want to be able to secure their futures while making the most of their time today.”